Jan. 31st: On Saturday Headlines, Friedman expanded on his reporting from 32 Thoughts. According to the Sportsnet insider, the Hurricanes, Red Wings, Panthers, Kings, Sharks, and Capitals are interested in acquiring Panarin with an extension, with varying degrees of interest. Additionally, Friedman shared that the Ducks, Avalanche, and Stars are attempting to convince Panarin’s camp to join their respective clubs without an extension in place, treating him solely as a rental for a postseason run.
Jan. 30th: A trade market is neatly coming together after the New York Rangers announced their plan to hold star winger Artemi Panarin out of the lineup until the Olympic break. Nearly every team in the league is weighing their chances to land the former 100-point scorer, though some are getting caught up on the contingency that any trade must come with a contract extension. The market, and the hangups, were outlined by Sportsnet’s Elliotte Friedman and Kyle Bukauskas in the latest 32 Thoughts podcast episode.
Most notably, it appears many of the league’s frequent buyers will be priced out by Panarin’s extension. That is the case for each of Colorado, Dallas, Minnesota, Vegas, and Florida – though the player does have interest in joining the back-to-back Stanley Cup-winning Panthers. Panarin’s priority seems to be an extension rather than a championship, which should mean a new buyer in what’s sure to be one of the biggest trades in recent history.
While cap space is a barrier for many, building a proper trade package has proven to be an issue for the Los Angeles Kings. The Kings have leaned into stocking their cupboard of draft picks with recent moves and hold 10 picks in the 2026 NHL Draft as a result. But those pieces won’t be enough to build value next to a shallow Kings prospect pool. Meanwhile, player interest appears to be the issue for the Seattle Kraken, who are hoping to move Shane Wright for a top-six star per Friedman.
Through the fog, the Washington Capitals are emerging as early favorites. The Capitals are reportedly open to a contract extension and believed to be aggressively pursuing a deal that will work. Washington is projected to have $35.73MM in cap space this summer, per PuckPedia. That is more than enough to award Panarin with a salary at, or above, $10MM-per-season while still having the room to re-sign restricted free agent Connor McMichael.
More than that, the Capitals have the future capital to build an enticing return. Their prospect pool is led by NHL rookie Ryan Leonard, who played on a line with Rangers top prospect Gabriel Perreault for four years straight in junior hockey. Washington also has flashy scorer Andrew Cristall, productive big men Ilya Protas and Eriks Mateiko, and first-round picks Lynden Lakovic and Terik Parascak in their prospect pool. While it’s likely that multiple of those players are on Washington’s list of untouchables, the chance to make a Cup heave with Panarin could be enough to force their hand.
Friedman and Bukauskas also spoke about Panarin headed to the San Jose Sharks, adding that the player is interested in a move to the up-and-comers. San Jose making a major, veteran addition would be a major surprise. The Sharks have ranked in the bottom-three of the Western Conference in each of the last six seasons – but now find themselves in playoff contention on the back of young stars like Macklin Celebrini and Will Smith. Adding Panarin could be their chance to catch lightning in a bottle and give the 34-year-old winger a chance at a few more years of meaningful hockey.
Panarin has continued to demand respect into this season. He leads the Rangers in scoring with 19 goals and 57 points in 52 games, despite the team ranking in the bottom-six of goals scored. Panarin reached 37 goals and 89 points in 80 games last season. It was his encore performance after he vindicated back-to-back 90-point seasons with a career-best 49 goals and 120 points in the 2023-24 season. He has averaged 35 goals and 100 points per 82 games played since turning 30 in 2021. With no signs of slowing down, it appears he’ll be worth the groundbreaking trade package he seems certain to land before the Trade Deadline. This move will push New York firmly into a rebuild, and could push a new name into the group of Stanley Cup contenders.
Photo courtesy of Wendell Cruz-Imagn Images.
If you listen to Caps fans, there is no way the Capa move Leonard in a deal for Panarin but Rangera fans know all to well that a shot at a Cup will make GMs do crazy things. Trading Doug Weight for Esa Tikkanen comes to mind.
It’s cool when it works. Nearly all of those 93-94 trades were awful, but they broke the curse somehow. Amonte for Noonan and Matteau in a vacuum is one of the worst trades ever. But they got the Cup thanks in no small part to Matteau. Problem is, it’s not a guarantee.
The Caps refused to include Leonard in a deal for Quinn Hughes. They’re not including him in a trade for Panarin
Hughes didn’t want to sign with them. Panarin is willing. That’s the difference. Caps will move him easily if they have assurances. Foolish not to.
Esa was key. Not sure the Rangers are winning without his contributions.
No, they won’t move him easily. They’d be foolish to include Leonard in a Panarin trade. They’re not winning a Cup this season. Leonard is a big part of their future. I wouldn’t trade him at age of 21 for a 34 year old Panarin, extension or not. Leonard won’t be part of any Panarin trade. Neither will Protas or Hutson.
