Trade Deadline Primer: San Jose Sharks
With the Olympic break now over, the trade deadline is almost a week away. Where does each team stand, and what moves should they be looking to make? We continue our look around the league with teams in the fight for a playoff spot, next up with the Sharks.
The Sharks spent much of last summer bolstering their lineup to protect some of their young stars. So far this season, the additions have worked out well, and the Sharks remain in playoff contention with a third of the season remaining. San Jose management likely didn’t expect this team to be in playoff contention, but second-year superstar Macklin Celebrini has taken massive steps forward in his development, putting the team ahead of schedule in its rebuild. It should be fascinating to see how Sharks general manager Mike Grier responds to a team that wasn’t expected to be in playoff contention.
Record
27-24-4, 6th in the Pacific
Deadline Status
Conservative Buyer
Deadline Cap Space
$641K on deadline day, 2/3 retention slots used, 48/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: SJ 1st, EDM 1st, COL 2nd, FLA 4th, MTL 5th, PHI 6th, SJ 7th
2027: SJ 1st, SJ 4th, CHI 5th, SJ 6th,
Trade Chips
For a team just emerging from a rebuild, the Sharks don’t have many draft picks in the next two drafts. That said, they have arguably the best prospect pool in the NHL, though it will likely fall down the list as prospects are traded and others graduate into full-time NHLers. The Sharks are in an interesting spot heading into the deadline, as they could do some buying, but also move out one or more of their pending UFA defensemen who don’t fit management’s long-term plans.
Veteran defenseman Mario Ferraro is a good place to start, as he is a UFA at the end of the season. While the Sharks likely aren’t interested in being sellers this season, Ferraro will have significant value at the deadline and could give the Sharks more future pieces to add to their already deep cupboard of future assets. There is an outside chance that San Jose locks him up, as they reportedly have interest in a shorter-term deal with Ferraro, which would make sense given that he is just 27 years old, is one of the team’s leaders, and should have some good years in front of him. Ferraro isn’t overly skilled, but he has a high hockey IQ and is solid in the defensive zone as well as on the penalty kill. Ferraro isn’t a top-pairing presence on the blue line, but he does throw the body around and is a very quick skater, which helps with puck retrieval and getting the puck out of the defensive zone. Ferraro won’t net a top-end asset in a trade, but he is the kind of player teams covet for bottom-pairing and penalty-killing roles come playoff time.
John Klingberg and Vincent Desharnais are two other veteran defensemen on expiring deals who could be moved if the Sharks fall out of playoff contention or acquire younger defensemen and have a surplus. Klingberg has had a resurgence this season in San Jose, playing over 21 minutes a night and scoring at a 40-point pace for the first time in years. The 33-year-old signed a one-year deal with the Sharks this season, and the plan at the time was likely to move him to a playoff contender once San Jose fell out of playoff contention. However, that time hasn’t come yet, and the Sharks remain within striking distance, which could complicate matters. The allure for San Jose to move Klingberg will be a market that should heavily favor sellers, as so few teams have punted on this season and are selling off.
When it comes to moving young players, it doesn’t seem San Jose is in a position to move the likes of Michael Misa, Will Smith, Sam Dickinson, or any of their top young prospects. Further down the depth chart, the Sharks could move a prospect such as goaltender Joshua Ravensbergen, whom they selected late in the first round of the 2025 NHL Entry Draft (30th overall). Ravensbergen has great size at 6’5” and moves very well, though he will look to fill out more in the coming years. He is positionally sound and reads the play extremely well for a young goaltender.
It was surprising to see San Jose draft Ravensbergen last year, given that they already have Yaroslav Askarov in the fold. However, given the unpredictability of the goaltending position, the Sharks felt it was a worthwhile bet to add another highly touted goaltending prospect. GM Mike Grier probably isn’t in a hurry to deal Ravensbergen, given that his junior numbers haven’t been great and he has significant untapped potential. If the right move comes along to acquire more developed young players, Grier might feel inclined to pull the trigger on a trade.
