Vegas Golden Knights Make Decision on Reilly Smith's Future

Scratch another forward off the pending unrestricted free agent list, as insider Elliotte Friedman is reporting that the Vegas Golden Knights have come to terms with veteran winger Reilly Smith, re-signing him to avoid free agency.

Hearing Reilly Smith, who was traded back to Vegas this season, will re-sign with the Golden Knights and avoid free-agency
— Elliotte Friedman (@FriedgeHNIC) June 25, 2025

Smith was coming off a three-year deal that paid him a $5 million AAV. That, in fact, was the cap hit he's held for each of the last nine seasons. His new one-year deal will see take a huge pay cut, and a very team-friendly $2 million AAV. It comes with a no-trade clause.

How much cap space do the Vegas Golden Knights have?

The Golden Knights had just $9.6 million in cap room, which now drops to $7.6M, and are still hoping to clear enough space to sign top free agent Mitch Marner.

Smith, who did have three 20-goal seasons for Vegas in his last go-round with the team, has settled in now in the latter stages of his career as a 13-goal, 40-point man for each of the past two seasons. He logged a 10-year low 15:26 of ice time per night. The Golden Knights re-acquired him from the New York Rangers at the trade deadline.

Smith was an Original Misfit with the Knights and was a key contributor in their 2023 Stanley Cup title run. He notched 14 points in 22 playoff games that season, with a +9 rating. However, he was traded to the Pittsburgh Penguins that summer. Now he's back where he belongs, and he'll be staying for at least another season with a new extension in place.