After just the first day of the 2026 free agency period, the Edmonton Oilers appeared to be winners. Between a couple trades and a few low cost free agent signings, they added a lot of value to their team without breaking the bank.
The Darnell Nurse blockbuster trade was a major victory for the Oilers and saw the team dump their $9.25 million overpaid blueliner to the San Jose Sharks for no immediate salary cap in return, acquiring a qualified restricted free agent in Shakir Mukhamadullin and prospect Zack Sharp. Now that Mukhamadullin has signed his new contract with the Oilers at $1.75 million for two years, it is peanuts compared to the Nurse deal.
Using these savings, the Oilers were able to make multiple additions to their club and still have a projected $6.478 million according to their puckpedia page. So, how did the Oilers fare in their moves? Importantly, how do these moves improve the team?
Oilers acquire goaltending prospect
In the Oilers first move of the day, general manager Stan Bowman acquired prospect goaltender Devon Levi along with a 2028 seventh round pick for a 2028 third round pick. Judging the trade itself, it is a really good addition for the Oilers who added some excitement and youth to their goaltending pipeline.
Levi at just 24 years old does provide some true upside in goal as he was once considered an elite goalie prospect. Comparing it to other moves where Sebastian Cossa cost a first round pick at this years' draft and Yaroslav Askarov cost the San Jose Sharks a first a couple years ago, the deal was great. It is confusing exactly how the Oilers will manage their crease next season but that is a future problem and for now, it looks like a win
Oilers offload Darnell Nurse
The second move on July 1st, the Nurse trade was also a win as the Oilers offloaded salary and were able to acquire two young defencemen in Mukhamadulin and Sharp. Mukhamadullin provides the Oilers backend with some depth in the immediate future and upside in the long term future, acting as a replacement for Nurse. He is only 24 years old and possesses good size at 6'4 200lbs with the pedigree, being a former first round pick at the 2020 NHL Draft. He could turn into a second pairing defenceman but for now provides value in a third pairing role.
The other piece, Sharp, is a 21 year old defender playing with Western Michigan University of the NCAA. Sharks Director of Player Development Todd Marchant told Sharks reporter Sheng Peng that the Oilers insisted that Sharp be included in the trade.
Todd Marchant says that Oilers insisted that Zack Sharp be included in the Nurse deal.
— Sheng Peng (@Sheng_Peng) July 2, 2026
He & Grier pulled Sharp aside after a video session to inform him of the trade, which Sharp took well.
Marchant noted Sharp had been traded before in the USHL
This fact shows that the Oilers covet Sharp and likely means that they plan to develop him into an NHL player down the road. If he can become an NHL player, even as a depth option, for the Oilers to clear up $7.5 million as of right now in that deal to use to acquire other players along with two young defender, it is a big win and improves the Oilers depth and prospect pipeline. Of course, it also helps the Oilers' salary cap outlook to shed Nurse's cap off their payroll.
Oilers replace Nurse
The Oilers made their biggest signing of the summer so far, signing unrestricted free agent defenceman Ryan Shea to a five-year contract worth $4 million annual average value. The 29 year old is coming off a breakout year with the Pittsburgh Penguins in his first full season scoring six goals and 29 assists for 35 points in 80 games.
Shea is a puck moving defenceman who excels in transition, helping get the puck out of his own zone and into the opposing end. He also provides value on the penalty kill an area where the Oilers have greatly struggled in recent years. The only red flag with Shea is how his scoring holds up given it was a breakout season at 29. However, with Evan Bouchard holding down the fort as their top powerplay quarterback and with Jake Walman higher on the depth chart, Shea will not be relied upon to produce.
If Shea can provide strong transition support and penalty killing abilities, he will be a major win especially with his modest salary cap number.
Andersen solidifies the crease
The next big move that the Oilers made was signing 36 year old Stanley Cup winning netminder, Frederik Andersen. He signed for a bargain contract for one-year carrying a $1 million AAV with an additional $1.8 million in potential bonuses.
Andersen helps to stabilize their crease with the struggles of Tristan Jarry and Levi potentially finding his footing at the NHL level. Andersen has struggled to stay healthy in recent years, playing just 35 regular season games last season, his highest totals since 2021-22. He has also seen a slip in play the past couple seasons after suffering from blood clot issues in 2023-24. The playoffs are a different story as Andersen played 16 games with a 13-2 record this past playoff run carrying a .910 save percentage.
The risks at $1 million are almost nothing and if Andersen can help the Oilers' crease and provide some veteran presence along with solid play, it will be a huge win for the Oilers and the other two goalies he shares the crease with.
Oilers are better now than they were before
There is always risk involved when adding new players into the mix but the bets the Oilers made made a lot of sense.
Bowman and his staff have undeniably done a good job at adding players, specifically defencemen and goaltenders who should help to improve the team's metrics and ultimately keep the puck out of the net, which should help them win more hockey games.
Add us as a preferred source on Google