Five Key Stories: 2/23/26 – 3/1/26
The week before the trade deadline usually generates some notable headlines on the trade front. While there weren’t many of those, there was still some trade-related news of note in our key stories.
Kings Shake Things Up: Kings GM Ken Holland made the biggest swap before the Olympic break when he added Artemi Panarin from the Rangers. Now, he’s made the biggest move after the break (for now) as he fired head coach Jim Hiller, replacing him with associate coach D.J. Smith on an interim basis for the rest of the season. Hiller lasted a little more than two years with the top job in Los Angeles, with the team playing to a solid 93-58-24 record in that time. However, the team has struggled mightily this season offensively, leaving them on the outside of the playoff picture at the moment. Smith, in his second season in his associate role, will now be tasked with getting more out of his forward group. This will be his second time running an NHL bench after spending parts of five seasons in charge in Ottawa.
Crosby Out A Month: While he was believed to be close to suiting up in the Gold Medal game at the Olympics, Sidney Crosby won’t be playing for a while yet. The team announced that he will miss at least the next four weeks due to the lower-body injury sustained overseas. Crosby has once again been a crucial part of Pittsburgh’s attack this season, leading the way offensively with 27 goals and 32 assists in 56 games, continuing his streak of point-per-game campaigns which now stands at 21. He has also been instrumental in taking a Pittsburgh team that was expected to be a basement dweller by many to a top-three spot in the Metropolitan Division. They’ll now have to find a way to hold onto it without their captain and top scorer.
Defense Swap: There was one trade of some significance in the NHL this week, a swap of blueliners as Pittsburgh sent Brett Kulak to Colorado for Samuel Girard and a 2028 second-round pick. Kulak came over from Edmonton as part of the return for Tristan Jarry earlier this season and now joins a Colorado squad where he’ll likely suit up on their third pairing and then hit free agency this summer. Girard, meanwhile, makes nearly twice as much as Kulak while being signed through next season which explains the draft pick component of the trade as the Avs made this move in part for cap flexibility reasons. Once a consistent key cog on Colorado’s back end, Girard’s role and effectiveness have dropped in recent years so he’ll be looking for a chance to rebuild his game with Pittsburgh.
Trade To Come? This is the time of year when players will be scratched for roster-related or trade-related reasons. The latest of these is Canucks defenseman Tyler Myers, who was scratched back on Wednesday. However, these are typically followed by a trade although that has not been the case here. Instead, he is believed to have been presented with a team (thought to be Detroit) to consider waiving his trade protection for. Myers has made it known in the past how much he wants to stay in Vancouver but now, it appears it’s a matter of seeing if other teams get into the mix that he’s more open to joining before deciding on waiving that protection.
Seguin Done For The Season: The Stars were hoping that they’d be able to get Tyler Seguin back at some point in the playoffs after undergoing ACL surgery four months ago. That is no longer an option as the team filed paperwork to rule him out for the rest of the season. In doing so, they become eligible to utilize his full $9.85MM AAV through LTIR instead of the $3.82MM they had access to, the maximum allowed for players who will or could return later in the year. With nearly an extra $6MM to spend and Dallas being one of the top teams in the NHL this season, it will be interesting to see how they utilize those funds. Notably, with Jason Robertson up for a new deal in the summer, it wouldn’t be surprising to see GM Jim Nill target an expiring contract to fill Seguin’s spot on the roster.
Photo courtesy of Charles LeClaire-Imagn Images.
Contract Talks For Evgeni Malkin To Now Occur After The Season
Heading into the season, it was expected that the Penguins would work on figuring out what’s next for Evgeni Malkin by talking to his camp during the Olympic break. That break has come and gone and those discussions have happened but evidently, no decisions have been made yet. Instead, he told reporters following yesterday’s game, including NHL.com’s Wes Crosby, that contract talks between the two sides will now occur after the season:
I don’t know if it’s a secret or not, but we talked a little bit with J.P. a couple days ago. Just said, ‘Wait until the end of the season and see what’s going on.’ Nothing I can say right now.
