Salary Cap Deep Dive: Montreal Canadiens

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, next up are the Canadiens.

Montreal Canadiens

Current Cap Hit: $95,173,995 (under the $95.5MM Upper Limit)

Entry-Level Contracts

F Zachary Bolduc (one year, $863.3K)
F Ivan Demidov (two years, $940.8K)
G Jacob Fowler (three years, $923.3K)
D Lane Hutson (one year, $950K)
F Oliver Kapanen (two years, $925K)

Potential Bonuses
Bolduc: $425K
Fowler: $80K
Demidov: $2MM
Hutson: $850K
Kapanen: $637.5K
Total: $3.9925MM

The Canadiens were able to get Demidov signed earlier than expected, allowing him to play in the playoffs last season and burn a year of his contract.  He’s off to a strong start to his rookie year and it feels like he’s the next player that GM Kent Hughes will look to get signed to a long-term deal and bypass a bridge pact.  At the rate salaries are going up, that could land in the $10MM range, especially if they sign an early extension and get the eighth year in.  Meanwhile, half of his bonuses are ‘A’ ones and could realistically be hit.

Kapanen is having much more success this season after playing a very limited role at the beginning and end of last year.  While he has fared well with Demidov, there remain enough questions about his offensive ceiling to make a shorter-term deal likely.  That could fall in the $4MM range depending on his point production.  He has three ‘A’ bonuses in his deal and has a realistic shot at reaching at least the goals one.  Bolduc came over in an offseason move from St. Louis and has shown some signs of being a capable secondary scorer.  Still, he’s likely to be in bridge territory as well, likely surpassing the $3MM mark.  He has two ‘A’ bonuses in his deal with a 20-goal one being the most realistic.

Hutson will get a longer look later but for now, it’s worth noting that he has four ‘A’ bonuses in his contract and could conceivably hit them all.  However, he has a rare clause in his contract that caps the total bonuses achievable in the deal at $1.15MM.  He has already hit $750K of that so even if he hits enough of the criteria to reach all four bonuses, his payment will be capped at $400K.  Notably, Kapanen is one of the other few players in the league with that restriction on bonus money.

Fowler was brought up a few weeks back and made enough of an impression to get more than a spot start.  As a result, he’s already hit his games played bonuses.  The Canadiens are hoping that he’ll be their starter of the future.  The price tag of those players has jumped past $8MM in recent years but most of those were UFA deals where Fowler has a ways to go to get to UFA eligibility.  But with the cap escalating, if he pans out, he could very well land in that range.  For now, he’s back in AHL Laval but the bonuses will still count.

Signed Through 2025-26, Non-Entry-Level

F Kirby Dach ($3.363MM, RFA)
F Patrik Laine ($8.7MM, UFA)
F Joe Veleno ($900K, RFA)
D Arber Xhekaj ($1.3MM, RFA)

The Canadiens took a flyer on Laine in the 2024 offseason after it was clear that a return to Columbus wouldn’t be tenable.  The hope was that he’d bring some extra firepower and might be a better fit in a secondary role.  When healthy, he has shown flashes of being that threat, especially with the man advantage where he was one of the top scorers last year despite missing two months with knee trouble.  However, he also spent a lot of time on the fourth line and was there this season before suffering a long-term lower-body injury.  That sets him up with eligibility for performance bonuses in a one-year contract and frankly, that might be the best way for him to potentially maximize his earnings while the signing team can mitigate the risk.  A deal like that could have a couple million in base salary and then a few million in bonuses tied to games played and production.

Dach’s injury history is even longer than Laine’s as he has missed more games than he has played since being acquired at the 2023 draft.  When healthy for an extended stretch, he has had some moments to show that a top-six player could still be in there but between the inconsistency and injuries, it’s far from a given he’ll get there permanently.  His qualifying offer jumps to $4MM and a long-term deal is unlikely.  Instead, another shorter-term deal around that number might be the way to go.  Veleno came over in free agency after being bought out by Seattle and landing in a soft free agent market.  A sub-$1MM qualifying offer helps but with his history, he’d likely garner much more than that in a hearing making him a strong non-tender candidate.  Given how things went this past summer, it doesn’t seem likely that his market would be much stronger in 2026.

