Every year, a subplot of the NHL Draft is the frenzy of activity that occurs at the NHL level. Gathering all 32 teams into one central location and the immediate utility of draft picks that can turn into prospects is a recipe for player movement.

This year, the hot stove operated more like a slow boil. The mundanity of the first round, which saw 0 NHL player transactions, led to a second day of the draft in which NHL teams collaborated on a flurry of action. Some of them change the makeup of the offseason for certain teams. Some of the trades were unexpected. A few were even bizarre.

Here are trade grades for the seven notable player trades that occurred around the NHL Draft on Saturday.

Lightning Trade Top Defenseman Sergachev to Utah

Utah Hockey Club

Utah was primed to make a massive move this week. Ownership is ready to spend and the organization has a lot of marketing incentive to make headlines and put forth a good product while introducing hockey to a new fanbase.

On a more analytical level, Utah badly needed upgrades on defense and has more prospects and draft picks than they can realistically use.

Mikhail Sergachev is a 200-foot defenseman with a lean towards the offensive side of the game. At 6'3", the Russian is a good skater for his size and a high-end passer in all three zones. In particular, Sergachev is one of the better defensemen in the NHL at moving the puck within the offensive zone, both setting up teammates with passing sequences and generating offense by throwing pucks toward the net from the blue line. He's also very good at skating the puck up the ice.

Defensively, Sergachev's impacts are there but to a lesser degree. He uses his reach and skating to deny zone entries, though his in-zone defending may be as great as his attributes might suggest. Consistency is also elusive for Sergachev. Sometimes he looks like a borderline No. 1 defenseman while other times he looks more like a second-pairing guy.

Sergachev's season was destroyed by multiple significant injuries but the season prior he had a career year with ten goals and 54 assists in 79 games. Of course, he's been a top player for the Tampa Bay Lightning for years and won two Stanley Cups.

He's now coming out of Hedman's shadow and will be the go-to guy in every situation in Utah. There's some risk involved because of his injury history and because Sergachev has yet to truly prove that he can match up against the opposition's top line every night. An $8.5M cap hit leaves little margin for error in the latter regard and there's a reason Tampa Bay moved on.

Still, Sergachev is 26 years old and signed long-term. This team may have left the desert but their defense still looked like one before today's actions. Utah is swimming in cap space and they needed to start turning some "maybe" youth assets into definite impact players at the NHL level. Even if Sergachev does not fully live up to his full cap hit, if healthy, he'll be the lynchpin on Utah's blue line for years to come.

Grade: B

Tampa Bay Lightning

The mix in Tampa Bay has gotten stale. That's not an indictment of the team's philosophies or culture. It's just reality. They ran out of creative ways to fill the depth chart, the prospect pool was barren, and they have no first-round picks in 2024 or 2025.

Focal points like Victor Hedman, Braydon Point, and Nikita Kucherov remain but a lack of depth had relegated them to a Wild Card team and playoff dark horse rather than a real contender. To build a more complete roster they would need to sacrifice a top player. Sergachev, who was relegated to the second pairing behind fellow lefty Victor Hedman, was a natural choice.

The freed $8.5M in cap space will go a long way in addressing needs. So too will the players Tampa Bay acquired from Utah.

J.J. Moser, 24, is a late bloomer who has established himself as a capable NHL defenseman. The Swiss lefty admittedly struggled the last two seasons but was also overexposed on Arizona's makeshift defense, often slotting on the top pairing alongside Sean Durzi. He's an okay play-driver with some secondary offense and a tendency to join the rush. As a number 4 or 5 defenseman in Tampa Bay, and definitely sheltered behind Victor Hedman, he should have an easier time against NHL competition. The restricted free agent should sign for two or three years at between $2M-$3M annually.