Team Needs
A Right Shot Defenseman: The Sharks were reportedly in on New Jersey defenseman Dougie Hamilton last summer, but didn’t work out a deal. It’s unclear whether they would still have interest, but if they did, a deal for Hamilton would instantly make him their best puck-moving defenseman. That’s less a credit to Hamilton and more a reflection of the offensive capabilities of the Sharks’ current defensive unit. San Jose badly needs a defenseman, ideally on the right side, who can contribute to the offense. It’s hard to gauge whether Grier is desperate enough to go back to Hamilton, but it seems likely he would prefer to acquire a younger player who can grow with the team’s young core and be part of what could be a very special run in San Jose.
A Middle Six Forward: The Sharks were also reportedly interested in forward Artemi Panarin before he was dealt to the Los Angeles Kings, underscoring that the Sharks recognize they need more depth at forward. San Jose could use help in its middle six, and it has already addressed this issue to a degree by acquiring Kiefer Sherwood from the Vancouver Canucks. Despite the Sherwood addition, the Sharks are still regularly deploying Collin Graf and Philipp Kurashev in their top nine, which is less than ideal for a team with playoff aspirations. No disrespect to Graf or Kurashev, who are both having a great year as younger players, but their spots in the forward group highlight a lack of depth at the position. San Jose could make a top-nine pickup to give their forward group more balance and ultimately a better chance to win on a nightly basis.
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.
Trade Deadline Primer: Boston Bruins
With the Olympic break upon us, the trade deadline is under a month 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 Bruins.
The Bruins remain in contention despite many having them pegged to miss the playoffs this year by a fairly significant margin. The Bruins were sellers at last year’s trade deadline but have shifted toward a more promising retool. Boston still has a solid core to build around in David Pastrnak, Charlie McAvoy, and Jeremy Swayman, so they will be incentivized to continue adding to their lineup while that core is in the prime of their careers. General manager Don Sweeney has been criticized in the past for some of his moves, particularly in the wake of the Bruins’ record-setting 2022-23 season. Still, he has done solid work over the last year, steering the Bruins through a tough time and back into playoff contention.
Record
32-20-5, 5th in the Atlantic (61% playoff probability)
Deadline Status
Conservative Buyer
Deadline Cap Space
$3.98MM on deadline day, 1/3 retention slots used, 44/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: BOS 1st, TOR 1st, BOS 2nd, BOS 3rd, BOS 4th, PHI 4th, TB 4th, BOS 6th, BOS 7th
2027: BOS 1st, FLA 1st, BOS 2nd, BOS 4th, BOS 6th, BOS 7th
Trade Chips
The Bruins’ best trade chips at the moment are the four first-round picks they hold in the next two entry drafts. Those picks, should Boston opt to move any of them, would be a significant piece of a package for an impact player at the deadline. It remains to be seen whether Sweeney has the stomach to do that this year, but the option is available.
Aside from the picks, Boston doesn’t have a deep prospect system, and they are unlikely to move their best prospect, James Hagens, whom they drafted last June with the seventh overall pick. The 19-year-old profiles as a center, and the Bruins have a good amount of long-term depth down the middle, so it’s possible they could consider a move. However, Hagens has seen a good amount of usage on the wing this year at Boston College, which means the Bruins have options when it comes to their top prospect.
Beyond Hagens, there is a major drop-off in talent throughout the Bruins’ prospect system, with some of their top players already having graduated to the NHL. Fraser Minten is one of those former prospects who is now a full-time NHLer at 21, and another young player Boston probably has no interest in trading. Minten has posted 14 goals and 15 assists in 57 games this season while providing a steady physical presence. The Bruins have decent center depth throughout the system, but it’s hard to imagine them trading a young center who is just scratching the surface of his potential.
Sticking with young forwards, Fabian Lysell is the Bruins’ 2021 first-round pick (21st overall). He had a cup of coffee in the NHL last season, playing 12 games and recording one goal and two assists. The winger returned to the AHL this season, where he is having the most productive offensive season of his career, with 15 goals and 21 assists in 42 games. At 23, Lysell is on the older side for a prospect, but he’s shown enough offense in the AHL to be viewed as a decent trade piece. Lysell is an excellent skater with good vision through traffic, which should help him when he gets to the NHL full-time and is looking to provide support and opportunities for his teammates. Lysell won’t net the Bruins a top piece via trade, but he could be packaged with other picks and prospects to acquire top-end talent.