Xhekaj hasn’t been able to break through his deployment as a sixth defender in recent years, something that won’t likely change the rest of this season.  Still, he’ll likely be past 200 games by the offseason and could plausibly double his current price tag which would be on the high side for someone in his role.

Signed Through 2026-27

F Josh Anderson ($5.5MM, UFA)
D Alexandre Carrier ($3.75MM, UFA)
F Phillip Danault ($5.5MM, UFA)
G Jakub Dobes ($965K, RFA)
F Brendan Gallagher ($6.5MM, UFA)
G Samuel Montembeault ($3.15MM, UFA)
F Alex Newhook ($2.9MM, RFA)
D Jayden Struble ($1.413MM, RFA)

After being on a bargain contract on his second deal, Gallagher’s contract has been anything but for the majority of it so far.  At 33 with a lot of wear and tear on him, that’s probably not going to change.  Now a full-time bottom-six player, he could be looking at a 50% drop in pay on his next contract.  Anderson hasn’t provided a lot of value on his deal either as primarily a bottom-six piece as well but he’s a couple of years younger than Gallagher and provides a lot of physicality.  It would be surprising to see him beat this amount on his next deal but the drop in salary might be pretty short overall.

Danault returned for his second stint in Montreal with a trade right before the holiday roster freeze.  A legitimate two-way player early in his contract, he has been more of a defensive specialist the last couple of years.  While that’s still a useful player, someone in that role isn’t going to provide great value at this price point.  Like Anderson, he’s probably looking at a small cut in pay at a minimum.

Newhook hasn’t been able to lock down a full-time top-six spot like Montreal hoped when they got him a couple of years ago.  He’s consistently in the 30-point range (though he was off to a better start this year before his long-term injury) and his positional versatility certainly helps so he’s someone they’ll likely want to keep when his deal is up.  His qualifying offer drops to a manageable $2.1MM but, like Dach, a shorter-term contract that buys a year or two of team control might make the most sense; a contract like that could run near the $4MM range.

Carrier fit in quite well after being acquired from Nashville in a midseason trade, stabilizing the back half of their back end.  A right-shot player who can cover 20 minutes a game when needed (even if that’s not the most optimal option for him), he should have a strong market in his next trip through free agency which likely pushes his price point past $4MM as well.  Struble is in the first season of his bridge deal and has been in and out of the lineup early on.  His situation resembles Xhekaj’s right down to playing on an identical cap percentage and, like Xhekaj, doubling this price tag could be doable depending on how things play out.

Last season, Montembeault showed some signs of becoming a legitimate starting goaltender which would be a promising development from a waiver claim a few years back.  If he stayed on that trajectory, he could have found himself in the $6MM per season range on his next deal.  But early-season struggles have probably scuttled those hopes.  Now, he needs to reestablish himself as a starter before thinking about a big raise.  Dobes is on his bridge deal and has established himself as a full-time NHLer.  Depending on where he lands on the depth chart down the stretch and into next season, his next contract could range between $2MM and $5MM per season depending on how things go; the variance potential is quite high.

Signed Through 2027-28

F Alexandre Texier ($1MM in 2025-26, $2.5MM in 2026-27 and 2028, UFA)

Texier was signed recently after asking for a contract termination from St. Louis, taking a pay cut of more than 50% in the process.  He got off to a strong start though, earning him a two-year extension soon after at a rate higher than the one he walked away from.  If Texier can remain an impactful player, the Canadiens will do well here but if he goes back to being a depth player, they might wind up regretting this one.

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Artemi Panarin Notes: Other Offers, Trade Timing, Contract

While there wasn’t much trade activity leading into the Olympic trade freeze, one of the biggest moves of the season was made when the Kings acquired winger Artemi Panarin from the Rangers in exchange for prospect winger Liam Greentree along with a 2026 conditional third-round pick that upgrades to a second-round selection if Los Angeles wins a round.  Meanwhile, if they win two rounds, New York also collects a 2028 fourth-round selection.  Panarin subsequently signed a two-year, $22MM extension shortly following the swap.  With the dust now settled on the trade, here are some additional notes on the move.