I think Ilya is the most likely player to go. I am more concerned about giving up draft picks.
The Caps have made clear the last couple of years they consider Ryan as a long term Cap.
Florida doesn’t have a first-round pick or high-end prospects; seems like a pretty unlikely option. They don’t have much cap space next year either.
What happened to Freidman saying that the bread that the Bread Man wants is a $50M extension and 4 or 5 years???? Surely that limits a lot of contenders.
Maybe someone gives Panarin a 7 x $7.143M, like the Marchand model. He rides the last 3 years on LTIR if he no longer wishes to play.
Would be cool to see Leonard and Perreault reunited, but I wouldn’t make that move if I were the Caps.
Who ever is STUPID enough to give Panarin that kind of money at his age, Will be in a teardown in two years.
He’s been aging pretty well, and on a younger team, it won’t matter all that much. He’ll be a second liner at worst.
Just enjoy Wilf/Karen’s babbling. He doesn’t think any NHL player is worthy of a contract.
Caps aren’t moving Leonard or Protas for Panarin. Mateiko is out for the year with a serious Achilles injury after being cut by a skate.
I’d like to know what gives Rangers fans, who have been calling for Drury to be fired for the way he’s taken a Presidents Trophy team two years ago to a team that is going to miss the playoffs this year the confidence he’s not going to screw up this retooling of the team? This team is again a few years from contending for a Cup. They’ve won one Cup since 1940 so what’s another retool/ rebuild. Drury won’t be around anyway, and they’ll be in the middle of another rebuild.
Yeah, we don’t. I think Dolan gives him three years to turn it around (too long in my book), but it’s too big an ask. The team is basically Fox/Shesterkin. Zib has done a good job this year, but I do think he’s going to have a pretty steep decline, and he’s untradeable til 2030. Gavrikov is a solid defensive D-man.
The cupboards are bare–Gabe Perreault is the only decent Under-24 (Othmann has played better, but he’s not going to be a star, and Laba has some jump, but he’s a roleplayer). The rest of the team is basically trash. It’s too many holes to fill.
Once Drury is out, they need to fire all the scouts and training/skills/skating/development staff and Hartford needs to be rebuilt. I don’t see them turning this around for a good 5 or 6 years, even if everything goes well.
“Gabe Perreault is the only decent Under-24”
Cuylle?
Cuylle has been terrible this season. He will top out as a 3rd liner.
Cullye?
His minus-19 is the most on Rangers roster. The same as Miller’.
Cullye could be a middle six winger nothing more and only if he stops playin with J.T.
Cuyle is trash?
Yes.
Oh yeah, Let’s talk about missing the playoffs. How many man games have the Ranger missed this year.
link to statmuse.com
According to Statmuse the rangers have the 2nd most man games missed so far this season. You aint gonna make many playoff runs like that. Further more they have the talent but are a middle aged team. in need of a youth infusion.
Ranger’s players stay hurt in order not to be embarrassed when they play for this team! 😜
Hopefully LA stays away from an aging winger when they’re going to need a true 1C next year.
Agreed. Although Panarin would sure go a long way to fix our special teams woes and OT, a center is what’s really needed, and one who can win faceoffs
Never did I think Colorado, Dallas, Minnesota, Vegas, and Florida would get Artemi Panarin. None of them have the cap space, prospect pools are not deep by any means, draft capital is sparse for most, if not all, and etc. Also, if Panarin wants to be in the playoffs, he wouldn’t want to go to Florida as they’re looking more and more likely to miss the playoffs (no great loss by any means) as the metrics and odds are not in their favor as they’re no different than Toronto’s odds of making it.
“Fwe more yeras”
Don’t forget “reacahed”
This trade stinks. And it stinks more when I hear about Panarin’ demands of hudge $$ extenion.
I’m new here. Can you please provide the definition of a hudge extenion. Thank you.
$50M for 3 years for a non hitting not defending 35yo guy.
That’s Panarin’ demands you can find.
Get used to it. Half of the commenters are inebriated and another quarter are under 15.
Hopefully he goes to man jose, keep him away from the Capitals
Maple leafs and capitals
Team missing from this list i’d like to see are the Canadiens; the value of a 35 yr old UFA shouldn’t be too hefty, & if you start w/ a first, Bolduc, Reinbach, Kidney you should ask for Lafreniere & panarin; no Lafreniere? Rangers then take Anderson.
I guess Panarin and Laffy have no cap hit in your “trade” 😒
With all the youth on the sharks, Panarin would be worth it on a 2 year deal at the right price
Agreed. But we all know — or should — that Panarin’s not going to waive for a mere 2-year extension. All the power’s in his hands, and he’s the shiny new toy available for greedy fingers to clutch. Unless someone offers him monster dollars, I don’t see him signing for less than four years, probably five.
Will that be a bad bargain for the suckers who “win” the race to the bakery? Hell yeah. But SOMEone will make the offer.
