Note: RFA moves have been left out. Players like Ilya Bryzgalov will not be on this list because assets were exchanged for the negotiating rights with those players. As a result, they're not really Free Agent signings because the signings are directly related to other trades and transactions.
1. Brad Richards-C- New York Rangers
Has any team's profile been changed as much by one signing in recent memory (and by recent memory, I mean like in the last three seasons)? In the 10-11 campaign, the Rangers were a lot like the League of Extraordinary Gentlemen- competent and entertaining, yet clearly not as dominant, flashy, or prestigious as, say, the Justice League. Now, however, things certainly seem to be changing for the Rangers. They have a big-bodied center that can not only improve the game of enigmatic winger Marian Gaborik, they have a skilled forward who is going to free up a lot of defensive pressure from a young, developing second line. If the Rangers roll Gabby and Richie on the first line, and keep Cally and Dubi on the second line, the Rangers will have something long unknown to Rangers fans- scoring depth. There are some detractions from the signing- Dubinsky may need to play left wing on the top line in order to improve upon the defensive ability and grittiness of the unit, and the length of the contract may serve to handicap the Rangers in the semi-near future. However, for at least the next two to three years, the Rangers have their core together with an extremely talented winger and a skilled playmaking center.
2. James Wisniewski-D- Columbus Blue Jackets
Referring to defense in the same sentence as the name Columbus Blue Jackets is like mentioning Brad Pitt positively in a sentence discussing how much you dislike pretentiously thoughtful film-making.

The Wisniewski signing, however, changes all of that. Not only does the Wiz boost the quality, experience, and depth of the BJ's blue line, it also improves the team's offensive capabilities. He can improve the breakout with his ability to move the puck, he can facilitate offense from the blue line during five on five situations, and he can quarterback the powerplay- an area of serious concern for the Blue Jackets heading into this offseason. Hopefully having the journeyman defenseman in the locker room will add some maturity and experience to a roster that hasn't seen too much success. Who knows? Maybe his presence will even help young goalie Steve Mason rediscover the form of his Calder winning rookie season (it won't).
3. Semyon Varlamov-G- Colorado Avalanche
This move isn't as significant in its immediate impact as much as it is in its potential long-term impact. Varlamov has come off an underwhelming couple of seasons with the Washington Capitals. The injury bug has not treated him kindly, and as a result we have yet to see how viable Varlamov is as a true number one, franchise goalie. Regardless, Varlamov clearly has talent. If he can stay healthy, play 60 or so games, and put up a save percentage above .910 and a GAA below 2.7, I think this move will be seen as a victory. The road will undoubtedly be hard for him- he is, after all, playing behind the defensive corps of the Colorado Avalanche. Still, if Varlamov works out, the Avs could have a solid corps of Erik Johnson, Matt Duchene, Paul Stastny, and Semyon Varlamov to work around.
4. Erik Cole-LW- Montreal Canadiens
The Canadiens' offensive woes are no secret. They have plenty of top six forwards, they just happen to all be well-suited to the second line. Scott Gomez, Brian Gionta, Andrei Kostitsyn, Tomas Plekanec, Lars Eller- not exactly a group of offensive dynamos. The addition of Erik Cole should help with that, however. He's not going to take on entire defenses by himself- he's not that type of player. Nevertheless, he will definitely add a grittiness and an edge to to the Canadiens' offense by playing in that power forward role that the Canadiens have not had in the last two seasons. Max Pacioretty, assuming he recovers from his injury in time to participate in camp, will also add those same qualities to the offense with his 6' 2", 203 pound frame. This signing should juice the offense, and should give the Canadiens more flexibility with their top two lines. Still, Cole is hardly a sure thing- prior to this season his last 20 goal campaign was in 07-08.
5. Tomas Kaberle-D- Carolina Hurricanes
No one believes that Tomas Kaberle is still the same offensive dynamo that he was a few years ago in Toronto. He was essentially a spectator during the Bruins' Cup run, and he only had 9 points in 24 games for the Bruins last season. Still, overall he put up 47 points, and should do a lot to a) improve the Hurricanes' powerplay, b) add a veteran presence to the locker room, and c) bolster the blue line. Even if he's not a game breaker anymore, Tomas Kaberle is a good signing. Though, in my opinion, the Hurricanes needed to do more at forward than they did at blue line, this is a signing that will both improve the defense and improve the offense.