Malkin is in the final season of a four-year, $24MM contract and heading into the season, it felt like this might be the time when he moves on. Pittsburgh appeared to be heading into a rebuild and while he’s certainly a fan favorite, carrying a soon-to-be 40-year-old during a rebuild doesn’t make a lot of sense.
But things have changed since then. Instead of being near the bottom of the standings, the Penguins find themselves squarely in a playoff spot, sitting second in the Metropolitan Division. Even without Sidney Crosby for the next few weeks at least, GM Kyle Dubas isn’t likely to be the heavy seller he was expected to be just a few months ago. If anything, they might be looking to add a piece or two to their roster.
That will justify the decision to effectively kick the decision on Malkin’s future down the road for a little while longer. The number two selection back in 2004, Malkin has spent his entire 20-year career in Pittsburgh and is heading for a first-ballot entry into the Hall of Fame down the road.
While he isn’t the 100-plus-point player that he was in his prime, Malkin has had somewhat of a resurgent showing under new head coach Dan Muse this season. He has 13 goals and 34 assists in 44 games this season, putting him over the point per game mark. If he can maintain that, it’ll be the 16th time he reaches that plateau and the first since 2022-23.
Malkin has made it clear on multiple occasions that he doesn’t want to leave Pittsburgh. At this stage of his career, should he receive another contract, it’s likely to be a one-year pact. Given his output this season, there’s a case to be made that it should check in around his current $6MM AAV while he’d also be eligible for potential performance bonuses on a one-year pact if the Penguins needed some extra cap flexibility. But instead of having more clarity on that front heading into this week’s trade deadline, he’ll have to wait at least a couple of months longer to get it.
Salary Cap Deep Dive: Toronto Maple Leafs
Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful. Those who don’t often see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation for the 2025-26 season. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of PuckPedia. We’re currently covering the Atlantic Division, last up are the Maple Leafs.
Toronto Maple Leafs
Current Cap Hit: $94,621,472 (under the $95.5MM Upper Limit)
Entry-Level Contracts
F Easton Cowan (three years, $873.5K)
After a strong junior career, Cowan made the jump directly to the NHL and has been a capable player in a limited role. They’ll be hoping that he can move into a top-six role before too long (potentially as soon as next season) which could change his trajectory quickly. At this point, it seems more likely that he’d get a bridge deal (potentially in the $3MM to $4MM range) but if he becomes a top-six piece fairly soon and sticks, he could also wind up with a longer-term deal which could cost as much as double that amount.
Signed Through 2025-26, Non-Entry-Level
D Matt Benning ($1.25MM, UFA)
F Calle Jarnkrok ($2.1MM, UFA)
F Scott Laughton ($1.5MM, RFA)*
F Matias Maccelli ($3.425MM, RFA)
F Bobby McMann ($1.35MM, UFA)
F Nicholas Robertson ($1.825MM, RFA)
D Troy Stecher ($787.5K, UFA)
*-Philadelphia is retaining an additional $1.5MM on Laughton’s contract.
Maccelli was brought in from Utah in the hopes that he’d help replace some of the playmaking that left when Mitch Marner went to Vegas. Instead, he has bounced up and down and even in and out of the lineup as a healthy scratch at times while not producing as much as they hoped for. Owed a $4.11MM qualifying offer with arbitration rights, he’s a strong non-tender candidate unless they work out a cheaper deal closer to his current price before then. Laughton has seen his production tumble since joining Toronto. However, he’s still a strong defensive player and is having a career year at the faceoff dot. That should be enough to earn him at least a small raise on a multi-year pact even with his offensive struggles.
Jarnkrok is not the impactful utility player he was earlier in his career, resulting in several healthy scratches. If he doesn’t wind up going back overseas this summer, he’s probably looking at a contract closer to the league minimum. Robertson has taken some strides this season, putting him on pace for a career year while having arbitration rights this summer. A jump to the $3MM range isn’t unrealistic as a result.
McMann will be one of the more intriguing UFA options this summer, especially since a lot of the top players have already re-signed. Barring injury, he’s a lock for his second straight 20-goal season and will get there despite playing time that is in the low end for a second liner and is more like a high-end third liner. Tripling his current price seems quite likely; a bidding war could push it into the $5MM range.
