The first day of NHL free agency brought with it a whirlwind of activity, as a number of high-profile free agents changed teams. At this time of year, no team operates as aggressively as the Rangers, and yesterday was no different. They inked former Ottawa Senators defenseman Wade Redden to a lucrative six-year, $39 million deal, a move that unquestionably upgrades their blue-line corps. Redden is one of the league’s most talented puck-moving rearguards, and should provide the Blueshirts’ power play with a much-needed boost.

Joining him on the blue line will be Michal Rozsival, who was lured back to Broadway with a four-year, $20 million deal.

After Brian Campbell signed with the Chicago Blackhawks for eight years and $56.8 million, Rozsival and Redden were clearly the next-best available options. The signings were prudent moves by GM Glen Sather, as he avoided being the one left standing in this high-stakes game of musical chairs. As always, defense wins championships, and the addition of Redden (combined with the re-signing of Rozsival) gives the Blueshirts a formidable defense to operate in front of perennial Vezina Trophy finalist Henrik Lundqvist.

However, there still remain some unanswered questions for the Rangers. Both Jaromir Jagr and Sean Avery remain unsigned, and their importance to the team (at least in 2007-08) cannot possibly be overstated. Jagr was a force down the stretch and the Rangers’ finest player during their two-round playoff run, while Avery has had an unquestionably positive effect on the team’s win-loss record since his arrival at the trade deadline in 2007.

Yesterday’s addition of grinder Aaron Voros should help if Avery departs, for though he’s not as skilled, he is a big, strong forward unafraid to assert himself physically. As for Jagr, he didn’t develop great chemistry with Scott Gomez or Chris Drury, and so perhaps Sather would be wise to instead turn his attention toward less-heralded wingers more well suited to playing alongside the Rangers’ speedy centers. With that in mind, Ladislav Nagy, Pavol Demitra, Kristian Huselius, and Miroslav Satan would all fit the bill rather nicely, and shouldn’t come with as high a price tag as Jagr.

Across the Hudson River, the Devils have orchestrated a bit of a reunion, signing alums Brian Rolston and Bobby Holik to free-agent deals. The 35-year-old Rolston didn’t come cheaply after a 2007-08 season in which he scored 31 goals, inking a four-year agreement worth $20 million. An incredibly versatile player, Rolston should have an immediately positive impact on the Devils’ special teams play. Holik came more cheaply at one year and $2.5 million, and should be a very solid addition to the Devils’ forward corps. The Devils also brought back reliable penalty-killer Jay Pandolfo, inking him to a three-year deal worth $7.5 million.

Not to be outdone, the Islanders also made a big splash, signing defenseman Mark Streit away from the Montreal Canadiens for a five-year deal worth $20.5 million. Streit enjoyed a career year in 2007-08, tallying 62 points (13 goals and 49 assists), and should give the Isles’ power play a very significant boost. Of course, the fact that Streit delivered his best performance as his contract expired may not be a coincidence, and this signing (like many others on free agency’s first day) is cause for serious concern.

A tremendous amount of money was invested in long-term contracts for players of debatable long-term value, and the overall landscape left plenty good reason to wonder whether the lockout of 2004-05 served any meaningful purpose. What has become clear is that the rise in the value of the Canadian dollar (or rather, the fall of the U.S. dollar’s value on the world currency market) has filled the clubs north of the border with unbridled gumption.

The Edmonton Oilers, who rocked the hockey world last summer with their unprecedented foray into the waters of restricted free agency, were perhaps the biggest movers and shakers over the past few days. No doubt concerned that the Albertan prairie might not be a hot free-agent destination, the Oilers instead pulled off three separate trades to thoroughly renovate their roster.

They acquired puck-moving defenseman Lubomir Visnovsky from the Los Angeles Kings in exchange for restricted free agent Jarret Stoll and defenseman Matt Greene. That deal freed GM Kevin Lowe to ship Joni Pitkanen to the Carolina Hurricanes for talented forward Erik Cole, the two trades combining to both increase the Oilers’ payroll and improve their on-paper roster.

However, their third move, one that received far less attention, will quite probably go down as the most impactful. Lowe pulled off the coup of the day in landing Columbus Blue Jackets prospect Gilbert Brule, the sixth overall pick in the 2005 draft, while needing only to surrender gritty grinder Raffi Torres. If the 21-year-old Brule makes good on his enormous potential, this will unquestionably go down as the worst trade in the Blue Jackets’ short franchise history.

Toronto Maple Leafs captain Mats Sundin, certainly angered by the team’s public campaign to get him to waive his no-trade clause at the trade deadline, has begun soliciting offers from other suitors. The Vancouver Canucks stepped up with an improbably grandiose tender, worth $20 million over two seasons, and the fact that Sundin hasn’t jumped at the offer as of press time tells us that even more fiscal ludicrousness may be in the works. Meanwhile, the Maple Leafs opened their checkbook for unheralded rearguard Jeff Finger, signing him to an irresponsible four-year deal worth $14 million that will make him a prime target for the insatiable Toronto media.

Marian Hossa, the biggest fish in the free-agent pond, was still unsigned as of press time. After a strong postseason for the Penguins, Hossa is poised to cash in on a huge deal. All six Canadian teams can be expected to kick the tires there, while the Boston Bruins are also in the hunt. Wherever he goes, one thing is certain: Hossa will be grossly overpaid. Indeed, this inflated market is cause for serious concern. Whenever an effective but unspectacular journeyman netminder (the Chicago Blackhawks’ Cristobal Huet) is paid more handsomely than the league’s indisputably finest goalie (the Devils’ Martin Brodeur), it is clear that a harsh market correction is inevitable.

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