Dans Locmelis was a fourth-round pick in 2022 (119th overall) and is another center in the Bruins system, though he doesn’t have the same shine as some of his more well-known peers. Locmelis began his pro career last year, appearing in six AHL games and recording three goals and nine assists. While he hasn’t maintained the same scoring pace this season, Locmelis has remained productive with 28 points in 43 games and an appearance at the Olympics, where he played for Latvia and scored a couple of goals in four games. The Bruins are high on the 22-year-old, and there is a possibility he breaks the NHL roster this season. The Bruins could dangle Locmelis as a potential trade candidate, but given that he isn’t a well-known name and his play has been largely understated, they might not get enough value to entice them to move on from him.
Team Needs
A Right Shot Defenseman: The Bruins made a great move last year, trading defenseman Brandon Carlo to the Toronto Maple Leafs. The move has turned out to be a huge win; however, the Bruins have never actually replaced Carlo, leaving a big hole on the right side of their defense. There are plenty of options available in Boston that should meet just about any price point, and it will be interesting to see whether they go the rental route or make a move for a player with some term remaining on their contract, such as Justin Faulk of the St. Louis Blues. While Faulk has been a solid pro for a long time, he would be a downgrade from some other options the Bruins were considering, such as Rasmus Andersson, who was traded a few weeks ago to the Vegas Golden Knights. Boston was reportedly in on the Andersson sweepstakes and went as far as negotiating an extension with the soon-to-be UFA (as per Elliotte Friedman).
Top Six Forward Help: The Bruins are dealing with a few injuries at the moment, which isn’t the worst timing, given the extended break for the Olympics. Centers Elias Lindholm and Pavel Zacha should be back in the lineup when NHL play resumes, and their injuries have pushed other forwards in Boston into other roles in the team’s hierarchy. Despite the team getting healthy in time for a playoff push, it is clear that Boston needs to add to its top six if it wants any chance of a playoff run. This would allow a player such as Casey Mittelstadt to push down the depth chart and play in a role that better suits his skill set. The Bruins might not want to pay premium prices for a forward, but given that they didn’t send any assets out the door for Andersson, they likely have some options to facilitate a trade for forward help.
Photo by Sergei Belski-Imagn Images
Trade Deadline Primer: Ottawa Senators
With the Olympic break upon us, the trade deadline is under a month 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 Senators.
The Senators are in a very tough spot as we approach the trade deadline. The team was built to compete this season, but it has failed to build on last season’s playoff appearance and risks regressing. Ottawa has a small competitive window left to win something of substance and isn’t likely to punt on this season, especially given that they don’t currently have a first-round pick in this year’s NHL Entry Draft. Postmedia’s Bruce Garrioch has hinted that Ottawa would rather add than subtract from its roster, which makes sense given that Ottawa was heating up in the weeks leading up to the Olympics. If the Senators can get some goaltending down the stretch, they will be in the hunt for a wild-card spot. That being said, should they add to their lineup, stand pat, or sell off their pending UFAs?
Record
28-22-7, 6th in the Atlantic (42.2% playoff probability)
Deadline Status
Conservative Buyer
Deadline Cap Space
$13.95MM on deadline day, 1/3 retention slots used, 45/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: BUF 2nd, OTT 3rd, FLA 3rd, WSH 3rd, OTT 5th, OTT 6th,
2027: OTT 1st, OTT 2nd, OTT 3rd, OTT 4th, OTT 5th, OTT 6th,
Trade Chips
If the Senators opted to sell off this season, they would have no shortage of pieces to move, including forwards David Perron, Lars Eller, Nick Cousins, and Claude Giroux, as well as defenseman Nick Jensen. PHR covered that angle a month ago, when it looked as though the Senators were headed for a sell-off, but now they may have positioned themselves to be buyers if they can keep rolling. But do they have any assets that could be moved to acquire talent that can help this season?
Ottawa doesn’t have much, but they have a few pieces that could be moved to acquire more talent. The first name that comes to mind for anyone familiar with Ottawa’s prospect system is Carter Yakemchuk. The 20-year-old defenseman is the Senators’ top prospect and currently plays for their AHL affiliate in Belleville, where he is having a solid first professional season. To put it bluntly, Ottawa isn’t moving Yakemchuk for any short-term gains and may not be inclined to move him at all. If they had a move available to address both their short- and long-term futures, they might be open to it, but for now, he is likely staying put.
