By Chuck Gormley

updated 1:39 a.m. ET July 3, 2008

With a handful of huge contracts still waiting to be signed, it is still premature to determine if the shift of power in the Eastern Conference was a seismic one.

But the ground certainly moved on the first day of free-agent spending and many of those moves could dramatically alter the conference standings next season.

Here's a look at how the 15 teams in the East fared:

Lightning
In a span of two weeks, the Lightning took Steven Stamkos with the No. 1 pick in the draft; signed Vinny Prospal, Ryan Malone, Adam Hall, Olaf Kolzig and Radim Vrbata; and hired a whole new coaching staff led by Barry Melrose and Rick Tocchet. And this team still has Vinny Lecavalier, Marty St. Louis and a healthy Dan Boyle. Can you say worst to first in the Southeast? Grade: A-plus

Devils
By signing Bobby Holik and Brian Rolston, the Devils acquired a pair of proven, character forwards who have deep roots in Jersey. The Devils also re-signed hard-nosed forwards Jay Pandolfo and David Clarkson and kept defenseman Bryce Salvadore. They still need to develop a goaltender who can take the load off Martin Brodeur. Grade: A

Capitals
Since winning the Hart Trophy in 2001-02 with the Canadiens, Jose Theodore has struggled to find his niche as one of the league's elite netminders. He'll get the chance now that veterans Cristobal Huet and Olaf Kolzig are gone. The bigger deal, however, was locking up defenseman Mike Green for four years. The kid can do it all from the blue line. Grade: B-plus

Bruins
The Bruins added some scoring punch to their power play by signing Michael Ryder away from Montreal, where he produced under current Bruins coach Claude Julien. They're also expecting big things from top prospect Blake Wheeler, the fifth pick overall in 2004. If Patrice Bergeron comes back healthy, the B's might surge to the top of the Northeast. Grade: B

Rangers
The Rangers made one of the biggest splashes in the free agent pool by signing defenseman Wade Redden to a six-year deal worth $39 million. They've also added some size in former Sharks power forward Patrick Rissmiller and are hoping Andreas Jamtin can make an impact after starring in Sweden. The Blueshirts also kept valuable two-way defenseman Michal Roszival off the market by re-signing him. The Rangers will need some help up front if Jaromir Jagr and Brendan Shanahan walk. Grade: B

Penguins
Yes, the Penguins have lost Marian Hossa. But they knew that when they acquired him at the trade deadline. Re-signing the creative Pascal Dupuis was a must, and they've added muscle with heavyweight Eric Godard, who will replace Georges Laraque. Don't overlook the importance of losing forward Adam Hall to Tampa. Hall played in 17 gritty playoff games for the Pens. If the Penguins can talk Jagr into returning to Pittsburgh, they'll be OK. Grade: C

Islanders
The Islanders dramatically improved their blue line by signing Mark Streit to a reasonable five years and $20.5 million. Nice pickup for a rebuilding team. Grade: C

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