  • During his media availability following the swap (video link), Panarin stopped short of directly confirming that extension offers from the Rangers were low-ball proposals but did note that “I don’t know if I should say this but I feel like the contract offer (said), ‘We’re not sure if we want you or not.’” Over the offseason, it was reported that New York had approached Panarin’s camp with some proposals that would see him take a sizable pay cut to remain with the team with some willingness to get creative on the term.  With those talks going nowhere, Panarin added that there wasn’t really any reengagement with the Rangers after that point on a new deal.
  • While Panarin ultimately took the offer from Los Angeles, it was far from the biggest one on the table. Sportsnet’s Elliotte Friedman reported in his latest 32 Thoughts column that the Kraken made an offer of more than $14MM per season in an effort to try to convince Panarin to accept a trade to them.  That would have nearly been double the highest amount that the team has given a player so far in their brief tenure with Vince Dunn being their current top-paid player at $7.35MM.
  • From the standpoint of affordability, teams likely would have preferred the trade to come after the break when there would be less money remaining on his contract (even with the Rangers retaining 50% on his contract to facilitate the move as they did). However, Vince Z. Mercogliano of The Athletic relays (subscription link) that Panarin made it clear that his deadline was the trade freeze so that he would have ample time to settle in with his new club.  That might have taken an interested team or two off the table as a result.  That said, Panarin ultimately decided that the only team he’d accept a move to was the Kings so those other possibilities probably wouldn’t have happened anyway.
  • PuckPedia has the breakdown of Panarin’s new deal. It’s predominantly paid in the form of signing bonuses to the tune of $20MM over the two years ($11MM for next season, $9MM for 2027-28) while he receives a base salary of $1MM in each season.  Additionally, Panarin has a full no-move clause in this contract, just as he does in his current one.

Pavel Zacha To Miss Olympics

The Bruins will have one less participant at the upcoming Olympics while Czechia will be down a key center.  The IIHF announced (Twitter link) that Pavel Zacha will not be participating in the event due to injury.  He has been replaced by middleman Filip Chlapik.

Zacha has been dealing with a lower-body injury for a little more than a week after sustaining it late last month against Philadelphia, ultimately causing him to miss the Winter Classic as well.  Originally, head coach Marco Sturm had noted that the injury wasn’t expected to force him to miss the Olympics which suggests that Zacha’s recovery hasn’t gone quite as well as they hoped so far.  Now, he’ll get three extra weeks to recover before games resume toward the end of the month.

The 28-year-old is in the midst of a solid season, notching 15 goals and 22 assists in 54 games while averaging a little over 17 minutes per night of ice time.  That production has been good enough to place him fourth in team scoring at the break.

It’s likely that Zacha would have had a similar role at the Olympics that he has in Boston, serving as a second-line center while seeing time on both special teams units.  Coincidentally, he sits fourth in scoring among NHLers on the Czech roster, behind teammate David Pastrnak, Colorado’s Martin Necas, and Vegas’ Tomas Hertl.

As for Chlapik, he was a second-round pick by Ottawa in 2015 and got into 57 games with them over parts of four seasons before being granted his release back in 2021.  Since then, he has spent the majority of his time playing at home with HC Sparta Praha and sits third in Extraliga scoring this season with 19 goals and 26 assists in 45 games.

Panthers Reassign Mikulas Hovorka

2/6/26: The Panthers reassigned Hovorka back to AHL Charlotte today. He played 11:27 time on ice in Florida’s loss to the Tampa Bay Lightning yesterday.


2/5/26: With the Panthers dealing with several injuries for their final game before the Olympic break against Tampa Bay, they needed some help on the back end.  Accordingly, the team announced (Twitter link) that they’ve recalled Mikulas Hovorka from AHL Charlotte.  To make room on the roster, blueliner Tobias Bjornfot was placed on injured reserve.

The 24-year-old is in his second season in North America since signing as an undrafted free agent with Florida back in 2024.  Prior to tonight’s game, he had exclusively played in the minors with the Checkers.  This season, Hovorka has two goals and eight assists in 30 games, meaning he has equaled his rookie-season output in half the games he played in 2024-25.  However, given that the break is coming after tonight’s game, it’s a lock that he’ll be returned to Charlotte in the very near future.