Outside of Yakemchuk, the Senators have a few other prospects they might be more willing to move, including another defenseman, Logan Hensler. The Senators’ 2025 first-round pick (23rd overall) is currently in his second season in the NCAA with the University of Wisconsin. He has already matched his point total from all of last season (12) in just 23 games. Hensler’s game is quite different from that of Yakemchuk in that he plays a safe, steady game focused on gap control, an active stick, and using his explosiveness to make defensive recoveries. Hensler is well-suited to play alongside a defenseman like Yakemchuk, who is more offensively minded and gifted. Should Ottawa make Hensler available in a trade, he is the kind of player who could be the big piece in a package that includes draft picks and other players.
In the crease, the Senators have run the course with goaltender Mads Sogaard, and it certainly feels like his time with Ottawa needs to end soon. The former second-round pick has not shown much in his last two professional seasons, after a stellar start to his AHL career from 2020 to 2023. Sogaard is now 25, and although the Senators don’t exactly have a deep prospect pool in the crease, it seems likely they will non-tender him this summer. Given that trajectory, it makes sense for Ottawa to move him before the deadline (hopefully) for a late-round pick or let him walk in the summer for nothing. Sogaard isn’t going to fetch much of a return, but Ottawa could pair the pick with other assets to facilitate a bigger move elsewhere.
Shifting up front to the forwards, Stephen Halliday has been a nice story this season for the Senators. The 2022 fourth-round pick (104th overall) was an overage draft pick when Ottawa selected him, and he has had a terrific start to his professional career. The Senators have rewarded his progression by giving him 25 NHL games this year, and Halliday, in turn, has rewarded the Senators’ trust in him by tallying four goals and seven assists while averaging just over eight minutes per game. Halliday’s skating isn’t great, but his size and offensive skill set would be desirable to a team looking to add good young talent to its prospect pool.
Team Needs
A Top Six Center: Ottawa had hoped that last year’s trade-deadline acquisition, Fabian Zetterlund, could slide into a role in the Senators’ top six. However, that hasn’t been the case, as Zetterlund has struggled this season and has been relegated to fourth-line duties alongside Eller. The 26-year-old isn’t much of a play driver, but he has fared better in this department this season despite his demotion. Zetterlund can skate well and could likely play in Ottawa’s top six if needed, but at the moment, he’s been a disappointment this year. With his play moving him down the lineup, it’s become clear that Ottawa could use a top-six forward to bump some of their other players back to a more suitable role. Some fans might point to a veteran like Perron as a potential candidate for the top two lines, but given his age and recent injury history, that is not a safe bet. Ottawa doesn’t need to sell the farm to make an addition, and it probably wouldn’t be in on any of the trio of St. Louis Blues who are available (Jordan Kyrou, Robert Thomas, or Brayden Schenn). However, Ottawa could afford to target a player like Michael Bunting of the Nashville Predators or Andrew Mangiapane of the Edmonton Oilers. Both of those players are having down years, but perhaps an opportunity in Ottawa’s top six might reignite their play this year.
A 1B Goaltender: Linus Ullmark is a terrific NHL goaltender who has had a great career. He’s dealt with a lot this season, and unfortunately, it has affected his play on the ice. Had Ottawa received league-average goaltending this season, it would be comfortably in a playoff position at the moment, instead of sixth in its division. The Senators don’t have the assets to acquire another starting goaltender. Still, they could find a more consistent backup, or ideally, a 1B goaltender who can take more starts and allow Ullmark to work through his game without the pressure of shouldering the bulk of the goaltending load. The name Jesper Wallstedt of the Minnesota Wild has been thrown around quite often in online forums. Still, the Senators probably don’t have the trade capital to make that move, particularly given that the Wild are looking for center help and Ottawa likely doesn’t want to part with any of their young, cost-controlled centers (nor should they).
Photo by Charles LeClaire-Imagn Images
Trade Deadline Primer: Los Angeles Kings
With the Olympic break upon us, the trade deadline is under a month 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 Kings.
