In approximately 1 minute (from the time I am writing this), the floodgates will open.  The NHL’s free agency period will begin!  Keep it here for updates and commentary throughout the day (most recent transactions will be at the top).

10:07PM: Boston signs forward Michael Ryder to a 3-year deal worth $12 million.

This is a great pick up.  Ryder had a slow season in Montreal, but with a change of scenery we could see him return to form.  I think he’ll fit in really well in Boston.

10:07PM: New York Rangers re-sign goaltender Steve Valiquette.

8:18PM: New York Islanders sign defenseman Mark Streit to a 5-year contract worth $20.5 million.

8:04PM: Minnesota signs forward Craig Weller to a 2-year contract worth $600,000 a season.

7:51PM: Tampa Bay signs forward David Koci to a 1-year, two-way contract worth $525,000.

7:38PM: New York Rangers sign Wade Redden to a 6-year contract worth $6.5 million a year.

7:23PM: New Jersey signs forward Bobby Holik to a 1-year contract worth $2.5 million.

6:52PM: Toronto signs forward Niklas Hageman to a 4-year contract worth $12 million

6:45PM: New York Rangers re-sign defenseman Michael Rosival to a 4-year deal worth $20 million

6:45PM: Vancouver signs forward Darcy Hordichuk to a 2-year deal

6:45PM: Philadelphia signs forward Nate Raduns to a 1-year deal

6:45PM: Philadelphia signs forward Glen Metropolit to a 2-year deal

6:32PM: New Jersey signs forward Brian Rolston to a four-year deal worth $20 million.

Great signing for the Devils. Rolston is a great scorer, great penalty killer, and will aid their power play immensely.

6:32PM: New York signs forward Patrick Rissmiller.

6:10PM: Philadelphia signs defenseman Ossi Vaananen to a 1-year deal worth $1 million

6:07PM: Columbus signs defenseman Mike Commodore to a 5-year deal worth $18.75 million.

5:44PM: Chicago signs defenseman Brian Campbell to an 8-year deal worth $56.8 million.

Chicago wins the first big prize of the day in Campbell, the best defenseman on the market this year.  The second fantastic move by the ‘Hawks today.  Watch out for this team next year.

5:19PM: Buffalo signs goaltender Patrick Lalime to a 2-year deal worth $2 million.

Chicago clearly didn’t need 3 goalies, and Lalime is probably a more solid backup for Miller than Jocelyn Thibault.

4:31PM: Ottawa signs goaltender Alex Auld to a a 2-year deal worth $1 million.

4:17PM: Tampa Bay signs goaltender Olaf Kolzig to a 1-year deal worth $1.5 million plus bonuses.

Step in the right direction for the ‘Bolts, who had some serious problems between the pipes last year.

4:05PM: Vancouver signs RFA forward David Backes to an offer sheet worth $7.5 million over 3 years. St. Louis has 7 days to match or accept a 2nd round pick as compensation. UPDATE: St. Louis has matched the offer.

Barely 4 hours in and we already have our first offer sheet! Let the games begin.

4:05PM: Colorado signs forward Darcy Tucker to a 2-year deal worth $4.5 million.

Not where I expected Tucker would end up.  Solid signing, regardless.

3:47PM: Chicago signs goaltender Cristobal Huet

Guess that answers the questions about the Theodore signing earlier.  GREAT pickup for a young Chicago team that just barely missed the playoffs this year.

3:47PM: Florida signs forward Cory Stillman to a 3-year deal worth $10.6 million.

This will fill in some of the void left by Jokinen’s departure. First solid move made by the Panthers all summer.

3:47PM: New York Rangers sign forward Aaron Voros.

3:47PM: Pittsburgh signs forward Eric Godard.

3:39PM: Tampa Bay signs forward Adam Hall to a 3-year deal worth $1.8 million.

I am once again forced to ask — where is Tampa finding all of this money?

