The NHL waiver wire has been busy this week, and the trades and roster moves are sending ripples across the league. Leading the pack, the San Jose Sharks continue their quiet accumulation of dead cap, now officially topping $34.4 million after a trade with the Philadelphia Flyers. Ryan Ellis’s contract — long considered a sunk cost — was shipped to San Jose along with a sixth-round pick in 2026. In return, Philadelphia received Artim Gurv and Carl Grundstrom, who were promptly placed on waivers.

For the Sharks, the deal adds flexibility rather than talent. “This is shaping up to look a lot like the Arizona Coyotes five years ago,” one analyst said. “They’re taking on contracts for players who won’t play but are leveraging cap space in a creative way.” The Flyers, meanwhile, save $4.45 million in cap hit without having to place Ellis on long-term injured reserve, effectively clearing room for other moves.

Meanwhile, the waiver wire itself has seen a flurry of movement. Carolina claimed Busy from Florida, immediately placing Kaden Primo on waivers. With Anderson Kachkov already in the mix, Primo’s path to ice time is now uncertain, likely relegating him to fourth in the organizational pecking order. Minnesota waived Pitlick and Cal Peterson, while Boston sent Aspero, D’Pro, Blumel, and Steves through waivers. Michael D’Pro has generated some interest as a potential backup goalie, but whether any team claims him remains to be seen.

Buffalo waived Dunn, Colorado released Sean and Middleton, Detroit waved Gustoson and Hall, and Edmonton parted ways with Max Jones. Montreal sent Kacan and BL to Laval, likely to serve as key players in the AHL lineup rather than contributors at the NHL level. New Jersey placed Addison, Daw, Gruden, Hardman, and Lair on waivers, with many expected to clear. Romanov will report to Utica, confirming he hasn’t secured a spot with the Devils. Ottawa added Lassie Thompson to waivers, returning him to North America after his European stint.

Other notable moves include Seattle waving Hayden, Toronto sending Benning, Mermis, Pazetta, and Thrun to waivers, and Vegas parting with Ron Burg. Washington waived Frank and Stevenson, while Florida placed Studika on waivers after a solid recent showing. Winnipeg waived Der and Hanola; Perfetti remains out week-to-week with an ankle injury. Chabriov signed a two-year extension with Winnipeg at $875,000 per season, providing stability on the blue line.

Amid all this roster shuffling, the hype around NCAA standout Gavin McKenna is heating up. After scoring a game-winner against Arizona State, McKenna’s jersey was acquired by Topps, sparking collectible frenzy. Analysts caution that while he’s projected as a top draft pick, expectations may be inflated — McKenna will face the usual adjustment period in the NHL, and comparisons to superstars like McDavid or Crosby are premature.

Finally, several young prospects were demoted to AHL affiliates as NHL rosters finalize for the season. Chicago sent Kchinsky to Rockford after signing Grizzlick, St. Louis assigned D’vorski to Springfield, and Utah waived Douglas, likely keeping him in the AHL. Vancouver demoted Mancini and Wanderer, a reflection of the team’s surprisingly deep defensive depth.

The deadline looms for all teams to submit their final rosters, and it remains to be seen how many of the waived players will be claimed. Any claim could trigger a domino effect, forcing other roster adjustments as teams balance cap space and ice-time needs.

The waiver wire, trades, and demotions reveal more than just logistics — they reflect each organization’s strategy, from dead cap maneuvering to careful development of prospects. For fans, following these moves provides a glimpse into the high-stakes chess game behind the NHL’s fast-paced action.