When the NHL lockout ended, it was widely believed that the owners had won the labor dispute by way of knockout. The players lost badly, it was said, and the wealth they achieved in the previous decade at the owners’ expense would become a thing of the past. But by any measure, the events of the past week have made it clear that the players’ upward financial mobility has not been limited in the least.

What has changed, however, is the ability of franchises to retain their players. Under the previous collective bargaining agreement, players didn’t become unrestricted free agents until they turned 31,or until their current team de cided to cut them loose. But under the new CBA, the combination of the salary cap and the gradual lowering of the age required for unrestricted free agent status means that teams must make some very hard choices.

Just look at the Ottawa Senators. They struggled throughout the 1990s, compiling a stable of great young talent through the strategic use of their perennially high draft picks. But thanks to the new CBA, the talented Senators are being broken up before they ever got a chance to hoist Lord Stanley’s Cup.

This summer, Ottawa GM John Muckler had to make the touch decision to retain either Wade Redden or Zdeno Chara,two enormously important UFAsto-be. When Muckler chose Redden, it set in motion a bidding frenzy that culminated with the 6-foot-9-inch Chara signing with division rival Boston.

The Senators, meanwhile, signed Carolina Hurricanes goalie Martin Gerber on Saturday to replace the mercurial Dominik Hasek. Gerber was solid in goal for the Cup champions during the regular season, but if he had been the Hurricanes’ lone option in goal during the playoffs, they likely wouldn’t have escaped the first round.

So the Senators find themselves rapidly approaching the precipice of another rebuilding effort, with no Cup to show for what was a very impressive assemblage of talent. Needless to say, the power balance in the Northeast Division has shifted dramatically.

The Hurricanes did see a few key components of their Cup-winning team depart, but more importantly, they managed to re-sign forwards Eric Staal and Erik Cole to three-year deals worth $13.5 million and $12 million, respectively. Without question the franchise’s centerpieces,the duo’s contracts are perfect examples of how times have changed. Under the old CBA, the ‘Canes would undoubtedly have taken advantage of the fact that they had Staal’s and Cole’s rights locked up for a full 13 years. But now, in order to keep their stars for the long term, the ‘Canes must keep them happy now; doing so came at the expense of Cullen, Ward, and Gerber.

The most coveted free agent forward gave some thought to relocating, but in the end, Devils left winger Patrik Elias decided that “there’s no place like home.” Elias signed a seven-year, $42 million deal last weekend with the Devils, the only NHL team for which he’s played, and will almost certainly be named the team’s next captain during training camp this fall.

The Rangers participated in the bidding for both Chara and Elias, but ultimately turned their attention toward some less pricey options. Two members of the Hurricanes’ Cup-winning squad – forward Matt Cullen and defenseman Aaron Ward – joined the Rangers, and should provide some much-needed experience and grit to complement the Blueshirts’ talent-laden lineup.Cullen is extremely versatile as a center, a left wing, a power play quarterback, and a penalty-killer, and will neatly replace the departed Steve Rucchin. And Ward, who threw himself in front of countless shots during the playoffs, could be the blue line anchor the Rangers desperate ly lacked in their first-round ouster at the hands of the Devils.

With Alexei Yashin costing the Islanders $7.6 million per year, he is a liability both with in terms of the salary cap and the team’s actual budget. New GM Neil Smith might have liked to pursue the likes of Chara and former captain Bryan McCabe (who re-signed with the Leafs), but he instead focused his attention on the more reasonably priced Brendan Witt, inking the hardhitting blueliner to a three-year, $8.3 million deal.

The prevailing theme throughout the past week has been the improvement of non-playoff teams. The Bruins were big winners, but certainly weren’t alone in making critical upgrades. The Phoenix Coyotes landed two key free agents – defenseman Ed Jovanovski and forward Jeremy Roenick – and traded for gritty blueliner Nick Boynton, maneuvers that should make life a bit easier for head coach Wayne Gretzky next season.

The Minnesota Wild, perennially among the NHL’s most profitable and thrifty organizations, also opened up their checkbooks over the past two weeks, adding forwards Pavol Demitra and Mark Parrish, and defensemen Kim Johnsson and Keith Carney.Because the Wild demonstrated that they’re serious about winning, they were able to lock up All-Star winger Marion Gaborik to a multi-year deal yesterday that will ensure he stays in Minnesota through the 2008-09 season.

The biggest deal of all didn’t involve a marquee free agent signing, but rather a trade. Following the Oilers’ Stanley Cup Finals loss to Carolina, Chris Pronger requested that he be dealt away from Edmonton. After Chara and Jovanovski chose their destinations, GM Kevin Lowe obliged Pronger’s request, sending to the Anaheim Ducks in exchange for young forward Joffrey Lupul, defense prospect Ladislav Smid, and a few draft picks. Pronger and Scott Niedermayer give the Ducks, by a wide margin, the best 1-2 defense punch in the NHL. Anaheim GM Brian Burke has allocated his cap resources wisely, and so the Ducks should be one of the league’s best teams for the next few seasons.

Last summer, some teams were better at managing the salary cap than others. But after a year of learning, we should start to see teams trend towards the midpoint, with early advantages and disadvantages gradually dissipating. The result will be a more highly competitive NHL, one in which virtually every team enters the regular season with Cup aspirations.But it also means that the assembly of a great team is fleeting, and that the window of opportunity to win the Cup closes much more quickly. The depleted Senators are the first team to learn that painful lesson, but they certainly won’t be the last.

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