The first two days of free agency are behind us, and hundreds of moves have already been made. This is already far more interesting compared to last season's free agency—and why wouldn't it be? The cap is set to rise $4.5 million, the first big jump since the pandemic.

Which teams are winning so far, which still have work to do, and now that the draft has had time to sink in, who excelled there?

Let's organize ourselves before we head to summer break with one word for each team after the first two days of free agency.

Anaheim Ducks: Stagnant

The Ducks entered free agency Monday with $31 million in cap space. It's not like any move they could've made would suddenly catapult them from the bottom of the Western Conference to the top, but no one is expecting immediate success—we're expecting steps forward each year.

Anaheim did take a step forward last season as the youth movement got more reps and showed us some flashes of brilliance on the power play. And the team will look different, regardless, in anticipation of Cutter Gauthier's first full season. But you'd think they'd do a little more than just re-signing depth players Urho Vaakanainen and Brett Leason.

I mean, they kept Frank Vatrano last trade deadline, which was a move in itself, and there are good vibes exuding from No. 3 overall pick Beckett Sennecke.

Perhaps giving the young core room to breathe is the move, but man, that's a lot of cap space to sit on.

Boston Bruins: Mixed

There's no way to properly evaluate the Bruins' offseason yet without knowing how it shakes out with restricted free agent Jeremy Swayman. Losing Linus Ullmark and Jake DeBrusk was almost inevitable, but it doesn't make it less difficult to swallow for the cap-strapped Bruins.

Boston signed a much-needed solid center in Elias Lindholm to a $7.75 cap hit for seven years, and big defenseman Nikita Zadorov to a $5 million cap hit spanning six years. These are good fits for team needs, if a bit expensive for both.

We'll see how it shakes out with Swayman, and at least the Bruins picked in the first round for the first time in two years, grabbing center Dean Letourneau.

Buffalo Sabres: Yikes

The Sabres, desperately seeking a return to the playoffs after missing for a league-record 13 seasons, were 23rd in goals in the NHL last season.

So, naturally, GM Kevyn Adams bought out the Sabres' third-highest goal scorer and openly sought more "defensive responsibility" and "forecheck." They ended up signing Nicolas Aube-Kuble and Jason Zucker.

Look, maybe he's doing that thing when I pretend my hardest not to care about something so it actually happens. Anything is worth a shot with the Sabres at this point.

Calgary Flames: Solid

Despite it all, the Flames and GM Craig Conroy actually do deserve a pat on the back for their free agency so far. Ryan Lomberg is great (especially at $4 million for two years), as is the Yegor Sharangovich extension. Anthony Mantha is fine for a year, especially if he can get Jonathan Huberdeau going. Jake Bean has some offensive upside as an inexpensive depth defenseman.

Color me impressed with the short-term, relatively inexpensive contracts Conroy was able to pull off. The Flames had quite the mess to clean up, and it's not over, but this was a great, realistic start.

Carolina Hurricanes: Tough

The Hurricanes said some hard but expected goodbyes this week with Brett Pesce, Teuvo Teravainen, Jake Guentzel, Stefan Noesen and Brady Skjei among the names who've departed for higher cap-spaced pastures.

That said, new GM Eric Tulsky has done just about as good as he can with what he's got so far, signing Shayne Gostisbehere to a three-year deal to replace Skjei's left-handed shot, snagged refreshed defenseman Sean Walker at a $3.6 million AAV for five years, re-signed pillar Jaccob Slavin and re-signed alternate captain Jordan Martinook.

This could be far more disastrous.

Chicago Blackhawks: Enticing

Am I the only one who is genuinely excited to watch the Blackhawks next year? You've got a lot of potential help for star Connor Bedard in Tyler Bertuzzi and Teuvo Teravainen, not to mention Taylor Hall will be coming back. Some decent upgrades for the Blackhawks—and some necessary ones in net with backup goalie Laurent Brossoit.