Benning hasn’t been up with Toronto for most of the season and only gets a passing mention here because $100K is on their books as a dead cap charge while he’s with the Marlies. Stecher, meanwhile, has been a very serviceable waiver claim from Edmonton, going from a fringe blueliner to someone logging 20 minutes a night. Still, given how he has bounced around and is generally viewed as more of a depth player, he probably won’t get a huge boost on his next deal. Doubling this could be doable, however, which would be a nice outcome for someone who was on waivers just a few months ago.
Signed Through 2026-27
D Simon Benoit ($1.35MM, UFA)
D Brandon Carlo ($3.485MM, UFA)*
D Philippe Myers ($850K, UFA)
F Nicolas Roy ($3MM, UFA)
*-Boston is retaining an additional $615K on Carlo’s contract.
Roy came over from Vegas in the Marner sign-and-trade and has basically been the effective third liner he has been for most of his career. The price tag for those types of players has ticked up in recent years and should continue to do so in a more inflated cap environment. A bump to the $4MM territory could be doable while Laughton’s next contract this coming summer could serve as a good indicator of where Roy’s could land.
Toronto paid a high price to land Carlo at the trade deadline last season and it hasn’t quite worked out so far. Never a big point producer, even his defensive game has slipped a bit. Even so, he’ll be UFA-eligible at the age of 30 and is a big, right-shot player. Those elements should still land him a raise unless his play really falls off a cliff between now and then. A multi-year pact in the $4.5MM range might be the floor right now with a bump up from that if his performance rebounds next season.
Benoit has been a serviceable third-pairing player for most of his career but his limitations are well-known. It’s plausible that he stays in this area (even a jump to $1.5MM or so wouldn’t be surprising) but it seems unlikely that he’d command more than that unless he suddenly becomes more of a top-four option. Myers was once a quality prospect in Philadelphia but has been more of a fringe player in recent years. He’s likely to stay at the minimum salary and even securing a one-way deal isn’t a guarantee at this point.
Signed Through 2027-28
F Max Domi ($3.75MM, UFA)
D Oliver Ekman-Larsson ($3.5MM, UFA)
F Dakota Joshua ($3.25MM, UFA)
F Steven Lorentz ($1.35MM, UFA)
F Auston Matthews ($13.25MM, UFA)
G Joseph Woll ($3.67MM, UFA)
Matthews has opted for a shorter-term contract in each of his two non-entry-level negotiations. The idea was that doing so set him up best for a big payday. It worked the first time as this deal was briefly the record-setter for AAV. It’s hard to project that happening again, knowing some other contracts that have since been signed (and others to come) but if Matthews is open to a long-term pact this time around, a jump past the $15MM mark could be realistic, as long as his offensive drop this season isn’t a sign of things to come. However, if he wants another shorter-term agreement, the price tag could run a little higher but still not challenge for another league record.
Domi’s first season in Toronto was good enough to land him the multi-year commitment that he had been seeking for a while. Things haven’t gone as well since then, however. While he’s a strong playmaker, his lack of goals, a smaller stature, and a penchant for penalties could result in his market being more restricted than most again. Barring an improvement in his production over the next couple of years, he might have a hard time matching this price and term on his next contract.
Joshua was acquired over the offseason from Vancouver with the hopes that a change of scenery could get him back to his 2023-24 level. That hasn’t exactly happened as he has played more like a fourth liner making third-line money. He will need to rebound considerably in the back half of the deal to have any chance of matching this on his next contract. Lorentz rebounded well last season after a limited 2023-24 campaign in Florida and was able to earn some stability with this deal. For a fourth liner who can kill penalties, this is a reasonable contract but with his limited offensive upside, he’s probably not going to be able to command much more down the road.
Ekman-Larsson opted for stability as well back in 2024 with this deal, a four-year pact that takes him through his age-36 season. After a more limited role in Florida following a buyout from Vancouver, he has been deployed regularly in a top-four role and has thrived. Given how much he has played over the years, there could be some concern of him slowing down at the back of the contract but right now, this is definitely one of their better bargains.