As for Bjornfot, the nature of the injury is currently undisclosed but he sustained it on Wednesday against Boston.  The 24-year-old was recalled last month and has seen fairly regular action since then.  Bjornfot has played in 10 games with Florida this season, picking up two goals and one assist in 11:20 per night of playing time.  Meanwhile, he hasn’t been much more productive in Charlotte as he has a goal and six helpers in 22 games with them.  Bjornfot will be eligible to be activated in time for Florida’s next game on February 26th against Toronto.

Flyers Reassign Aleksei Kolosov

Feb. 6th: The Flyers reassigned Kolosov back to AHL Lehigh Valley today, now that the Olympic break has begun The move should provide him much-needed some stability in terms of where he’ll play, seeing as the Flyers are not set to return to the ice until Feb. 25.


Feb. 2nd: Philadelphia will remain without Ersson at least through tomorrow’s contest. For the second time in three days, the Flyers have recalled Kolosov from AHL Lehigh Valley. He played in the Phantoms game last night, producing a .777 SV% on 27 shots.


Feb. 1st: The Flyers announced today that Kolosov has been reassigned to AHL Lehigh Valley. The transaction indicates that Ersson is likely going to be able to dress for the Flyers’ game on Tuesday against the Washington Capitals.


Jan. 31st: With Samuel Ersson exiting Thursday’s game due to a lower-body injury, the Flyers needed some goaltending insurance for their game today against Los Angeles.  As expected, that insurance is Aleksei Kolosov as the team announced (Twitter link) that he has been recalled from AHL Lehigh Valley.  To make room on the roster, center Lane Pederson was sent down to the Phantoms.

Kolosov was sent down back on Wednesday when Daniel Vladar returned from injury.  He suited up last night against Springfield, making him recall-eligible once again.  The 24-year-old is now in his fourth stint with Philadelphia but it hasn’t resulted in much playing time.  He has just four appearances with the Flyers this season, two of which came in relief and has struggled in that small sample size, allowing eight goals on just 47 shots.

The fact that Ersson wasn’t placed on injured reserve suggests that the team doesn’t believe his injury is likely to keep him out for long.   Accordingly, this NHL stint for Kolosov could ultimately be short-lived.

As for Pederson, he got his first recall of the season a little under two weeks ago and had played fairly regularly since then, getting into five of six games.  It was his first action at the top level since 2023 with Columbus.  The 28-year-old was held off the scoresheet in those outings while averaging just under nine minutes per night.  Pederson has played in 37 games with Lehigh Valley this season, picking up 13 goals and 15 assists.

Flames Notes: Frost, Huberdeau, Parekh

Last season, the Flames acquired Morgan Frost from Philadelphia in the hopes that he could become a viable option for them down the middle.  However, he struggled following the swap last season with just 12 points in 32 games, resulting in the two sides settling on another bridge deal, one that pays $4.375MM per season through 2026-27.  This season hasn’t gone much better as the 26-year-old has 12 goals and 15 assists in 56 contests.

With Calgary rebuilding and Frost a year from free agency, Chris Johnston reports in his latest trade board for The Athletic (subscription link) that the team is still trying to figure out what direction to take with the center.  In a market that doesn’t have a lot of middlemen available, Calgary could be in a good position to land a quality return for Frost.  On the other hand, it’s believed that the Flames aren’t looking to embark on a long-term rebuilding process so he’s young enough to still be part of a longer-term core.  They have a few more weeks to determine which route they’re going to want to take.

More from Calgary:

  • Earlier today, the team announced that Jonathan Huberdeau will miss the rest of the season and will undergo hip resurfacing surgery. GM Craig Conroy told reporters including Sportsnet 960’s Pat Steinberg (Twitter link) that the injury is one that the veteran has been dealing with throughout the year.  Additionally, given the significance of the injury and surgery, he’s not comfortable putting a timeline for a return.  That suggests that there’s at least a possibility that Huberdeau won’t be available for the start of training camp in the fall.
  • With the Flames well out of the playoff picture, it would be reasonable to think that they’d give rookie blueliner Zayne Parekh some extended minutes down the stretch. However, that won’t be the case as Sportsnet’s Eric Francis relays that Calgary will have the defenseman on a load-management plan for the remainder of the season in an effort to manage his minutes.  Parekh has played in just 13 games with the Flames this season while also having brief stops with AHL Calgary on a conditioning stint and Canada for the World Juniors.  While it will make for a pretty quiet rookie season overall, the team clearly feels that this approach will be better for Parekh in the long run.