Conor Geekie, 20, was an 11th-overall pick at the 2022 NHL Draft. He stands at 6'4" and has truly impressive stickhandling for someone of that size and mature synchronicity in how he uses his hands and feet. Last season, Geekie tallied 99 points in 55 WHL games. I don't know if he has the upside that Arizona originally believed when they took him 11th overall but he's a virtual lock to make the NHL as a middle-six forward who can impact the game in a lot of ways and there is good reason to believe he'll be able to remain at center. Most importantly for Tampa Bay, who still are in a win-now window, Geekie could feature in the NHL as soon as next season.

Tampa also receives what should be a fairly high second-round pick and a seventh-round pick, which they used to draft forward Noah Steen.

Tampa Bay moved a luxury item to add two players who should help at the NHL soon and a badly needed second-round pick and also opened up a ton of cap space to build out the roster. It does mean that, at least for now, an already thin defense is even worse. The Lightning have room to maneuver but a lot of work to do in order to be better off and keep their contention window open.

Grade: B+

Vegas Sends Goaltender Thompson to Capitals

Washington Capitals

The Capitals moved goaltender Darcy Kuemper to the Los Angeles Kings as part of the stunning Pierre-Luc Dubois addition. Though it is true that Charlie Lindgren had won the starters' net and made Kuemper expendable, Lindgren does not have a long NHL track record and it would have been unwise to go into next season without an alternative.

Logan Thompson is a great alternative. In 103 games over the last three seasons, Thompson has saved 8.8 goals above expected, per Evolving Hockey. That includes the previous two seasons in which he was more or less in a platoon in Vegas. The 27-year-old Thompson is a very credible 1B goaltender to push Lindgren for starts.

The only question what Washington's plan is with Thompson. His $767K cap hit next season is a steal but he'll be an unrestricted free agent next summer. The Capitals will be fortunate to even make the playoffs next season and they're not in a position to be giving away two draft picks for a one-year stopgap. If they can sign him to a contract Lindgren is also an unrestricted free agent next season. This may be a one-year tryout for both.

Grade: B

Vegas Golden Knights

This is probably not an ideal move for Vegas. The team is absolutely strapped for cap space so one would think an overqualified backup goaltender on a nearly league minimum contract would be assuaging.

Maybe the "overqualified" part was the problem. Vegas GM Kelly McCrimmon told media that Thompson requested a move. In that case, they didn't have much of a choice. Consider that Alexander Georgiev cost the Avalanche third- and fifth-round picks a few years ago in similar circumstances, having wanted out, though he was coming off a worse season. Two mid-round picks for Thompson is good enough value.

Grade: B

Utah Further Boosts Defense with Devils' Marino

Utah Hockey Club

It's the less significant of moves Utah made at the draft, but a still crucial one. Utah's barebones defense was not singlehandedly solved by the Sergachev blockbuster. They were still looking at multiple holes within the top four and particularly on the defensive side of the puck. The team's top two defensemen, Sergachev and Sean Durzi, are both offense-first.

Marino addresses the need for a play-extinguisher. The 6'1", 181 defenseman doesn't have the typical build of a shutdown defenseman but he is excellent in that role. He defends well against the rush and he is phenomenal at retrieving pucks in the defensive zone and ensuring they find a way out. Marino understands that the best way to kill the opposing team's offense is by ensuring they see as little of the puck in the offensive zone as possible.

He did have something of an off-year in 2023-24, but the Devils were sloppy all over the place. Assuming the 27-year-old returns to his normal level, he's about as good of a shutdown second-pairing defenseman as a team can ask for. Marino is a great fit for Utah's needs and this team has more draft picks than they could ever realistically use.

Grade: B+

New Jersey Devils

Marino didn't have a great season in New Jersey; not many players did. Even still he played at a decent standard and it is sort of jarring to see the Devils moving on from a good player in his prime at a reasonable $4.4M cap hit through the next three seasons.

There is another side of this equation. The Devils are being heavily linked to free agent Brett Pesce. The Carolina Hurricanes defenseman has more size than Marino and is among the league's best at defending against the rush. In theory, he would be an upgrade over Marino.