When healthy, Woll has looked like a legitimate NHL starting goaltender. However, staying healthy has been a challenge in recent years which has limited his earnings upside. If he has a good year or two on this deal and can play 50-plus games, doubling this price tag is certainly realistic. However, if he continues to be in the 35-40-game range (either through injuries or being in a straight platoon), Woll might be more in the $5MM territory moving forward.
Panthers Activate Dmitry Kulikov
The Panthers welcomed back a veteran blueliner to their lineup for tonight’s game against the Islanders. Prior to puck drop, the team announced that Dmitry Kulikov was activated off long-term injured reserve. To make room on the roster, winger Cole Schwindt was placed on injured reserve.
Kulikov has been a steadying piece of Florida’s back end since joining them for the 2023-24 season. Last season, he logged more than 19 minutes a night during the regular season while suiting up in every game in their Stanley Cup run, playing heavy defensive minutes along the way.
Unfortunately for them, Kulikov suffered an upper-body injury in the second game of this season back in October and has been out of the lineup since then. With Seth Jones still out on their back end, Kulikov will be counted on to play a big role defensively once again once he’s up to speed from a conditioning standpoint.
With his activation, Florida’s LTIR pool is now shrunk by Kulikov’s $1.15MM AAV. Per PuckPedia, they have a little over $1.4MM available to them in spending, and that’s with Jones, Aleksander Barkov, Jonah Gadjovich, and Tomas Nosek all on there. That amount will go up by $775K on Monday when Luke Kunin, who is currently on waivers, is either claimed or sent to the minors.
The pool could be expanded a little more if the team needs additional flexibility as Schwindt is expected to be out long-term as well. The 24-year-old suffered a lower-body injury on Thursday against Toronto and has three goals and one assist in 22 games this season. He needs to play in eight more games this season (between regular season and the playoffs, should Florida find a way to squeak in) for Florida to retain his RFA rights. If not, he’ll become a Group Six unrestricted free agent in July.
Kraken Sign Ryden Evers
March 1st is the first day of the league year that teams can officially sign players to future deals that begin the following season. Seattle is among the teams that had a deal ready as the team announced that they’ve signed center Ryden Evers to a three-year, entry-level contract. PuckPedia reports that the deal will carry a $1.075MM AAV and will break down as follows:
2026-27: $922.5K NHL salary, $102.5K signing bonus, $85K AHL salary
2027-28: $967.5K NHL salary, $107.5K signing bonus, $85K AHL salary
2028-29: $1.0125MM NHL salary, $112.5K signing bonus, $85K AHL salary
Evers was not drafted and was expected to play at Clarkson University next season, having committed to play there a little over two months ago. However, he evidently had a change of heart when the Kraken put this deal on the table.
Evers has spent the last two seasons with the Penticton Vees, playing in two separate leagues. The Vees were in the BCHL in 2024-25 and he finished 13th in league scoring with 24 goals and 36 assists in 54 games. This season, that team is part of the WHL and Evers has been a bit more productive, tallying 31 goals and 38 helpers in 60 games, good for 17th in league scoring.
It would be surprising to see an undrafted free agent make the jump to the NHL right away next season so Evers is likely ticketed for AHL Coachella Valley. Seattle has some strong organizational depth down the middle so he should get a chance to slowly acclimated to what will be his third straight year of playing in a different league in 2026-27.
Sabres Activate Zach Benson, Assign Anton Wahlberg To AHL
The Sabres will welcome back a key winger to their lineup tonight against Tampa Bay. NHL.com’s Heather Engel relays (Twitter link) that Zach Benson has been activated off injured reserve. To make room on the roster, forward Anton Wahlberg has been sent down to AHL Rochester.
Benson has missed the last four weeks with an upper-body injury although he only ultimately missed four games. But between a facial injury and a lower-body issue earlier in the season, the 20-year-old has been limited to just 42 games so far. He has fared well in those outings, picking up seven goals and 19 assists, putting him on pace to pass his career high in points despite all the missed action. Head coach Lindy Ruff has rewarded the extra production with more ice time as Benson is logging 16:30 per game, a personal best.
