​The Vegas Golden Knights aren’t wasting any time reshaping their depth as free agency opens. In the early hours of July 1, two bottom-six forwards left the Knights: Colton Sissons signed with the Toronto Maple Leafs on a two-year, $4.25 million-per-year deal, and Cole Smith followed suit, cashing in with a three-year contract at the Chicago Blackhawks worth $3 million annually, a move tied to his trade-deadline tenure in Vegas. Vegas then traded fourth-line mainstay Keegan Kolesar to Detroit for a 2029 third-round pick and a 2027 seventh-round pick, freeing up about $2.5 million in cap space and leaving the lineup thinner on the bottom end.
With the opening of free agency, what remains for Vegas is clearer but still unsettled. TSN’s Darren Dreger reported that forward Victor Olofsson is expected to return to the Golden Knights, though terms aren’t disclosed. Olofsson produced 13 goals and 31 points in 79 games split between the Avalanche and Flames last season, and he had 15 goals in 56 games for Vegas in the 2024-25 season. Beyond that, the picture becomes murkier. Tanner Laczynski is back on a three-year deal at $900,000 per year to add depth, joining recently re-signed Jonas Rondbjerg. Prospects like Trevor Connelly and Braedan Bowman are also entering the competition for roster spots, as pathways to the NHL open up for them.
The extra cap space opens doors for further moves, including trades, as demonstrated by Tuesday’s Kaedan Korczak–Parker Wotherspoon exchange with the Penguins. It’s still unclear how long Tomas Hertl and Adin Hill remain in trade rumors, but Vegas is positioning itself to either gain cap flexibility or pursue a major move—whether that’s a high-end forward such as Dylan Larkin or a top goaltender like Connor Hellebuyck. The Knights have already shown substantial roster churn over the past week, and the trend suggests more changes could be on the horizon as the offseason unfolds.