In just over two weeks, a veritable blizzard of free-agent signings has completely altered the NHL’s balance of power. As expected, the salary cap has forced many of the league’s finest teams to cut loose top-tier talent, and so literally hundreds of players will be wearing unfamiliar sweaters.

Most importantly, though the NHL already enjoyed parity unparalleled in North American major sports – 12 different teams reached the Conference Finals from 2002-04, the maximum possible – there will be even more equality when the league drops the puck on October 5.

One player whose sweater won’t be unfamiliar is new Devil Alexander Mogilny. The former 76-goal scorer helped New Jersey win the Stanley Cup in 2000. With winger Patrik Elias still recovering from a bout of Hepatitis A, it’s expected that Mogilny will take his place on the top line alongside Scott Gomez, at least initially.

As this unprecedented free-agency frenzy nears its conclusion, it’s finally possible to evaluate which teams have gained – and lost – the most.

BIGGEST WINNERS

5. PITTSBURGH PENGUINS The Penguins have unquestionably benefited the most from the NHL’s new CBA. Key acquisitions Sergei Gonchar, Zigmund Palffy, Jocelyn Thibault, and John LeClair are set to join a lineup that already features owner Mario Lemieux, Mark Recchi, and uberprospect Sidney Crosby. Given all this, it’s no surprise that Lemieux has decided not to give up his majority stake in the team. Look for the Pens to have one of the NHL’s most potent power plays.

4. CHICAGO BLACKHAWKS This Original Six franchise struggled mightily throughout s early s, but it appears that their salad days are finally behind them. The additions of former Tampa Bay Lightning goaltender Nikolai Khabibulin and former Islanders defenseman Adrian Aucoin will ensure that the team’s defense will be much improved, while youngster Tuomo Ruutu is set to emerge as one of the NHL’s brightest young stars.

3. BOSTON BRUINS Often maligned for their unwillingness to spend on top quality talent, the Bruins will be one of the Eastern Conference’s best teams in 2005-06. Captain Joe Thornton has committed to a long-term deal, and he will now get to play alongside free agent acquisitions Brian Leetch, Alexei Zhamnov and the re-signed Glen Murray. Many of the Bruins’ best players are just entering their primes, and if all goes according to plan, the team could make its first Cup Finals appearance in 15 years.

2. ANAHEIM MIGHTY DUCKS They’ve lost nothing this off-season, but gained the NHL’s defending Norris Trophy winner, former Devil Scott Niedermayer. His presence dramatically upgrades the Ducks’ defense, and should make life much easier for netminder Jean-Sebastien Giguere. Meanwhile, offensive talents Sergei Fedorov and Sandis Ozolinsh can be expected to thrive with the NHL’s new offense-enhancing rules.

1. CALGARY FLAMES Anytime a Stanley Cup Finalist manages to upgrade, it’s a good sign. Martin Gelinas departed via free agency, but in his place are former Islanders defenseman Roman Hamrlik and former Flyer Tony Amonte. The re-signing of Jarome Iginla and Miikka Kiprusoff – and the arrival of top-tier defense prospect Dion Phaneuf – will also ensure that Flames’ surprising 2003-04 success continues unfettered.

BIGGEST LOSERS

1. NEW YORK RANGERS The Blueshirts pursued many of the aforementioned free agents, but ultimately managed to add only Straka, Martin Rucinsky, and Ville Nieminen. They will unquestionably be one of the NHL’s worst teams in 2005-06, especially if Jaromir Jagr opts to play in Russia.

2. WASHINGTON CAPITALS Much like the Rangers, the Caps have been left out in the cold this offseason. The difference between the two teams is essentially one player – Alexander Ovechkin – who is by far the best prospect on either team. Ovechkin will struggle mightily while surrounded by this inexperienced cast, but he should ultimately develop into one of the NHL’s top players. Playing behind an incredibly green defense corps, goaltender Olaf Kolzig will be expected to weather an avalanche of shots every night. Look for the ornery German to demand a trade by mid-season.

3. TAMPA BAY LIGHTNING The first true casualties of the salary cap,the Lightning at least got one chance to carry the Cup before the inevitable dismantling began. The loss of Khabibulin will cut deeply, while the recent signing of Lecavalier to a long-term deal could mean the end of Hart Trophy winner Martin St. Louis’s tenure in Tampa.

4. COLORADO AVALANCHE The fast-declining Pierre Turgeon is no replacement for Peter Forsberg, and so the Avalanche have finally begun to move toward their inevitable rebuilding process. Captain Joe Sakic still has a few good seasons left in him, but the Avs’ days of dominating the Western Conference standings – and in particular, the Northwest Division – appear over.

In addition to the winners and losers, some teams made big changes but essentially remained the same. The Oilers and Blues swapped big Canadian defensemen, but there’s no reason to believe that the injury-prone Chris Pronger and the fast-rising Eric Brewer will perform very differently in 2005-06 or beyond. Ditto for the Oilers’ swap of Mike York to the Islanders for Michael Peca.

The biggest splash was made by the Flyers, but their acquisition of Peter Forsberg might not turn out so well. They have essentially given up Jeremy Roenick, Mark Recchi, Alexei Zhamnov, John LeClair, and Tony Amonte, while only adding Forsberg and Derian Hatcher.

Their success will likely depend not upon Forsberg, but rather on the contributions of goaltender Robert Esche and youngsters Joni Pitkanen, Jeff Carter, and Mike Richards.

The aforementioned loss of Niedermayer will certainly hurt the Devils – as would a possibly lengthy absence of Elias – but the additions of Mogilny, Vladimir Malakhov, and Dan McGillis will help GM Lou Lamoriello’s team weather the storm, as will the return of free-agent blueliner Brian Rafalski.

Soon, of course, the discussion will shift from which teams look better on paper to which teams actually play better on the ice. In the new NHL, speedy forwards, solid two-way defensemen, and athletic netminders will likely be the most valuable commodities, and it’s the teams that have stocked up on those players who should enjoy the greatest success.

Mr. Greenstein is the editor in chief of the Web site INSIDEHOCKEY.com.