3:31PM: Toronto signs defenseman Jeff Finger to a 4-year deal worth $3.5 million a season

3:31PM: Toronto signs goaltender Curtis Joseph to a 1-year deal worth $700,000

3:15PM: Phoenix signs Todd Fedoruk to a 3-year deal

3:15PM: Detroit signs goaltender Ty Conklin to a 1-year deal worth $750,000

Solid backup for Osgood now that Hasek hung ‘em up.  Great signing by the Wings.

3:15PM: Montreal re-signs forward Andrei Kostitsyn to a 3-year deal worth $3.25 million a year

3:09PM: Colorado signs goaltender Andrew Raycroft to a 1-year deal

This is a questionable move.  With Budaj left as their starter and the horrible season Raycroft posted last year, Colorado is left with a bit of a question mark between the pipes.

TRADE: Los Angeles acquires Denis Gauthier and a 2nd round pick in 2010 to Philadelphia for Patrik Hersley and Ned Lukacevic

2:55PM: Washington signs goaltender Jose Theodore to a 2-year deal

I guess this means Huet is on his way out? Interesting decision by the Caps. Have to wonder if they hit a stumbling block in their negotiations and wanted to be sure they locked up a bonafide starter.

2:53PM: Phoenix signs defenseman Kurt Sauer to a 4-year deal.

2:14PM: Penguins sign defenseman Marc Eaton to a 2-year deal worth $2 million.

TRADE: Calgary acquires Rene Bourque from Chicago for a future second round draft pick

1:55PM: Minnesota signs Andrew Brunette to a 3-year deal worth $7 million.

1:33PM: Vancouver signs forward Kyle Wellwood to a 1-year deal worth $997,500.

TRADE: Minnesota acquires Marek Zidlicky from Nashville in exchange for Ryan Jones and a second round pick

12:55PM: Boston signs forward Blake Wheeler to an entry-level contract

12:52PM: Tampa Bay signs forward Radim Vrbata to a 3-year, $9 million contract.

Where is Tampa finding the money for all of this?!  Also, might they consider finding some defense? With Dan Boyle rumored to be heading out of town, all of this scoring won’t help them much if they don’t focus on building their blueline ASAP

TRADE: Edmonton sends forward Raffi Torres to Columbus for Gilbert Brule, and defenseman Joni Pitkanen to Carolina for forward Erik Cole.

Clearing out cap space, much?

12:04 PM: Anaheim re-signs Corey Perry to a 5-year deal worth an average of $5.325 million a year.

Solid signing for Anaheim. Perry was probably their best forward last year.

11:58 AM: Pittsburgh re-signs forward Pascal Dupuis to a 3-year deal averaging $1.4 million a year.

This signing will fly completely under the radar, as did Dupuis’ half of the Hossa deal, but he was a solid contributor for the Pens in the playoffs, even if it didn’t show on the scoresheet. Depending on how badly dismantled they get today, this could be a huge move for them.

11:58 AM: Detroit re-signs defenseman Brad Stuart on a 4-year, $3.75 million a year deal.

11:35AM: New Jersey re-signs forwards Jay Pandolfo, David Clarkson, and Barry Tallackson.  Declines option on forward Sergei Brylin.

A great signing of the core of the team at the last minute for the Devils.  As much as it hurts to see Brylin go, he was past his prime and will make room for some fresh blood.

10:21AM: New Jersey re-signs defenseman Bryce Salvador to a four-year deal worth $2.9 million a year.

8:45 AM: Washington re-signs defenseman Mike Green to a four-year deal worth an average of $5.25 million a year.

This kid is the real deal.  Nice move by Washington to avoid crazy offer sheets.

Draft weekend has come and gone, and Steve Stamkos is officially the newest member of the Tampa Bay Lightning (even though he was pretty much assured a Florida address the day the ‘Bolts won the draft lottery).  Overshadowing Stamkos’ (and the rest of the draft class’) big night was the major trade activity all evening long.  By the end of the first round, 14 trades had been made — more than in the last 3 drafts combined.  Now that the dust has settled on the draft, let’s take a look at the players that have changed teams this weekend.

