The NBA and NHL free agency frenzies are just beginning

The GIST: With both the NBA and NHL Drafts done and dusted, it’s time for the chaos of free agency to take center stage. The wildest stretch of the offseason began yesterday at 6 p.m. ET for the hoopers (and pens are already being put to paper) while the puck drops on NHL free agency today at 12 p.m. ET.

How it works: Free agency has become a crucial part of the sports calendar, empowering athletes to decide where they play. A player is referred to as a free agent when they’re either not under contract with a specific team or are allowed to solicit offers from other squads.

• There are two types of free agents: restricted (RFAs) and unrestricted (UFAs). If an RFA receives an offer, their current team has the right to match it. As the name suggests, UFAs have complete freedom and can sign with any team they want.

NBA names to know: While LeBron James opting out of his contract with the LA Lakers was expected to be the biggest news on the free agency market, the King will almost certainly re-sign in Tinseltown, giving way to other big names on the block, like Clippers star Paul George and four-time champ Klay Thompson.

• George has been linked to the Philadelphia 76ers, where Sixers superstar Joel Embiid has already approved PG13’s potential arrival, while Thompson’s been connected to James’ Lakers, the Clippers, and the reigning Western Conference champion Dallas Mavericks. Let the rumor mill swirl.

NHL names to know: The biggest target on the free agent ice is center Steven Stamkos, who’s played all 16 seasons of his stellar career with the Tampa Bay Lightning. After failing to reach a contract agreement with Tampa, the two-time Stanley Cup champ will be a hotter commodity this summer than your friend with a boat.

• Notably, the defending champ Florida Panthers have some serious offseason work to do: 11 players could become UFAs today, including Game 7 hero Sam Reinhart. Turn on your notifs and watch this space.