But not by much. And that addition will come with its own risks. Pesce will be 30 in November and the Devils will presumably be giving him a contract more expensive and, crucially, much longer than Marino's remaining three years. The Devils already have Dougie Hamilton as their top right-handed defenseman and blue-chip prospect Simon Nemec waiting in the wings.

Pesce will be an upgrade over Marino, and a 2025 second-round pick and move up from round five to round two this year are good return value, but the Devils are abandoning a pretty comfortable situation in order to assume a lot of risk in hopes of a moderate upgrade at a position that isn't particularly worrying.

Grade: B-

Bolts Send Jeannot to Los Angeles

Los Angeles Kings

Tanner Jeannot is an aesthetically pleasing player. He has a high motor, puts the opposition under constant duress in their own end, throws a lot of hits, and can chip in the occasional goal.

It also seems like he's still riding a reputation he earned in Nashville as a 24-year-old rookie who scored 24 goals on 124 shots; a nearly 20-percent conversation rate that has come crashing down since. Jeannot had seven goals and seven assists in 55 games for Tampa Bay in 2023-24.

Jeannot is a useful bottom-six player; the ideal fourth-liner who can hold his own in a third-line role. Is that really what the Kings, who have plateaued as a lower-end playoff team, are missing? Is that worth a $2.67M cap hit for the next season before he hits unrestricted free agency? And is that the type of player worth a second-round and fourth-round pick?

This is the type of trade a team can make when they feel they are one depth player away from a potential Stanley Cup. Los Angeles is not in that moment.

Grade: C-

Tampa Bay Lightning

I judged the acquisition of Jeannot harshly at the 2023 trade deadline and he did nothing to dispel those criticisms. The Lightning sent five draft picks to Nashville, including a first-round pick. General Manager Julien Brisebois recovered only a portion of that from Los Angeles. But what's done is done.

In respect to the current moment, this is a very good move for the Lightning. Jeannot is a bottom-six winger who is ideally on the fourth line. The Lightning traded Mikhail Sergachev and appear primed to lose captain Steven Stamkos due to salary cap limitations. A $2.67 depth winger is not a luxury the Lightning can currently afford. A second- and a fourth-round pick is a great return for a player of Jeannot's caliber who is a year away from unrestricted free agency.

Grade: A

Hayes Joins Crosby, Malkin and Karlsson in Pittsburgh

Pittsburgh Penguins

Two things are true in Pittsburgh. They badly need a third-line center and they need to accrue assets.

They accomplished both goals with this trade, albeit in a somewhat underwhelming fashion. Kevin Hayes is 32 years old and no longer the dynamic play-driver he once was. However, he has not played in great circumstances. He didn't fit what the Philadelphia Flyers were trying to do and he was in a futile situation in St. Louis, playing for a bad team alongside linemates who were black holes offensively. Just a season prior he had 54 points in Philadelphia and he can probably still be a 45-point center on a more respectable team.

Hayes has also turned himself into a respectable defensive center. The $3.57M cap hit is maybe a half-million too much but he'll be an upgrade over Lars Eller. And given where the Penguins are as an organization, pinching pennies and finding a similar free agent center for slightly less money is a lower priority than acquiring draft capital.

It still feels like the Penguins are in no-man's land. "Okay" is not what's going to elevate the Penguins back into playoff position, let alone within reach of a Stanley Cup. Hayes is 32 and there's a reason the Blues had to attach a draft pick to move his $3.57M cap hit through 2025. Unless GM Kyle Dubas has something special up his sleeves, the Penguins remain caught in between a half-hearted rebuild and a half-baked attempt to get better.

Grade: B-

St. Louis Blues

Someone in St. Louis' front office should explain what the plan is because I have no idea. Almost a year ago to the day, the Blues acquired Hayes at 50-percent of his cap hit in return for a sixth-round pick. He had about the season expected of him in miserable conditions. Now, the Blues move a second-round pick in order to rid themselves of Hayes.