This is a big season for Benson as he’s in the final year of his entry-level contract, making him a restricted free agent this summer. At this point, given the long-term deal given to Josh Doan and their desire to re-sign Alex Tuch to a long-term pact, Benson’s next contract seems likely to be a bridge agreement although a strong performance down the stretch could boost his chances of forcing Buffalo’s hand into giving him a long-term deal.
As for Wahlberg, he received his first NHL recall earlier this week but ultimately didn’t see any game action. The 20-year-old is in the first year of his entry-level deal and has six goals and 19 assists in 47 games for the Americans this season.
Central Notes: Mikheyev, Namestnikov, Stars, Parayko
The Blackhawks showed some interest in signing pending UFA winger Ilya Mikheyev to a contract extension but now, they’ve put his name out there in trade talks, Sportsnet’s Elliotte Friedman reports in the latest 32 Thoughts podcast (audio link). The 31-year-old has 11 goals and 12 assists in 53 games this season while averaging a career-high 17:17 per night of playing time. Mikheyev has a $4.0375MM cap charge with Chicago (Vancouver is covering the rest of his $4.75MM AAV) and the Blackhawks will need to further pay that down to maximize their return. Ben Pope of the Chicago Sun-Times suggests that the team might only be willing to go as high as two years on an extension offer for Mikheyev, albeit likely at an above-market rate. While that would allow him to potentially maximize his earnings and would keep in line with similar deals GM Kyle Davidson has done, this might be his last shot at a long-term contract. The stability of that might outweigh the value of getting top dollar.
More from the Central:
- Jets forward Vladislav Namestnikov left last night’s game with a lower-body injury, relays Ken Wiebe of the Winnipeg Free Press. The injury, which appeared to be a leg issue, happened early in the second period when he got tangled up with teammate Adam Lowry in the neutral zone. Head coach Scott Arniel told reporters including Wiebe (Twitter link) that the veteran is listed as out week-to-week. Namestnikov, who has been one of Winnipeg’s more versatile players this season, has seven goals and six assists through 57 outings.
- While he won’t be in the lineup tonight against Nashville, Stars center Roope Hintz is expected to skate tomorrow and travel with the team for their upcoming road trip, notes Lia Assimakopoulos of the Dallas Morning News (Twitter link). He has been dealing with an illness since returning from the Olympics but it appears he’s at least nearing a return. Radek Faksa’s situation is a little more uncertain as Assimakopoulos adds that it’s unclear if he will accompany the team on the trip. The center suffered a lower-body injury at the Olympics and is currently on injured reserve although he is eligible to be activated at any time.
- Blues defenseman Colton Parayko will be scratched from today’s game against New Jersey due to back spasms, according to Matthew DeFranks of the St. Louis Post-Dispatch (Twitter link). Parayko was a regular for Canada at the Olympics and was a full participant on Thursday, logging over 21 minutes. Through 58 games this season, the 32-year-old has a goal and 13 assists along with 141 blocked shots.
Andrei Kuzmenko Undergoes Meniscus Surgery
Already down a key offensive winger in Kevin Fiala who is out for the season, the Kings are now going to be without another offensive winger for at least a little while. The team announced that Andrei Kuzmenko has undergone successful surgery to repair a torn meniscus and is listed as out week-to-week; he has also been placed on injured reserve. Taking his spot on the active roster is defenseman Angus Booth, who has been recalled from AHL Ontario.
Kuzmenko is in his first full season with Los Angeles after being acquired at the trade deadline last season. A strong finish saw him put up five goals and 12 assists in just 22 games down the stretch before putting up six points in six games in the playoffs. That performance helped keep him around as Los Angeles signed Kuzmenko to a one-year, $4.3MM contract to keep him from testing unrestricted free agency.
Things haven’t gone quite as well for the 30-year-old this season, however. Kuzmenko has been limited to 13 goals and 12 assists through 52 appearances although he still ranks seventh on the team in points with Los Angeles being one of the lowest-scoring teams in the NHL. Now, with him and Fiala out of the lineup, there will be even more pressure on Artemi Panarin in the short term to pick up the slack while GM Ken Holland might be more motivated to try to seek out some scoring help over the coming days as well. Projected to have more than $15MM in cap room on deadline day, per PuckPedia, Los Angeles has plenty of room to add to its roster.