Mike Cammalleri –> Calgary
12th overall pick (originally Anaheim’s) –> LA
17th overall pick (originally Calgary’s), 28th overall pick (originally LA’s) –> Anaheim

Within the first half hour of the draft, the Kings and the Flames made a big splash, announcing the movement of Mike Cammalleri, who had been the topic of many potential deals (no matter how ridiculous) in the previous weeks.  I think this is a great addition for the Flames.  Cammalleri put up great numbers early in the year last year, and although there was a drop off in his production, he was still very consistent on a terrible Kings team.  Using him as replacement for Alex Tanguay in order to save cap space for Daymond Langkow is a great move by the Calgary management.  As for the Kings, it’s become painfully obvious over the past few years that they need to rebuild.  While I would have probably looked to acquire something more than a draft pick for a player of Cammalleri’s caliber, clearing that cap room could put the Kings in the running for some of the better UFAs, while stocking their farm system for the coming seasons.  A solid move by all clubs involved.

Alex Tanguay, 5th round pick –> Montreal
25th overall pick, 2009 2nd round pick –> Calgary

I touched on this a little bit in talking about Cammalleri.  Tanguay will be a great addition for the Habs — a solid veteran forward amongst the explosive young talent.  Tanguay didn’t have the strongest numbers this year  Calgary dumps his salary after adding Cammalleri in his spot, and gains some additional young talent.  Another strong move by both parties.

Olli Jokinen –> Phoenix
Keith Ballard, Nick Boynton, 49th overall pick –> Florida

This was probably the most criticized trade of the day, but I think Florida addressed a lot of their needs in acquiring two young defenseman.  That being said, I still tend to agree with the majority of those who think Phoenix got the better end of this deal.  Jokinen is a talented forward who has been putting up strong numbers in Florida, despite the lack of a supporting cast and his issues with the Panthers’ management.  A change in scenery can only improve his performance, and the young stars in Phoenix will absolutely benefit from having another veteran forward in their lineup.  Meanwhile, the Panthers certainly filled some holes on their blue line — but lost a LOT of scoring power, and don’t look to be filling that hole anytime soon.  While it was made very clear from the end of the season that Jokinen was on his way out, I think Jacques Martin could have found himself better compensation for the former captain.

RJ Umberger, 118th overall pick –> Columbus
19th overall pick, 67th overall pick –> Philadelphia

This move caught me by surprise.  After netting 10 goals and 15 points in 17 games in the Flyers impressive playoff run this year, I expected Umberger to be atop the Flyers’ list of priority signings.  Apparently, the 26-year-old didn’t quite fit into the club’s plans, and he was shipped to Columbus for a couple of draft picks.  For Columbus, this is a fantastic move.  Umberger is still fairly young, has shown he has the ability to be an explosive scorer, and that he can play well in the clutch moments.  He is an excellent addition to a club still seeking its first playoff berth.  For the Flyers’, this clears out the cap space they need to sign Jeff Carter to a long-term deal and prevent another team from snatching him away with an offer sheet after July 1st.  I can’t say I agree with letting a player of Umberger’s talent-level get away for mere draft picks, but in the salary cap era, more and more of these sort of moves are going to happen.

Steve Eminger, 84th overall pick –> Philadelphia
27th overall pick –> Washington

This move sort of snuck by unnoticed at the end of the night.  Eminger had a rough year with the Caps this season, playing only 20 games. He’s a solid defenseman and should fit in well in Philly.  Washington needs cap space to sign Mike Green and Cristobal Huet in order to keep the core of their team together, and as a young team still building for the future, the extra draft picks can go a long way.

Looking ahead, just over a week ahead from the July 1st free agency deadline.  Marian Hossa announced yesterday that he would not, in fact, be signing with the Penguins without testing the waters, likely making him the most sought after free agent on the market.  This week, I’ll be taking a look at the available UFAs, RFAs, and potential signings leading up to the big day.  Stay tuned!