Five Key Stories: 1/26/26 – 2/1/26

As the calendar flips to February, the Olympic trade freeze is fast approaching with the trade deadline itself not long after.  We saw a couple of swaps happen this week while a star player is being held out; those are among the week’s key stories.

Islanders Start To Add: The Islanders find themselves in third place in the Metropolitan Division at the start of the month and GM Mathieu Darche has rewarded his group with a pair of additions.  First, they picked up defenseman Carson Soucy from the Rangers for a third-round pick, giving their back end some extra depth with Alexander Romanov out for the rest of the regular season.  Then, they made another cross-state swap, acquiring winger Ondrej Palat plus third and sixth-round picks from the Devils for winger Maxim Tsyplakov.  Palat gives the Isles some extra veteran depth with a good track record of playoff success but they’re also taking on his $6MM contract through next season which is why they also added some draft picks.  With several other players out for the season, New York still has ample LTIR room to try to further add to their group.

Wallstedt In Play? Minnesota has already made one swap of considerable significance this season when they added Quinn Hughes from Vancouver.  It appears GM Bill Guerin isn’t done on the trade front and is open to moving a key youngster to do so as multiple reports have suggested that goaltender Jesper Wallstedt could be dealt.  The 23-year-old was a first-round pick back in 2021 and is in his first full NHL season where he has impressed, posting a 2.72 GAA with a .913 SV%.  However, with Filip Gustavsson signed through 2031, Wallstedt may have more value to the Wild as a trade chip than as a promising backup goaltender.

Panarin Out For Roster Reasons: With the Rangers embarking on a retool, they won’t be re-signing veteran winger Artemi Panarin.  Rather than risk him getting injured before they can trade him, the team decided to sit him early as a healthy scratch although no move has come to fruition just yet.  Panarin is believed to be seeking a contract extension before he’ll sign off on a move, something that could take a lot of the usual buying contenders off the table.  With a cap charge of $11.643MM (New York can retain up to half in a trade), it may be difficult for New York to move Panarin before Wednesday’s roster freeze as the acquiring team may not want to take on that money for three weeks before he actually debuts.  Accordingly, it’s possible that this trade saga is still a few weeks away from being resolved.

Defense Extensions: A pair of blueliners at opposite ends of their careers received contract extensions this past week.  First, the Avalanche signed Sam Malinski to a four-year, $19MM extension, a big raise on his current $1.4MM price tag.  The 27-year-old is having a breakout year with 25 points in 53 games despite averaging less than 17 minutes per game.  With the signing, Colorado has five blueliners signed for next season at just under $30MM combined.  Meanwhile, Detroit locked up Ben Chiarot on a new three-year, $11.55MM deal, a small cut on his $4.75MM deal that’s about to expire.  The 34-year-old is holding down a regular spot on Detroit’s second pairing while being a physical shot blocker.  It’s likely that his playing time will tick down as the contract progresses but the deal now ensures they’ll have a fourth blueliner signed for next season with Simon Edvinsson still to sign as a key pending restricted free agent.

Done For The Season: It has been a rough last few seasons on the injury front for Canucks goaltender Thatcher Demko.  Unfortunately for him, a hip injury has ended his season prematurely as he’s set to undergo surgery.  Demko has battled knee, groin, and hip issues in recent years, limiting him to just 126 games since 2022-23.  On top of that, Vancouver acted quickly to sign him last summer and he’ll begin a new three-year deal next season at a cap hit of $8.5MM.  Veteran Kevin Lankinen will be leaned on down the stretch while youngster Nikita Tolopilo will likely get his first extended NHL look for a Canucks squad that’s already dead last in the standings.

Photo courtesy of Wendell Cruz-Imagn Images.

