Trade Deadline Primer: Washington Capitals

With the Olympic break over, the trade deadline is just over a week away. Where does each team stand, and what moves should they be looking to make? After looking at teams at the ends of the standings, we shift our focus to teams fighting for a playoff spot. Next up are the Capitals.

The Capitals have a roster that is too deep and too talented to be sitting where they are in the standings, but that is why teams play the games. Last season, Washington outperformed expectations, and this year, under the weight of those heightened expectations, the team has been inconsistent and has played below its talent level. Despite the struggles, Washington remains in the hunt for a playoff spot, and a strong push out of the Olympic break would go a long way toward reaching the postseason. There is no guarantee they will do it, but at this point, they seem likely to add to their roster rather than remove from it, as they should, given how unlucky they’ve been this season. Their record doesn’t reflect the team in Washington, and it will be interesting to see how they navigate the deadline.

Record

29-23-7, 5th in the Metropolitan

Deadline Status

Conservative Buyer

Deadline Cap Space

$12.66MM on deadline day, 0/3 retention slots used, 46/50 contracts used, per PuckPedia.

Upcoming Draft Picks

2026: WSH 1st, WSH 4th, WSH 4th, WSH 5th, WSH 6th, WSH 7th
2027: WSH 1st, WSH 2nd, WSH 4th, WSH 5th, WSH 7th, OTT 7th

Trade Chips

The Capitals have already borrowed a bit from the future, shipping out their second- and third-round picks this season and their third- and sixth-round picks next season. Those trades have yielded mixed results, but they are the kinds of moves teams make when competing for a playoff spot.

Outside their draft-pick catalogue, the Capitals have a healthy stable of prospects who should continue to make an NHL impact in the coming years. Washington’s system is slightly above average, which is saying a lot for a team that mortgaged its future repeatedly for a decade or more. The Capitals have drafted well recently and have prospects in their system who would make solid trade chips.

As Tom Gulitti of NHL.com reports, if Washington wants to go big and make a splash, it might cost them one of their top prospects, either center Ilya Protas or defenseman Cole Hutson. Capitals general manager Chris Patrick has already said he isn’t interested in moving Hutson, and it’s hard to blame him given the player’s profile. Washington has to think about a future without superstar Alex Ovechkin while also trying to give him a potential final season to remember.

Protas would be an excellent trade chip if the Capitals chose to go that route. Protas is having a solid first pro season in the AHL with the Hershey Bears, tallying 18 goals and 20 assists in 47 games. The 6’5”, 201-lb pivot won’t burn you with speed and doesn’t separate with his legs, but he is quick with the puck and has a good ability to anticipate the play before moving the puck to teammates. His size will be an attractive quality for teams looking to size up down the middle, and he could be a central piece of a package to acquire a top winger.

With Ryan Leonard now fully graduated to the NHL, the Capitals’ top prospect is likely Andrew Cristall, who put up awe-inspiring numbers in the WHL last season, with 48 goals and 84 assists in 57 games. While his transition to the AHL hasn’t been perfect, he is still putting up points in his first professional season, with nine goals and 28 assists in 47 games. Cristall is the definition of dynamic, using his terrific skating to deceive opponents and operate as a setup man for his teammates. Cristall is a bit on the small side by NHL standards at 5’10”, but given his work with the puck on his stick, there would be many teams willing to facilitate a trade if Cristall is part of the return.

Team Needs

A Top Six Winger: The Capitals were reportedly interested in forward Artemi Panarin, which makes sense given their need for top-six help on the wings. Ethen Frank has seen regular shifts in the top six, suggesting that, as currently constructed, Washington is not a serious contender in the Eastern Conference. Gone are the days when Ovechkin, John Carlson and a lethal power play could carry the Capitals’ offense. The stars need help. Nashville Predators forwards Steven Stamkos and Jonathan Marchessault are likely available, but do the Capitals want to trade away futures for a couple of aging veterans on expensive deals? Hard to say.

Jordan Kyrou is a name that could make sense, as the St. Louis Blues appear ready to dive deeper into a rebuild. Robert Thomas is also a potential option. Both would require significant commitments in the form of trade assets and cap space, but the Capitals are in a position to make both work if they wanted to.

Depth Forward: Last trade deadline, Washington acquired forward Anthony Beauvillier from the Pittsburgh Penguins for a second-round draft pick. That type of deal was likely an overpay, but Beauvillier is the kind of player Washington could target as they look for help in their middle six. The Capitals have dealt with injuries this season, and some of their depth players haven’t contributed much offensively. In a perfect world, the Capitals could have found a player such as Egor Chinakhov, who is young enough to be part of the future but ready to contribute NHL minutes now. Unfortunately for Washington, he was traded to Pittsburgh earlier this season. The Capitals should have plenty of options should they try to add another depth forward. They could acquire a top-end forward and hope that pushing everyone down the lineup solves the problem, or they could look to a team like Vancouver and perhaps pry away a player like Teddy Blueger, who wouldn’t cost a lot but has looked great in limited action this season.