Colorado Avalanche: Screwed

Don't take this the wrong way: The Avalanche have one of the best teams in the league, and one of the top three fastest at that. But their cap situation feels impossible. It was a huge win they were able to get Jonathan Drouin re-signed on a one-year, $2.5 million deal while they try to navigate being dangerously close to the cap, especially with the Gabriel Landeskog and Valeri Nichushkin situations.

Columbus Blue Jackets: Understandable

Sean Monahan was a great get for the Blue Jackets and new GM Don Waddell as they enter a hopefully brighter era in the franchise. It's all worth it if Monahan and Johnny Gaudreau can re-find the connection they once had in Calgary.

Dallas Stars: OK

Matt Duchene at a $3 million cap hit for one year is the perfect situation: a short-term opportunity to keep thriving in Dallas. Matt Dumba at $3.75 for two years? Not so much, especially considering they had to let Chris Tanev walk. You can usually count on GM Jim Nill to reassess and figure it out at the in-season deadline, though, so I'm not shaking in my cowboy boots.

Detroit Red Wings: Questionable

The Red Wings have been quieter than anticipated, save for the unpopular Jake Walman trade that cost a second-round pick, and the re-signing of Patrick Kane. Free agency is still young, Steve Yzerman is notoriously tight-lipped, and at least they haven't yet traded for Jacob Trouba.

But if they gave up Walman and don't acquire an upgrade on the blue line, you really have to wonder what they were doing. Shouldn't Matt Roy have moved the needle, here?

Yzerman doesn't usually build the team via free agency, sure. But you're starting to wonder if that strategy is going to hold up.

Edmonton Oilers: Busy

Superforwards, assemble! For the life of me, I can't remember a time when more moves were made by the Oilers in free agency, and I'm here for it. Thank you Jeff Jackson for the entertainment.

Jeff Skinner at $3 million is fantastic, and I tend to believe the pressure off Skinner will work wonders.

The middle six look not only intact, but upgraded with Skinner and Viktor Arvidsson signed, and Mattias Janmark, Adam Henrique and Connor Brown re-signed. Corey Perry is also back, at under $2 million.

The concern is what it always is in Oiltown: defense. The Oilers weren't able to re-sign Vincent Desharnais, so they replaced him with three defensemen in a trench coat: Josh Brown, Connor Carrick and the re-signing of Troy Stecher.

There's still work to be done with the team $2.5 million over the cap and Dylan Holloway and Philip Broberg yet to be signed, but there are several options to be shipped out.

Florida Panthers: Zitonation

Bill Zito and the funky bunch have done it again, folks. The Cup champions wasted no time re-signing leading goal scorer (57 of them) Sam Reinhart to an obnoxiously reasonable deal. The game-winning Game 7 goal-scorer is coming back to Florida on a $69 million, eight-year deal. Sasha Barkov, Matthew Tkachuk and Reinhart will be running it back for at least the next six years.

Zito also didn't overpay for the likes of Oliver-Ekman Larsson and/or Brandon Montour.

Los Angeles Kings: Directionless

Warren Foegele is a playoff dawg, as we say in the biz. His three-year, $10.5 million deal was a great contract for the Kings to start things out. After that, you're still left wondering what the plan is.

Joel Edmundson brings grit and attitude, and he can hold his own in the middle to bottom pairing if he must. But the four-year, $15.4 million contract is an overpay with too much term, and bringing him in to replace Matt Roy, who signed with Washington, is an objective downgrade. There was much to improve on especially with the failure of the Pierre-Luc Dubois experiment, and we haven't even touched that yet.

Minnesota Wild: Infuriating

I just don't understand how Minnesota Wild fans keep it together. This team feels like a social experiment conducted by psychologists to slowly but surely chip away at any semblance of reality and sanity one has until you're staring at a team made up of 23 of the most indistinguishable hockey players who have ever been assembled.