PHR Mailbag: Rangers, Kings, Blackhawks, Flyers, Bruins, Capitals, Cap Penalties

Topics in this edition of the PHR Mailbag include how much (or little) the Rangers might be selling, potential defense targets for the Bruins, and much more.  If your question doesn’t appear here, check back in last weekend’s mailbag while we’ll have one more next weekend as well.

lgr34561: Hi Rangers fan here. A few things. First of all, if you were in the GMs shoes (which you would probably do a much better job than Chris Drury), what direction would you take from here as in what kind of moves would you make? Second of all, do you think that a retool is enough (like Drury says) to put this team back into contention or is he just sugarcoating a long rebuild? Thank you!

Schwa: To piggyback here:

Curious if you expect any of the NMCs under contract to waive? Would you expect Drury to inquire with JT, Mika, and/or Trocheck and consider a heavier rebuild?

I imagine Trocheck would return quite a sum, given what the Canadiens gave up for Danault.

Are Mika and JT high-value given the current center market, despite the length of their contracts?

I’ve been one of those people who look at the Rangers and go ‘they can’t be that bad’.  That was me last season and heading into this year as well.  I say that because I completely get why Drury might still think that way.  With a high-end goalie, a solid group of forwards on paper, and a decent defense (when healthy), they shouldn’t be as bad as they have been.  And it’s why I believe Drury’s intention legitimately is a short-term retool and not an actual rebuild.

I don’t think they’re planning to blow up the core.  Instead, they’ll sell a bit at the deadline, get some future assets, then try to make a trade or free agent signing over the summer to get themselves back into the Wild Card picture at the very least.  It can be done and done with some success as long as they realize that success isn’t going to be defined by a long playoff run but simply by getting back to the playoffs and ideally getting some shine back from a reputational standpoint.

To move quickly to the second question for a moment, I don’t expect the other veterans with trade protection to be in play.  At most, maybe one if a team ponies up a better-than-expected return that Drury can’t refuse.  I think it’s going to be more like move Artemi Panarin, see if there’s a lateral swap for Alexis Lafreniere, maybe look at a move on the back end, and call it a day.  That’s based on my assumption that they’re still eyeing a playoff spot next season so they’re not going to want to give up a lot of talent.

Given how few sellers there are and the fact that a lot of the veteran Rangers could fill positions of need on other teams (particularly given the need for impact centers), I think New York could get big returns for several of their veterans.  Knowing that, I might be more inclined to do more of a multi-year rebuild, assuming that the veterans would waive their trade protection.  But, again, I think the plan is something pretty quick that technically doesn’t fill the definition of a rebuild.

Bigalval: I think the Kings need a full rebuild and changes on the administrative side also. Luc, Holland, and Hiller should all be fired. The game has passed Holland by; he had a brutal start when becoming the Kings’ general manager. Luc also has no clue and Hiller doesn’t know how to fix things. It was a horrible decision to let him coach this year. He should be fired soon, even with a rebuild. It’s probably gonna take four or five years to fix this mess. Thoughts?

Fundamentally, I agree that a shakeup is needed.  I had Jim Hiller being the first coach fired a while back, something that’s clearly not happening since Columbus wound up being the first team to pull the trigger on that front.  I’m not a big fan of speculating about people getting fired but that’s a card that still could get played at this point.

Given that Ken Holland is in his first season with the team, I don’t think he realistically would be in jeopardy of losing his job.  General managers tend to get a relatively long shelf life and while Holland is closer to the end of his career than the beginning (or even the middle), he probably gets a couple more years in some role.

Then we come to Luc Robitaille, who has been in this role since 2007.  He was a Hall of Fame player with his best days coming with the Kings, who have won two Stanley Cups with him in that role.  That’s a hard person to let go, even if I agree that a change of direction and vision might ultimately be beneficial in the long run.  Unless ownership decides they want to overhaul things, I’m not sure we’re at that point yet.  And even if we were, it might very well be Holland who would take over.

Personally, I’d like to see what this group can do with a new coach and a vision of trying to add some skill and speed to the lineup.  This is a playoff-caliber team, albeit more of a Wild Card team than a true contender.  But an influx of some skill and a more aggressive offensive style might get them going.  If that doesn’t happen, then using Anze Kopitar’s retirement as a springboard into a rebuild makes some sense.  If this core has gone as far as it can, then a step back to take two steps forward might not be the worst idea.  I’m not sure that will happen with the current administration in place, however.

rayk: Which pending UFA among Dickinson, Mikheyev, and Murphy has the most deadline trade value and which the least, assuming salary retention for all three?