As for Booth, this is his first career NHL recall. The 21-year-old was a fourth-round pick by the Kings in 2022, going 116th overall out of the QMJHL. In his second professional season, Booth has played exclusively with the Reign and has a goal and nine assists in 42 games. With Drew Doughty exiting Thursday’s game with a lower-body injury, it appears that Booth will serve as the seventh defender until the veteran is able to return.
Devils Activate Luke Hughes, Assign Colton White To AHL
The Devils will welcome back a key part of their back end today against St. Louis. The team announced (Twitter link) that they have activated defenseman Luke Hughes off injured reserve. To make room on the roster, blueliner Colton White has been sent back to AHL Utica.
After two very promising seasons to start his career, 2025-26 hasn’t gone quite as well for Hughes this season. The 22-year-old had a long contract standoff, resulting in a deal only getting done a few days before the start of the season, resulting in him missing the majority of training camp.
Meanwhile, his production hasn’t taken a meaningful step forward despite a jump in ice time to more than 23 minutes per game. Hughes had 47 points in 82 games in his rookie season and 44 in 71 outings in 2024-25 but has been limited to five goals and 21 assists so far this season in 49 appearances. He missed nearly six weeks with a shoulder injury but only wound up missing 10 games overall thanks to the Olympic break.
Notably, when New Jersey had a fully healthy back end earlier this season, trade speculation around Dougie Hamilton picked up. Those talks faded when Hughes went down but once again, the Devils now have their top seven blueliners healthy and available which could ultimately kickstart those trade talks before Friday’s deadline. For now, it’s unclear who will be the scratch as team reporter Amanda Stein relays (Twitter link) there are players dealing with an illness and a decision on who’s out will be made closer to warmups.
As for White, he was recalled when practices resumed during the Olympic break but had served as a healthy scratch since then, keeping his games played total with the Devils this season at 23, where he has four assists in a little over 12 minutes per night of ice time. The 28-year-old has also suited up 10 times with Utica and is still looking for his first AHL point of the season.
Bruins Open To Moving Matthew Poitras
Just a few seasons ago, it looked like Matthew Poitras was going to be a key piece of Boston’s forward group for years to come. But things haven’t played out that way and now, it appears they’ve deemed him expendable. David Pagnotta of The Fourth Period reports (Twitter link) that the Bruins are now willing to move Poitras as they look to bolster their roster for the stretch run.
The 21-year-old was a second-round pick by Boston back in 2022, going 54th overall and surprised many by making the NHL roster just one year later. Poitras played in 33 games in 2023-24, picking up 15 points while also impressing at the World Juniors. However, he needed season-ending shoulder surgery in the second half of the campaign and things have been trending in the wrong direction since then.
Last season, Poitras started the year with the big club but since he was now eligible to be sent to Providence in the minors, the Bruins elected to shuffle him back and forth a bit. In the AHL, he was quite productive, picking up 41 points in 40 games, an especially impressive performance for a 20-year-old. But that didn’t translate to much success with Boston as he was limited to just one goal and 10 assists in 31 games.
The dip in production saw Poitras lose his roster spot heading into training camp and he has played predominantly with Providence this season where his numbers have slipped; he has nine goals and 21 helpers in 47 games so far. Meanwhile, he has only had one brief recall which came just before the Olympic break, scoring once in three games but he has been back in the minors since the start of the break.
Poitras changed agents earlier this season heading into his contract negotiations this summer where he’ll be a restricted free agent for the first time. For now, he’s costing a very affordable $870K on the cap when he’s in the NHL. This is his final season of waiver exemption, as well.
While his stock has undoubtedly fallen, young centers who have had some semblance of NHL success aren’t exactly easy to come by. With that in mind, Poitras should still generate some strong interest if GM Don Sweeney decides to part with him to get a win-now piece to try to give them a push to maintain their playoff positioning.