Will Borgen and Matthew Robertson is one of the worst D pairings I’ve ever seen.
Never heard of the one guy, but they gave up Kakko for a #9 D man.
If I’m Panarin I screw the Rangers by not accepting any trade to any team. They get nothing for me and I sign a new deal with the team I really want to play for. Why should the Rangers benefit from telling their fans they’re tanking this season? They took their fans money for their tickets and halfway through the season told them they’re giving up and we’re going to trade some of our better players for draft picks and prospects and start over again next season. Oh and by the way we’re going to suck next season but don’t forget to renew your season tickets. That’s why the Rangers will always be a loser organization.
Well, at least they told ya. Others just do it and call it a “re-tool”, which ends up to be several seasons.
The Rangers are calling it a retool as well. And it’s going to take a few seasons for them to get better…… maybe. The Rangers have been pulling this BS for 86 years. Yet MSG is always packed with dim witted fans paying good money to see an also ran team. It’s the same in Toronto. The Leafs haven’t won since the sixties and they still haven’t won a championship. Same dim witted people except in a different city.
Because it’s plain Panarin is going for the business decision here, not going out to screw the Rangers because he’s (putatively) got a mad on, or you have a mad on, or anyone else does. If he wants that monster long-term contract, he wants it right the hell now … why risk getting hurt and flushing millions down the drain, for no other reason than spite?
You seem rather bitter over people attending hockey games.
Also: c’mon. It’s axiomatic by now that a sound way for a mediocre team to get back to being in genuine Cup contention is to tank for top-five picks, and given how many people around here think that any season that doesn’t result in a Cup win is a waste, that shouldn’t be a huge stretch. Did Edmonton try their level best to be in the mushy middle when they wound up with McDavid, Draisaitl and Nugent-Hopkins? Did Toronto, when they wound up with Matthews, Marner and Nylander? Did San Jose bust their backsides to get back in the playoff hunt, or did they gratefully take Celebrini when their number came up?
So where do the Rangers want to be right now? Fighting like hell to get to where they’re going to pick 13th or 14th, or unloading everyone who isn’t going to be around to help them three years from now, have a serious crack at Gavin McKenna or Ivar Stenberg, and get back into contention before Fox and Shesterkin are too old to matter?
“I sign a new deal with the team I really want to play for…”
The first problem I see is it looks like Panarin wants out of the Rangers The 2nd issue comes with a trade offer from one of the teams he wants to play for with a decent contract achieved when the greatest amount of pressure is no that teams front office with a restless fan base going into the home stretch & a ticking clock for the trade deadline.
As for your last assertion that the Rangers are a loser organization. that is just bunk in the five decades i have been watching Hockey ALL of the teams have had their ups and downs While the rangers had one of the longest droughts of any original six teams they assembled one of the greatest teams of the 20th century to break that drought.
He would be a fool if he doesn’t get an extension before they trade him off . I would give him 3x 12million ..Detroit would be a good landing spot
So he is 34 years old, his production is declining, is coming off a 7-year contract paying him 11.6 annually, and you are ready to pay him 12 mil per year. If you are his agent, I hope you are successful.
Going in to his age 35 year next year I doubt he will get more than 3 years. A buyout will almost certainly come into ply if he gets 3+ years at around 8 million/yr
You’d think it was unlikely, and then consider giving six years to Brad Marchand.
If the Kings want him. Moore one of the gk prospects. 1st and 4th round. An extension eat up 1/3 of the king’s cap space available in the off-season. clarke will eat up some. Should still leave you about 15 million to go find somebody to play center. Problem is the free agent class sucks as everybody already been taken off the market. I would still take a flyer on Kane as a rental. We might not make the playoffs. We’re watching him with Perry again with Turcott in the middle would be super fun
No thanks. Hard pass on an aging winger. With that extension money you can get a nice winger and a center–although the center FA class is pretty thin
No Kings no!
Give us this day our Daily Breadman
This is one of the most intriguing trade deadline possibilities I have seen for the Caps in years. it is the first year the Caps have had [NPI- no pun intended] Cap Space to make a long term acquisition like this. In addition it is the right point in the prospect pool development to get Max return [There is a reason the Caps have won 3 of the last 4 Calder cups] & the player fit means a much shallower rebuild after OV retires. Last year was not supposed to be a playoff year. This year was supposed to be a rebuild year [after the great broke Gretz’s record] those two years have allowed even Lapierre to be a permanent fixture in the NHL roster with three notable prospects knocking on the door in Ilya Protas, Eriks Mateiko [who looks like a very young Tom Wilson type] & future scorer Andrew Cristall.
The keys to this happening are how many players/Draft Picks the Caps have to give up and what the extension will look like both length of contract and Cap hit.
In short it is my belief the Caps are in the best position to go for it at a time when the trade WOULD make a difference in Washington’s playoff fate