Let’s start with Jason Dickinson ($2.125MM with maximum retention).  As expected, his breakout showing in his first couple of seasons in Chicago that showed signs of being unsustainable proved to be unsustainable.  Nonetheless, he’s a solid checking forward who can kill penalties and, perhaps most importantly, play center.  Center depth is always in high demand at this time of year and Dickinson’s physicality lends itself well to playoff-type hockey.  I expect he’ll get a lot of interest.

Ilya Mikheyev ($2.02MM with max retention) is having the best offensive season of the three and has also had some success killing penalties, particularly this season.  I think his value now is higher than it was when Chicago was paid to take on his contract but his history suggests he won’t be as successful in the limited role he’d have with a contender.  Where Dickinson is in the same type of role he’d have on a new team (just a little ice time), Mikheyev would be in line for a bigger drop so there are more question marks as to how impactful he’d be.  He’s someone I could see teams viewing as an option further down their list but I don’t think he’ll be as sought after.

Connor Murphy ($2.2MM with full retention) isn’t having a good year.  His best days are behind him but if you’re a playoff team looking for defensive depth, what are you typically looking for?  Good size, experience, penalty killing abilities, good shot blocker, and being right-handed is a bonus.  Technically, Murphy checks them all.  I don’t see a contending team wanting him to be more than a number six but I expect several teams will want him for that role if the Blackhawks are eating half of the remaining contract.

In terms of who’d get the biggest return, I’d go with Dickinson, then Murphy, then Mikheyev.  (I like Mikheyev but his profile is not the type that contenders typically seek out at this time of year.)  One thing worth noting, while this scenario had Chicago retaining on all three, they only have two retention slots available since one is being used on Seth Jones.

Black Ace57: Is it finally time for the Flyers to follow the Rangers’ lead and give up on this season and sell at the deadline?

To add onto this, why not do what the Flyers did in the past with trades like the Carter and Richards ones and at least try to shake things up without strictly buying or selling? Examples I’m thinking of are Wright with the Kraken or Power with the Sabres as targets.

Going into today’s action, the Flyers are eight points out of a top-three seed in the Metropolitan Division and ten points out in the Wild Card chase.  They have at least one game in hand on the teams holding those last playoff spots as well.  That’s not an insurmountable gap.  But it’s an improbable one.  And realistically, if they got to the postseason, I don’t think they’d be a tough out.  So yes, I’d say they should be in sell mode.

You note the old Jeff Carter and Mike Richards trades from a while back as a way to possibly reshape the roster without being a true seller.  But those players were impact centers with strong track records of winning hockey.  Who on Philadelphia’s roster has that type of history and reputation?  Travis Konecny is a nice player, a legitimate top-line winger.  Maybe he’s in that territory but swapping out your leading scorer for the sake of a change carries some big risks.  Owen Tippett feels like a potential change-of-scenery candidate so maybe there’s an option there but he’s not at the level of Carter and Richards and they may not be selling at the peak of his value.

The problem with saying they should be sellers is that they don’t have a lot to realistically sell.  Their pending UFAs are depth pieces that wouldn’t yield a return of consequence.  Rasmus Ristolainen can’t stay healthy which hurts his market.  I expect they’ll try to sign Trevor Zegras to a long-term pact.  They’re not moving Christian Dvorak after extending him while Sean Couturier’s contract takes him off the table.  On defense, Travis Sanheim isn’t moving, Cameron York probably isn’t in play, nor is Jamie Drysdale who they still have hopes for.

Maybe Bobby Brink is an option if the Flyers aren’t thrilled about what his next contract with arbitration rights might cost.  I could see Nick Seeler attracting some interest; he might be their best trade chip.  And while Samuel Ersson might be in play, how much value does he have in a down year?  So yes, while selling makes sense in theory, Philadelphia might not have much to sell.

sovietcanuckistanian: By all accounts, the Bruins made a legit effort/offer for Rasmus Andersson. I get that didn’t get him (he wanted LV and I guess Calgary took a better deal since he hasn’t signed an extension yet), but he clearly filled a glaring need. Who do they pivot to in terms of finding someone to fill that hole – given that their internal options aren’t cutting it at the moment?

