When the NHL ratified its new collective bargaining agreement, big changes were expected with regard to the league’s power balance. If the first week of the free-agent signing period is any indication, the power shift will be even more dramatic than initially anticipated. Some of the sport’s biggest names have changed teams, and a few of the NHL’s perennial powerhouses may well find themselves on the outside looking in next spring when the playoffs begin.

The Devils took a huge hit yesterday, when 2004 Norris Trophy-winning defenseman Scott Niedermayer turned down a reported $6.8 million per year offer and instead signed a four-year deal to play alongside his brother Rob with the Anaheim Mighty Ducks. The loss of Niedermayer leaves a gaping hole on New Jersey’s blue line, one that GM Lou Lamoriello attempted to fill (at least somewhat) yesterday with the signings of former Devil Vladimir Malakhov and the hard-hitting Dan McGillis.

The Devils did manage to re-sign Brian Rafalski yesterday, a move that will at least ensure the team’s power play will remain potent. Assuming captain Scott Stevens retires, the only remaining members from the Devils’ three Stanly Cup-winning teams are Martin Brodeur and Sergei Brylin.

Another big splash was made by the Philadelphia Flyers, who sent Jeremy Roenick and a draft pick to the Los Angeles Kings yesterday in exchange for future considerations. In other words, Roenick, a former All-Star with a $4.94 million salary, essentially held no trade value; the Flyers’ only concern was to clear space under the cap for Wednesday’s key acquisition, Peter Forsberg.

Roenick’s move to Los Angeles bodes well for the NHL, which will now have one of its most marketable and charismatic stars playing in a huge media market. He is certainly a controversial personality, but his unique combination of forthrightness and gritty play should endear him to Hollywood’s loyal hockey fans.

The Roenick trade is likely a sign of things to come for the NHL, as contracts are as critical an element in each trade as the quality of the players who are exchanged. That a perennial All-Star and one of the league’s most popular players was essentially given away for nothing is a bizarre scenario likely to repeat itself in the NHL’s new salary cap-driven world.

The Flyers’ acquisition of Forsberg – along with fellow free agents Derian Hatcher and Mike Rathje – means they are well-stocked and ready for a long playoff run next season. Unlike many of the other Cup contenders of the past decade, the Flyers have both a plethora of young, inexpensive players on their roster and the fiscal might to buy out two high-paid forwards (John LeClair and Tony Amonte) who would otherwise have made a serious dent in their available funds under the league’s new $39 million salary cap.

The busiest local team so far this off-season has been the Islanders, who have significantly revamped their roster. Captain Michael Peca was dealt to the Edmonton Oilers for former Ranger Mike York, a trade that cleared some payroll room for the signing of forward Miroslav Satan. During his time with the Buffalo Sabres, Satan established himself as one of the NHL’s most prolific goal scorers. He is expected to line up alongside Alexei Yashin, giving the enigmatic Russian center a legitimate offensive threat on his line for the first time since he arrived on Long Island back in 2001.

The Islanders, however, did lose a key player this week in Adrian Aucoin, a true anchor on their blue line for the past few years. But GM Mike Milbury quickly patched the hole, adding a comparable two-way defenseman in former Sabre Alexei Zhitnik. A solid skater with good puck-moving skills, Zhitnik should thrive under the NHL’s new offense-friendly rules.

If you’re wondering where the Rangers fall in all of this, you’re not alone. With many of the NHL’s biggest stars moving from city to city, the Rangers have essentially been left out in the cold. They were rumored to be pursuing both Forsberg and Niedermayer, but to no avail.

There was some talk that the organization might be holding off and waiting until the summer of 2006, when a number of young, talented forwards are expected to be available as unrestricted free agents.

Wednesday’s re-signing of Jarome Iginla by the Calgary Flames, however, could put a serious crimp in the Blueshirts’ plans. The Iginla deal (three years, $21 million) establishes the going rate for elite forwards, and there is good reason to expect the Bruins’ Joe Thornton and the Lightning’s Vincent Lecavalier to sign similar long-term deals with their respective teams this summer.

Years of disappointing results have damaged the Rangers’ reputation around the league, and the atmosphere will take years to correct.

That the Rangers are not a desirable destination for top-tier free agents should not come as a surprise to anyone, and perhaps this will turn out to be the final wake-up call for General Manager Glen Sather and company: It’s time to rebuild from within, allowing young players to cut their teeth on Garden ice, taking their lumps, and ultimately, helping the team escape from the doldrums in which it’s currently mired.

Mr. Greenstein is the editor-in-chief of InsideHockey.com.