Recap of today’s Free Agent Frenzy, Eastern Conference

Today was one of the most entertaining day of the season in the NHL, much more than the 2010 trade deadline, as most of the big names found a new home only five hours after the free agency period began. Let’s have a look at the key signings and trades that have occurred as of 5 PM Eastern time in the Eastern Conference.

Pittsburgh Penguins After losing all-star defenseman Gonchar, GM Ray Shero went to business and signed defensemen Zbynek Michalek and Paul Martin to long-terms deals. The Penguins are negociating with Bill Guerin, who would however have to accept a paycut to stay in Pittsburgh. Michalek, who earned $1.5 million last season with Phoenix, is a very steady defenseman who can log heavy minutes both on the PP and the PK. He will earn $4 million per year for the next five seasons. Martin, who earned $4.5 million last season with New Jersey, is a complete defenseman who will bring a calming presence on a young Penguins blue line, giving more freedom offensively to youngsters Alex Goligoski and Kristopher Letang. Martin signed a five-year, $25 million contract with the Penguins.

Phildelphia Flyers The Flyers were very active today on the free agent front signing veteran defenseman Sean O’Donnell to a one-year $1 million contract. O’Donnell is a rugged and physical defenseman that will provide depth to an already excellent defensive corps. Earlier today, the Flyers acquired former Senator defenseman Andrej Meszaros in exchange for a 2nd round pick. Meszaros, who is slated to make $4 million next season, is a stay-at-home defenseman that can make a sharp first pass. GM, Paul Holmgren also announced the team had re-signed RFA defenseman Braydon Coburn to a two-year $6,4 million contract. Pronger-Timonen-Carle-Coburn-Meszaros-O’Donnell-Krajicek makes an awesome defensive corps.
Finally, the Flyers sign enforcer Jody Shelley to a three-year $3.3 million contract. Shelley’s acquisition means tough guy Riley Cote and agitators Daniel Carcillo and Aaron Asham are likely gone.

New York IslandersSo far the Islanders have been fairly quiet on the market, letting Martin Biron go to NYR and Jeff Tambellini leave for Vancouver.

New York RangersGM Glen Sather signed the first free agent at 12h01 today by tying up goaltender Martin Biron for two seasons. Biron will earn $875,000 for the next two seasons. The Rangers also signed an enforcer in Derek Boogaard on a four-year deal worth $1.65 annually. The team also re-signed centers Vaclav Prospal and Erik Christensen to multi-year contracts. The Rangers still have to re-sign RFA Marc Staal and Daniel Girardi to complete their blue line.

New Jersey DevilsAfter losing UFA defenseman Paul Maritn to a division rival in Pittsburgh, GM Lou Lamoriello quickly replaced him by signing two veteran defensemen to long-term contracts. First they inked former Buffalo Sabres Henrik Tallinder to a four-year, $13.5 million contract and former Ottawa Senators Anton Volchenkov to a six-year, $25.5 million contract. Tallinder recorded 20 points last season while Volchenkov is a steady shot-blocking defenseman. New Jersey also signed veteran goalie Johan Hedberg to a one-year $1.5 million contract. Hedberg will not play much behind Martin Brodeur, but he could get at least 20 starts to keep Brodeur fresh for the playoffs.

Washington CapitalsNothing to report on the Caps front, and the team doesn’t expect to make any moves today.

Florida PanthersNothing to report in Florida as new GM Dale Tallon, mostly made his moves in the past week, trading Nathan Horton to Boston and Keith Ballard to Vancouver.

Tampa Bay LightningAfter moving Andrej Meszaros to Philadelphia for a 2nd round pick, the Bolt lost defenseman UFA Kurtis Foster to Edmonton. However, the Lightning signed goaltender Dan Ellis to a two-year, $3 million contract to compete with Mike Smith as their starter. On offense, GMK Steve Yzerman let Alex Tanguay walk to Calgary and signed all-star Martin St.Louis to a contract extension. The speedy winger will earn $5.25 for the next five years.

Atlanta ThrasersAfter losing Johan Hedberg to New Jersey, Atlanta replaced him with former St. Louis Blues Chris Mason. Mason, who will earn an average of $1.85 million over two years, will share duties with Ondrej Pavelec. The Thrashers also acquired forward Andrew Ladd from the CHicago Blackhawks in exchange for prospect Ivan Vishnevsky and a 2nd round pick. Ladd is restricted free agent.

Carolina HurricanesThe Hurricanes were pretty quiet today letting go Ray Whitney to Phoenix and only signing rearguard Anton Bachuk to a one-year, $1.4 million deal. Babchuk played for Omsk Avangard of the KHL last season. Strangely, Babchuk played in Carolina in 2006-07 and 2008-09, while playing in Omk in 2007-08 and 2009-10!

Montreal CanadiensAfter acquiring Dan Ellis’ rights from Nashville earlier this week, the Canadiens let him walk to Tampa Bay and turned to Alex Auld to backup Carey Price. Auld signed a one-year $1 million deal to play in Montreal. GM Pierre Gauthier also signed goalie Curtis Sanford to a two-way contract as an insurance.

Ottawa SenatorsThe Senators made only one big splash today as they signed offensive defenseman Sergei Gonchar to a three-year, $16.5 million contract. Gonchar will help Ottawa improve their dismal power play. GM Bryan Murray also told the media he is not expected to make anymore moves today, which means Jason Spezza will remain in Ottawa, for now.

Boston BruinsThe Bruins have announced the re-signing of RFA Daniel Paille to a two-year, $2.15 million contract. Still nothing new to report on the Marc Savard front.

Buffalo SabresAfter losing veteran defensemen Henrik Tallinder and Tony Lydman to free agency, GM Darcy Regier turned to defenseman Jordan Leopold. The terms of the deal are still unknown. Buffalo is looking to add a goaltender to backup all-star Ryan Miller after they decided to let Patrick Lalime go.

Toronto Maple LeafsGM Bryan Burke added depth to his forward corps by signing former Atlanta Thrasers Colby Armstrong to a three-year, $9 million contract. Toronto was also active earlier this week when they acquired forward Kris Versteeg from Chicago in exchange for forward Viktor Stalberg and a few prospects. The Maple Leafs have yet to trade defenseman Tomas Kaberle and nothing is imminent at the moment.

Stay tuned as I’ll add updates throughout the night as signings and transactions occur.