The next most prominent right-shot defender in play is Dougie Hamilton.  I think it’s safe to say that option isn’t on the table.  Assuming they’re looking for someone who has some of Andersson’s attributes and isn’t a rental player, the next best option to look at might be Blues blueliner Justin Faulk.

He’s someone who would give them some secondary offense behind Charlie McAvoy while he’s still enough of a minutes-eater to easily slot into a top-four role.  While he’s not a defensive anchor, he’s still a capable penalty killer.  And with one year left after this on his contract, he’s not a pure rental either which might be appealing to GM Don Sweeney.  The $6.5MM cap charge will be a challenge to overcome though, given that it’s unlikely that St. Louis will retain on it whereas Calgary did on Andersson’s expiring deal.  But fit-wise, he’d fit the bill.

Mario Ferraro would also help and he’s easier to fit in on the cap but there’s no guarantee that he’ll move with the Sharks hanging around the playoff mix and trying to re-sign him.  Rasmus Ristolainen is also believed to be available but with his track record of injuries and Boston already having Nikita Zadorov, that might not be the best fit for them.  But overall, Faulk feels like the right fit for them if they can make the cap elements work.

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Kaapo Kahkonen Eyeing International Options For Next Season

Aside from serving as a backup in Montreal for one game this season, goaltender Kaapo Kahkonen has been exclusively in the minors with AHL Laval.  It was similar in 2024-25 as despite multiple waiver claims, he only got into two NHL contests with the rest coming in the minors.

With it becoming clearer that he is viewed as more of a third-string option around the NHL instead of a possible backup, it appears that Kahkonen is exploring other options for next season.  Expressen’s Johan Svensson and Mattias Persson report (subscription link) that Kahkonen intends to play overseas next season and is eyeing a spot in either Sweden’s SHL or Switzerland’s NL.

A fourth-round pick by Minnesota back in 2014, Kahkonen was, for a time, viewed as a possible goalie of the future for them.  San Jose felt the same way, acquiring him in 2022 for Jacob Middleton in the hopes that a change of scenery could get him going and stabilize their goaltending situation at the same time.

That didn’t happen and it would be fair to say that Kahkonen has had a bit of a nomadic journey since then.  In less than two years, the 29-year-old has spent time with San Jose, New Jersey, Winnipeg, Colorado, Florida (AHL only), and now Montreal after the Canadiens signed him to a one-year, one-way deal worth $1.15MM on the opening day of free agency.

For his career, Kahkonen has played in 140 games at the NHL level, posting a 3.34 GAA along with a .898 SV%, numbers that played a big role in his bouncing around as of late.  He’s been considerably better than that in the minors this season, putting up a 2.67 GAA with a .905 SV% in 20 games in Laval.

Rather than test the market to see if another opportunity to be a well-paid number three option materializes next season, it looks as if Kahkonen will look to play closer to home instead.  He’ll likely have to take a pay cut to do so, however, as seven-figure contracts for players are few and far between in other leagues.  But if riding around in the minors isn’t something he wants to do moving forward, heading back overseas is the logical next step for Kahkonen.

Golden Knights Recall Tanner Laczynski

The Golden Knights have brought up some extra forward depth heading into their game tonight against Anaheim.  The team announced (Twitter link) that they’ve recalled forward Tanner Laczynski from AHL Henderson.  Vegas had an open roster spot so no corresponding move needed to be made.

It’s the third recall of the season for the 28-year-old and it comes just two days after being sent back to the Silver Knights.  Since he played on Friday, he’s eligible to be recalled so quickly after being sent down.

Laczynski has played in eight games with Vegas this season but is still looking for his first goal of the campaign.  However, he has a pair of assists and has won just over half of his faceoffs while averaging 10:33 per game.  Over parts of five NHL campaigns now, he has three goals and four assists across 54 appearances.

While he hasn’t put up many points in the NHL, Laczynski has been quite productive this season with Henderson.  Through 33 games, he has 13 goals and 23 assists, putting him one point shy of last season’s output.

With the Olympic break coming up in a few days, it’s likely that Laczynski’s recall will be a short-term one as Vegas won’t want to further use up his waiver exemption while games aren’t being played.