No offense to any of the players; every team needs a middle six. You'd all be valuable and appreciated somewhere. And of course I am exaggerating: There are stars like Kirill Kaprizov, Brock Faber, Marco Rossi and Matt Boldy coming up. Joel Eriksson Ek remains tremendous, and Marc-Andre Fleury is still kicking. Please don't throw that all away for Groundhog Day 2 with the rest of the roster.

Montreal Canadiens: Secure

Love the eight-year, $60.8 million contract extension for Juraj Slafkovsky. Keep chipping away and stay patient, Habs!

Nashville Predators: Cooking

General manager Barry Trotz is just as amusing and charming as head coach Barry Trotz. Phew.

The Predators had been middling for years and nearing the point of rebuild-or-bust, until last year when they turned it around and pulled together a convincing second half. Trotz is leaning into the success, as he's extended goaltender Juuse Saros, won the Steven Stamkos sweepstakes at a moderate term, signed playoff performer Jonathan Marchessault for another decent contract with decent term, and signed solid second-to-sometimes-first pairing defenseman Brady Skjei.

None of these guys are getting any younger, but their contracts keep that in mind, and they have not regressed. Best news? The Predators didn't have to give up any assets or picks in acquiring these players.

New Jersey Devils: Smart

Lifelong Hurricane Brett Pesce signed with the Devils on Monday as anticipated. A $5.5 million AAV is incredibly reasonable for the defensive stability he provides—especially considering the goals-against fiasco the Devils were facing last season. A resurgent Stefan Noesen will do for three seasons with a $2.75 million cap hit. Brendan Dillon for three seasons with a $4 million cap hit might be pushing it, but the Devils simply needed to beef up on defense.

Most importantly, the Devils got their guy in net with their Jacob Markstrom acquisition a few weeks ago. They've done exactly what they had to do after looking at last season's failures. I respect it.

New York Islanders: Nice

It's always exciting when the Islanders do literally anything, let alone make an actually good move that addresses a need. Anthony Duclair at a $3.5 million AAV for four years is a solid deal for a team with less than $6 million in cap space and the urgent need to get quicker.

Don't let this distract you from the bad situation the Islanders were in in the first place, but I think everyone will take it as a win.

New York Rangers: Messy

The Jacob Trouba situation is the talk of the off-season. The Athletic's Arthur Staple does a fantastic job detailing the Rangers' "cut throat" start to the summer here.

Openly shopping your captain who doesn't appear to want to be shopped, and facing the possibility that he may have to stay put after the drama? It's a lot. But the best teams in recent memory have been pretty ruthless in their dealings. No matter how you look at this, it's messy.

Ottawa Senators: Chipping

I am once again optimistic about the Ottawa Senators. Their biggest issue in what was supposed to be a decent run in the East last season was goaltending, and Linus Ullmark will certainly provide some proven stability in net.

You've got the younger core taking more steps. You've got Brady Tkachuk watching his brother raise the Cup, for whatever that's worth. You've got Shane Pinto re-signing at a $2.5 AAV next year. I have no complaints.

Philadelphia Flyers: Developing

Matvei Michkov has entered the chat! Thank God he's tall enough for Danny Briere.

Pittsburgh Penguins: Long-Game

Could Vladimir Tarasenko still be on the horizon? We'll see, but it looks like the Penguins and GM Kyle Dubas are opting for what they consider a smarter, better long-term plan than...well, whatever the Washington Capitals are doing. Gone are the days of going all-in. Gone are the days of trading assets and picks.

And why wouldn't those days be gone? Obviously, the big Sidney Crosby-sized elephant in the room comes to mind. But the team failed to figure it out around him for the past two seasons, and it's been growing painful.

San Jose Sharks: Thrilling

Macklin Celebrini, YOU are a San Jose Shark! Tyler Toffoli, so are you! I kind of love it here!

Seattle Kraken: Woah!

Free-agent acquisition Brandon Montour could be a great fit on the Kraken, who could afford it more than the Panthers and went for it. The Kraken are also taking a pretty significant bet on sometimes-clutch playoff performer Chandler Stephenson, signing him to a seven-year deal at a $6.25 million AAV.