And to what end? The Blues missed the playoffs for a second straight season. They have a mediocre defense comprised of four defensemen who are on much more problematic contracts: Colton Parayko, Justin Faulk, Torey Krug, and Nick Leddy. The Blues' finish in the standings does not reflect how absolutely miserable they were last season. This team needs to hit the reset button with a long-term vision in mind. Moving a second-round pick to rid themselves of a slightly overpaid third-line center who would have been easy to trade for positive value at the 2025 deadline is a wasted asset.

Grade: C-

Sabres Overpay for Depth Winger Malenstyn

Buffalo Sabres

Uhh... what?

In 2022-23, Beck Malenstyn spent most of the season in the AHL and totaled 10 points in 40 games. Last season, he was a 26-year-old rookie and produced six goals and 15 assists in 14:15 of icetime per night.

And he only really received that much icetime because of how injured and generally bad the Caps were. Malenstyn does not drive play. He does not create offense and irrelevant at best defensively.

Maybe the Sabres have reason to think they can work with him and get something out of his game. In which case, they'll still have traded the 45th-overall pick for a fourth-liner who is slated to become an unrestricted free agent in 2025.

I understand that the Sabres have an elite prospect pool and need to add players that can help them win now. What's hard to figure out is how they think Malenstyn aides in that goal at any price, let alone that of a premium asset.

Grade: D

Washington Capitals

Sometimes the best moves aren't doing something smart but instead capitalizing on another team doing something stupid. The Capitals traded someone who may not even be an NHL-caliber forward in return for a pick in the 11th pick of the second round. The Capitals got good value with that selection as well, taking defenseman Cole Hutson, an undersized puck carrier who could turn into a second-pairing offensive defenseman down the line.

Consider that, just a day prior the Caps moved a second-round pick in 2025 for Andrew Mangiapane. The Capitals effectively turned a bad fourth-liner into a second-line offensive winger. That's tidy arbitrage for a team that needs a lot more firepower.

Grade: A

Vegas Buys Low on Former Top Prospect Holtz

Vegas Golden Knights

This bet makes a lot of sense for Vegas. The Devils took Holtz seventh overall in 2020 with hopes that he would turn into a pure goal scorer. It hasn't quite worked out. He has provided some offense, but not enough to stick in a top-six role, and the rest of his game has left a lot to be desired, making him a tough fit down the lineup.

There are reasons to think that Holtz can figure it out. Only 22 years old, had 51 points in 52 AHL games the season before. Despite his struggles and inconsistent usage, Holtz scored 16 goals, 15 of which came at even strength.

Vegas will give Holtz a chance alongside playmaking centers such as Tomas Hertl or William Karlsson. The change of scenery could benefit him and, while he comes with uncertainty, there are reasons to believe he could yet find 25-goal form. Maybe better. That upside is well worth the cost of a depth player and 3rd-round pick.

Akira Schmid, 24, had some good moments for the Devils during the 2022-23 season but lost his NHL job last season and then played poorly in the AHL. The Golden Knights have previously turned straw into gold in net with Aiden Hill and Logan Thompson. Schmid, 6'5" is also a big goaltender who needs a lot of technical work.

Grade: A-

New Jersey Devils

Holtz didn't work out in New Jersey and some blame has to go to him. He gave his coaches good reasons to demote or sit him through the past two seasons.

The Devils didn't exactly set him up for success. He was thrown around the lineup and played limited minutes at times. It made sense in that the Devils were attempting to win hockey games. Except, they didn't win hockey games last season. Their sacrifice of his development was fruitless.

It doesn't help that their open dissatisfaction with Holtz tanked his trade value. They finally settled for whatever they could get for him, selling low.

Paul Cotter is a likable player. The 24-year-old produced 25 points last season. He works hard and plays responsible defense. Cotter is a fourth-line forward and his $775K cap hit the next two seasons is a bargain.

The Devils clearly valued moving on from this chapter more than anything else. Sometimes prospects don't work out but Holtz's failed status in New Jersey feels both premature and self-inflicted.

Grade: D+