The Vegas Golden Knights have been busy reshaping their roster ahead of the NHL’s free agency period, which begins at 9 a.m. Wednesday. Three trades in the past five days have cleared cap space and created openings, but also raised questions about key players’ futures.

Reilly Smith, the Original Misfit who returned on a one-year deal last June hoping to reach 1,000 NHL games with the team, appears unlikely to be back. Smith, 35, is 12 games shy of that milestone entering his 16th season. He played 69 games last season, recording 16 goals and 26 points, but was pushed to the fourth line by undrafted rookie Braeden Bowman. The Knights have nine forwards under contract, with Bowman and 2024 first-round pick Trevor Connelly vying for spots. A minimum contract for Smith is not ruled out, but the team is seeking a middle-six goal scorer after trading Pavel Dorofeyev to the New York Rangers.

In goal, the trade of Akira Schmid to the Florida Panthers clarifies the tandem: Carter Hart, coming off a strong playoff run, is the No. 1, with Adin Hill as the backup. Hill, 30, has five years left on his contract at a $6.25 million cap hit and has been plagued by lower-body injuries. He started a career-high 50 games in 2025 but was limited to 27 last season and did not play in the playoffs. Hill wants to prove he can be the starter and is working to ensure that happens.

On defense, the trade sending Kaedan Korczak to Pittsburgh opened a spot on the right side. Parker Wortherspoon, acquired from the Penguins, is a left-handed shot who will replace Jeremy Lauzon. For Korczak’s replacement, unrestricted free agent Dylan Coghlan, 28, who joined the Knights in 2017 and has had most of his NHL success in Las Vegas, is an option. Another is Lukas Cormier, 24, a restricted free agent who posted a career-high 47 points in 49 games with the Henderson Silver Knights last season.