You rarely see Ron Francis make long-term deals, especially handing them out to players he didn't draft. Good on him for staying with the times and acquiring two players who fit the Kraken's need for more veteran playoff presence and some elusive clutchness.

I like a little risk from Francis and a change of scenery for Stephenson, who is looking to bounce back after his worst season last year. Contracts are far more likely not to pan out than to pan out, but honestly, I can't hate them because I love a risk and I see the upside.

St. Louis Blues: Confusing

Congratulations to the St. Louis Blues. Now that the Predators have figured out that they are "actually good" and have decided to act like it, the Blues are the sole owner of the "most confusing moves and direction in the NHL" title.

Good on them for extending Pavel Buchnevich. They also acquired Radek Faska and Matheiu Joseph. Before all this, they traded Kevin Hayes and a second-round pick. Joseph and Faska are probably improvements in the bottom six, but are we trying to improve? Whatever works, St. Louis!

Tampa Bay Lightning: Aggressive

Of course it was harsh watching the Lightning essentially not really try to work it out with lifetime Tampa Bay representative and captain Steven Stamkos. But the situation had soured a few times even publicly throughout the season, and it was all but clear Stamkos wasn't in their future plans. If you're genuinely still trying to contend, it's better to make a clear decision and seek the option you were hoping to contend with.

For the Lightning, that was the coveted Jake Guentzel. The Lightning signed Guentzel to $9 million AAV for seven years, which is a stellar deal for a point-per-game player with the most consistency perhaps in the league from a playoff winger. They had to part ways with their influential captain and a few other big pieces to get there.

Toronto Maple Leafs: Core?

Wait, guys, the gang's still here? Plus Chris Tanev, Oliver Ekman-Larsson and Anthony Solarz?

I'm having trouble focusing on the moves at hand until the Leafs do or don't deal Mitch Marner.

Utah Hockey Club: Energetic

Gotta love the Utah Hockey Club arriving to the draft and immediately making noise. Tij Iginla is such a fun first-ever franchise draft pick. Then Utah woke up on Day 2 of the draft and immediately wheeled and dealed, acquiring Mikhail Sergachev and John Marino to beef up their defense.

Seems like the Smiths want to immediately be relevant, and the newest franchises have shown us that's the best path to success.

Vancouver Canucks: Sneaky

The Vancouver Canucks have needed a winger who can hang with Elias Pettersson and better round out the top-six group. The Vancouver Canucks have especially needed one with some effort to match the talent and the talent to match the effort, and Jake DeBrusk is someone who will rarely disappoint in that ratio.

The goals may be streaky, but they always come back—usually in the playoffs. Meanwhile, the effort never leaves.

There were a few other solid moves, but there's still some work to be done on defense, especially with Nikita Zadorov now on DeBrusk's old Bruins. Overall, it was a solid haul for Vancouver.

Vegas Golden Knights: Controversial

The Vegas Golden Knights are the NHL team daring to look the league, its players and its fans in the face and ask: How much can we really get away with?

Between drafting Trevor Connelly at No. 19, trading Logan Thompson as he was signing autographs and letting franchise legend Jonathan Marchessault walk apparently without a fight, some people may have finally had it.

"It was pretty tough, to be honest," Marchessault told TSN after signing with Nashville. "The tough part of it also was there wasn't really a decent offer on the table. I don't think they tried their best to keep me, but it's part of the business."

Washington Capitals: Why?

The Capitals continue to simply refuse to admit they're on the decline, and I genuinely can't decide if I respect it or it's all going to blow up. Probably both.

Winnipeg Jets: Quiet

The Jets bought out Nate Schmidt and lost Brenden Dillon, Tyler Toffoli, Sean Monahan and Laurent Brossoit to free agency. They took care of goalies Kaapo Kahkonen and Eric Comrie. They signed veteran depth defenseman Colin Miller to a two-year, $1.5 million contract. Classic Kevin Cheveldayoff, but at least they've got their core relatively locked up after last offseason.