Now more than a month into the new league year, the bulk of the heavy lifting has been done from a roster perspective. Most unrestricted free agents have found new homes, the arbitration period has come and gone, and the trade market has cooled. Accordingly, it’s a good time to take a look at what each team has accomplished this offseason. We begin with a look at Washington.
Although they were unable to secure the second Stanley Cup in franchise history, the 2024-25 campaign was a monumental one for the Washington Capitals. Thanks in part to a loaded defensive core and standout goaltending, the Capitals surprisingly finished as the top team in the Eastern Conference, one year after qualifying for the postseason due to a tiebreaker. Outside of their play on the ice, team icon Alex Ovechkin broke the all-time goal record, surpassing Wayne Gretzky against the New York Islanders on April 6th. Still, after an offseason of little changes, will the Capitals be able to repeat their dominance?
Draft
1-27 – F Lynden Lakovic, Moose Jaw (WHL)
2-37 – F Milton Gästrin, MoDO (Sweden U20)
3-96 – F Maxim Schäfer, Berlin (DEL)
5-155 – F Jackson Crowder, Chicago (USHL)
6-180 – D Aron Dahlqvist, Brynäs IF (Sweden U20)
Despite having fewer selections than normal and choosing toward the end of each round, given their finish in the standings, the Capitals did fairly well in the 2025 NHL Draft. Their success in the draft is weighed heavily by Lakovic, whom the team selected toward the end of the first round.
Lakovic was projected to be a mid-first-round talent, but fell approximately 10 spots to Washington. The Kelowna, British Columbia native recently completed his second season with the WHL’s Moose Jaw Warriors, scoring 27 goals and 58 points in 47 games with a -25 rating. He’s a big winger with a powerful shot and good puck-handling skills. He has some deficiencies to sort out on the defensive side of the puck, though much of that comes through on-ice maturity, especially for wingers.
Other than that, the pair of Gästrin and Schäfer could see NHL playing time at some point in the foreseeable future, but they aren’t expected to turn into much. The former is coming off a solid year with MoDo Hockey’s U20 team, scoring 18 goals and 42 points in 40 games with a +6 rating. Still, a more accurate projection will be available next offseason, once he’s completed his first year in the SHL.
Trade Acquisitions
D Declan Chisholm (from Minnesota)
Unlike last offseason, the Capitals made very few trades this offseason. The only trade they made was with the Minnesota Wild, acquiring Chisholm and a sixth-round pick in the 2025 NHL Draft for Priskie (who has since signed with the KHL’s Sibir Novosibirsk) and a 2025 fourth-round pick.
Chisholm won’t get much playing time with the Capitals, unless injuries start to mount, since he was largely acquired to replace Alexeyev, who signed with the Pittsburgh Penguins. Still, Chisholm is coming off the best season of his brief NHL career (for his standards), scoring two goals and 12 points in 66 games for the Wild last season with a -5 rating, while averaging approximately 17 minutes of ice time per game.
UFA Signings
D Louis Belpedio (two years, $1.55MM)*
F Anthony Beauvillier (two years, $5.5MM)^
F Graeme Clarke (one year, $775K)*
F Sheldon Rempal (one year, $775K)*
D Calle Rosen (one year, $775K)*
*-denotes two-way contract
^-denotes re-signing
Like their effort in the trade market, the Capitals also did very little on the free agent market. Their biggest free agent signing was a re-sign, as they brought back Beauvillier on a two-year deal after a solid performance after the trade deadline. Washington acquired Beauvillier from the Penguins for a 2025 second-round pick, and he rewarded them with two goals and five points in 18 games down the stretch. He was a bigger factor in the postseason, scoring two goals and six points in 10 games.
In a less headline-worthy deal, the Capitals brought former Vegas Golden Knight winger, Rempal, back to North America on a two-way contract. Rempal was never a notable player during his time in Nevada, but he could prove to be a quality depth option in Washington. He had an impressive year with the KHL’s Salavat Yulaev Ufa, scoring 31 goals and totaling 61 points in 68 games, along with a +7 rating. He also added eight goals and 21 points in 19 postseason contests.
Even though they didn’t win the sweepstakes, it’s important to note that the Capitals were among the finalists for Nikolaj Ehlers’ services before he ultimately signed with the Carolina Hurricanes. If Washington were willing to procure a player of Ehlers’ talent, it could be something to watch out for during the 2025-26 season. Although it’s unlikely the Capitals deal from their depth of impressive young talent on the roster, they could go big-game hunting toward the deadline season if they’re in a position to make the postseason.
RFA Re-Signings
D Martin Fehervary (seven years, $42MM)
F Hendrix Lapierre (one year, $850K)
*-denotes two-way contract
Much like they did with the rest of their defensive core throughout the regular season, the Capitals extended Fehervary on a long-term contract. He had the best season of his career last year, despite having the lowest ATOI of his career since the 2019-20 season. Fehervary scored five goals and 25 points in 81 games with a +18 rating, averaging 19 minutes of ice time per game. He finished with the second-most blocked shots, third-most hits, and finished third among defensemen (with 65 or more games played) in on-ice save percentage at even strength (90.3%).
