The dust has settled on the first day of the NHL’s annual free agent frenzy and, as usual, it was a doozy with more bad deals than good.That was to be expected given the amount of money up for grabs for a weak free agent class. And while some good deals were able to slip through the cracks, it was mostly a sea of bad money thrown around.Now we’re here to break down the best and worst deals of the day with five apiece. That was obviously harder to do on one side of the ledger, but thankfully, some RFA extensions saved the day.Let’s start with the best.Who are the top five NHL players to hit free agency?Best deals Ivan DemidovIt should come as no surprise what the best deal of the day was.The Montreal Canadiens did it again, locking up Ivan Demidov for the next eight seasons at just a $9.125 million cap hit. For four of these years, there will be less than $1 million separating Demidov’s cap hit from Jacob Trouba’s. Obviously, UFA and RFA aren’t apples-to-apples, but that juxtaposition is among the most jarring of the day.Demidov is coming off a sensational rookie season where he scored 62 points; it’s not difficult to see him putting up 90 one day. There is extremely little risk here given Demidov’s explosive growth potential and this deal will likely be a steal for Montreal for years to come even if he just ends up as an everyday top-line player. If Demidov hits his ceiling, though, it has the potential to challenge Lane Hutson’s deal for the best in the league.Tyson FoersterWhile it’s not at the same level as Demidov’s deal, the Flyers did quite well with their own RFA signing, locking up Tyson Foerster for $7.1 million on an eight-year deal. Foerster’s box score numbers don’t exactly pop, but he did up himself to a 48-point pace last season after scoring 43 the year prior. His real calling card, though, is his defensive game; Foerster grades out as one of the league’s best defensive wingers. He’s a major part of Philadelphia’s identity on that front and it got him a well-deserved raise.Viktor ArvidssonOn a day where fourth-line centers get $4.25 million, it’s nice to see some surplus value added on a legit top-six forward. While I’m still unsure as to how Viktor Arvidsson struggled the way he did in Edmonton, his consistency as a 60-point threat for the Bruins, Kings and Predators is really valuable. Only needing two years of term is pretty tidy for Detroit, too.The Red Wings needed a ton of help in their middle six on the wings. Arvidsson should add that as a rush threat who was an incredibly efficient five-on-five scorer last season. Only Nikita Kucherov and Nathan MacKinnon had a higher points-per-60 than Arvidsson. Not bad for $5 million, even if he more than likely misses some games at some point during the deal.Mats ZuccarelloAnytime a team can add a winger that scored 54 points in 59 games, it’s a win. Doing that for just a million bucks? That’s a no-brainer.It’s still a bit puzzling as to why Minnesota felt the need to move on from Mats Zuccarello, but that’s the Kings’ gain as Zuccarello still has a ton of game left in the tank. Obviously, there’s a bit of a Kaprizov Effect to his numbers, but Zuccarello brings a lot in his own right with his playmaking ability. That should fit in perfectly next to Artemi Panarin.While the bonuses attached to Zuccarello’s deal remain unknown, it’s hard to imagine that they’ll matter all that much given he still carries true top-six impact. The difference between that and a million bucks is vast enough that he’ll provide a ton of value no matter what.Matias MaccelliGiven how wild some of the deals got today, nothing wrong with some tidy business for a middle-six winger. The Islanders needed someone with Matias Maccelli’s crafty creativity and he had a nice return to form last year with the Leafs, scoring 2.14 points-per-60 while being one of the team’s better play-drivers. For just $2.25 million, it’s difficult to do better; that’s the going rate for some fourth-liners these days.Worst dealsJacob TroubaWe knew there would be sticker shock today and we knew it would specifically occur when a big, minute-eating defenseman signed a deal above his pedigree. Jacob Trouba was, in fact, one of the top targets for that given his expected contract started with a six while his game slipped to a No. 4/5 level.But boy was it hard to prepare for this: $8.25 million per year on a four-year deal. Woof.Trouba has a ton of intangibles, is by all accounts a strong leader, and plays a game with a much-needed edge. The Sharks were also desperate for help in the top four. But this was a truly ridiculous price to pay for a player that simply isn’t that guy anymore. His bounce-back in Anaheim was solid enough to get him back on track, but he’s still a player in decline. His age makes him a tough bet to believe Trouba can maintain his modest level as a low-end second-pairing option.Pair all that with the Darnell Nurse trade and the Sharks might have added the worst bang-for-your-buck defense pair in the league, all in one day.Bowen ByramBowen Byram is the highest-paid defenseman in the NHL. That is probably all we need to say here. It doesn’t matter that he’s actually pretty good, better than he’s given credit for analytically. It doesn’t matter if the cap is going up. It doesn’t matter if he’ll start scoring more in Chicago because of an increased role. The Chicago Blackhawks gave a No. 3 defenseman the richest defenseman contract in the league. There is no defending that.The whole point of finding a No. 3 that’s secretly a No. 1 in disguise is that you get a major win because of it somewhere. Sometimes it’s at a lower trade price. Sometimes it’s at a lower contract price. Oftentimes it’s both. Chicago somehow got neither, paying well above full freight on both fronts. Even if you figure Byram gets all the offensive opportunity he wasn’t getting in Colorado and Buffalo, the best case is what’s listed above: A low-end No. 2 defenseman — one that comes with a lot of risks without the puck.This contract leaves very little upside, where if Byram does become a true No. 1 — which isn’t exactly likely — he’ll just be paid a fair deal. If just getting a fair deal is what qualifies as a win for Byram, the downside risk is staggeringly enormous.It’s a bad bet by a team that should’ve had the patience not to make it.Rasmus Andersson Vegas has typically made savvy bets in free agency, going big-game hunting with fair deals that age well. There’s a good chance that this one is the exception to that rule; Rasmus Andersson just isn’t that good.In the context of the Jacob Trouba deal, it’s a no-brainer; Andersson is a lot better and at least a legit top-four defenseman at the moment. It’s the term that’s troubling for a player who already isn’t worth $8.5 million. He may not be overpaid to the level of Trouba, but Andersson is still overpaid for what he brings to the table. That it cost the team Pavel Dorofeyev is another issue on top of it.The other issue with Andersson is that his point totals are fairly empty calories and he struggles defensively to push play. That was on full display throughout Vegas’ playoff run and it’s a slight surprise the Golden Knights brought him back at this price despite it.Colton SissonsGenerally speaking, teams want to avoid spending big money on depth and goaltending. The Leafs spent July 1 doing the opposite of that. At the very least, they did well to keep most of their commitments short enough that it may not matter, but it would’ve been nice to see the team exercise some patience in their grand bottom six makeover. A lot of the best deals for bottom-six talent usually come later in the month as free agency shifts to a buyer’s market; did the Leafs really need to do all they did today?Case in point is the most egregious deal of the day from Toronto: $4.25 million for the next two years for Colton Sissons. Fine player, good defensively — but $4.25 million for a 4C? Be serious.The move became extra-perplexing over the next few hours when the Leafs also added Teddy Blueger (is Sissons actually the 3C?) and Nick Paul (do they even need Sissons?) in short order.Jeffrey VielIs it worth it to have an enforcer in the lineup with plenty of dates against the Panthers on the menu? Probably. But five years and $2.5 million per season? Yuck. A very strange deal for a player with very little upside.