The team also re-signed Lapierre, who they are hoping can finally break out this upcoming season. After scoring eight goals and 22 points in 51 games for the Capitals during the 2023-24 campaign, Lapierre had a significant drop-off last season, only tallying eight assists in 27 games. It was apparent that Washington lost all confidence in Lapierre’s game last season, and he’ll need a big rebound season if he hopes to have any staying power within the organization.
Departures
D Alexander Alexeyev (Pittsburgh, one year, $775K)
F Nicklas Backstrom (Brynäs IF, SHL)
D Ethan Bear (NY Islanders, one year, $775K)*
F Lars Eller (Ottawa, one year, $1.25MM)
F Alex Limoges (Dinamo Minsk, KHL)
F Andrew Mangiapane (Edmonton, two years, $7.2MM)
F T.J. Oshie (Retired)
F Luke Philp (Färjestad BK, SHL)
D Chase Priskie (traded to Minnesota)
F Taylor Raddysh (NY Rangers, two years, $3MM)
F Michael Sgarbossa (HC Lugano, NL)
G Hunter Shepard (Ottawa, one year, $775K)*
*-denotes two-way contract
Outside of Mangiapane, the Capitals didn’t lose too much this offseason. The team’s recent departures mostly include depth players who had little impact during their dominant run in the Eastern Conference last season.
Even Mangiapane, who largely played in the bottom-six for Washington last season, finished 10th on the team in scoring with 14 goals and 28 points in 81 games. Thankfully, the Capitals already have an in-house replacement for Mangiapane in the 2023 eighth-overall pick, Ryan Leonard. Leonard only scored one goal and one assist through 17 combined regular-season and playoff games for the Capitals last season. Still, he should prove far better in 2025-26 with more comfort around an NHL organization.
Should Washington run into any hiccups through their bottom-six to start the 2025-26 campaign, each of the players lost should be fairly replaceable on the trade market, without having to give up an arm and a leg. Given the lack of roster turnover this offseason, the Capitals are bringing back a very similar team to the one that dominated the Eastern Conference last season.
Salary Cap Outlook
According to PuckPedia, the Capitals will have $4.125MM in cap space to work with to start the 2025-26 campaign. Outside of a decision on defenseman John Carlson’s future and a potential long-term commitment to Connor McMichael, Washington doesn’t have any longer-term issues to worry about thanks to their extension efforts throughout the 2024-25 season.
After next season, the Capitals should have plenty of cap space to re-sign Carlson and McMichael, while also having the ability to procure any top names on the free agent market. Still, there could be a significant cultural change to worry about, especially if Ovechkin chooses to retire from the NHL.
Key Questions
Will Ovechkin Stay? Outside of officially becoming the game’s top goal-scorer, the 2024-25 campaign proved how much Ovechkin has left in the tank. Even at 39 years old, Ovechkin scored 44 goals and 73 points in 65 games, tying for third in the league in goal-scoring. Assuming that his goal-scoring ability finally starts to deteriorate next season, would there be any hesitation from the Capitals to re-sign the greatest player in franchise history if he can only score 20 goals? The answer is no. Ultimately, the decision will come down to Ovechkin’s desires. Outside of another Stanley Cup ring, there’s nothing he has left to accomplish in the NHL, and with his contract expiring after next season, he may want to return to Russia to wrap up his professional playing career, similar to other Russian icons like Pavel Datsyuk and Sergei Fedorov.
Will The Goaltending Hold Up? One of the key factors in Washington’s success last year was its goaltending, particularly Logan Thompson. Thompson finished the season with a 31-6-6 record in 42 starts with a .910 SV%, 2.49 GAA, and 12.4 Goals Saved Above Average. Despite having some solid years with the Golden Knights, it was the first time Thompson had received votes for the Vezina Trophy, placing fourth. Still, given his previous play in Vegas, there’s no reason to believe that Thompson will have any serious setbacks next season. Unfortunately, there are some injury concerns with Thompson, who lost significant playing time from 2022 to 2024 due to varying ailments. With only one quality season under his belt, is it safe for the Capitals to rely on Charlie Lindgren to keep the team’s head above water should Thompson have another serious injury?
Was Last Year A Fluke? There’s no questioning that outside the Capitals organization, few expected the year they had. Washington had not finished with more than 100 points since the 2018-19 campaign, a year after they won their first Stanley Cup championship. Given that Washington had a 20-point fall in the standings between the 2021-22 and 2022-23 campaign, is that something to be expected next season? The Capitals were bounced easily in the second round of the 2025 Stanley Cup playoffs by the Carolina Hurricanes, and the Hurricanes will again be fierce competition next season. Thankfully, outside of the Hurricanes and a healthy New Jersey Devils team, the Capitals have little to deal with in the Metropolitan Division. They should face some healthy competition from the Columbus Blue Jackets and New York Rangers, but there’s little reason the Capitals can’t have a similar performance next season.
Photos courtesy of Peter Casey (Fehervary) and Charles LeClaire (Ovechkin)-Imagn Images.