The Kings made a splash recently by acquiring Artemi Panarin from the Rangers for a minimal return. The trade surprised some in the hockey world and showed the Kings are serious about winning this season. Los Angeles has meandered through the first two-thirds of the season and hasn’t looked like a serious contender, but with Panarin in the mix, it’s clear they plan to add to their lineup and make a push. Whether they make that push remains to be seen, but management’s mindset is fairly clear as we approach the trade deadline.
Record
23-19-14, 5th in the Pacific (55.3% playoff probabilty)
Deadline Status
Buyer
Deadline Cap Space
$15.71MM on deadline day, 0/3 retention slots used, 45/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: LAK 1st, LAK 2nd, CBJ 2nd, DAL 3rd, LAK 4th, LAK 5th, LAK 6th, COL 6th, LAK 7th
2027: LAK 1st, LAK 2nd, LAK 4th, LAK 6th, COL 6th, LAK 7th
Trade Chips
The Kings have plenty of draft picks they could move in any deadline deal, but they aren’t exactly stocked with quality prospects and have a farm system that would rank in the bottom third of the league in terms of quality and quantity. The team already dealt their top prospect, Liam Greentree, for Panarin, but they do have other pieces if they want to make another splash.
Francesco Pinelli was a second-round selection in the 2021 draft (42nd overall) and has not had a smooth transition to the professional ranks, struggling early in the AHL. He had 15 goals and 14 assists in 70 AHL games last season, and likely needs to size up if he hopes to break through to the NHL. Pinelli is a smart player who identifies open space for himself and teammates to create offensive opportunities. On the defensive side of the game, his instincts aren’t as strong, and it is something he is working to round out in the AHL.
Another potential trade piece for the Kings is defenseman Henry Brzustewicz. The 2025 first-round pick (31st overall) plays a safe, simple game and relies on moving the puck to a teammate rather than creating offensive plays himself. His defensive game is steady and effective, as he is adept at forcing opponents to the perimeter, protecting the slot, and containing them. Brzustewicz does have some offensive capabilities, but he isn’t a play driver and likely won’t be running a team’s power play if/when he makes it to the NHL. Brzustewicz could be a good piece of a bigger package if the Kings are looking to make another splash before the trade deadline.
Finally, we come to goaltender Carter George, who might be the Kings’ best prospect after the Greentree trade. George has had a decorated international career, representing Canada at the last two World Junior Championships, and he has also been terrific during his tenure in the OHL with the Sault Ste. Marie Greyhounds. The Thunder Bay, ON, native isn’t overly big, but his puck-handling makes him a third defenseman, which can facilitate quick breakouts and transition play. In terms of his goaltending, he is technically sound and doesn’t appear to wilt under pressure. If the Kings wanted to move a prospect whose value is inflated at the moment, George is probably the piece.
Team Needs
A Top Six Center: Los Angeles desperately needs a center going forward. It’s gotten to the point this season that winger Alex Laferriere has slotted in at center in the top six, which is less than ideal. They have Anze Kopitar for the rest of the season until he retires, and Quinton Byfield is likely fine as the second-line center, although he’s had a rough stretch this year. Beyond that, Alex Turcotte has not reached the levels many expected, putting the Kings in a predicament this season and beyond. The Kings have cap space to acquire a center this year, but it’s hard to say how strong the internal pressure is to acquire a pivot before the deadline. Los Angeles could let this year play out and chase a Nick Schmaltz-type player in free agency, or they could look to the current available options, which would likely be Elias Pettersson of the Vancouver Canucks, Shane Wright of the Seattle Kraken, or Robert Thomas out of St. Louis. There is always Vincent Trocheck of the New York Rangers available as well, and given the ties to Panarin, there could be something to that one.
A Depth Forward: No disrespect to Taylor Ward or Jeff Malott, but if Los Angeles enters the playoffs with those two taking regular shifts on the fourth line, that would be a problem against a team like the Edmonton Oilers. The Kings have dealt with some injuries, and the Kevin Fiala injury is another obstacle to overcome, especially since the Kings don’t have a ton of reinforcements who can play at a high level long term. Malott has been a fine replacement this season, but Ward has just 16 NHL games of experience and is a late bloomer, much like Malott. The Kings could likely find a reasonably priced depth forward on the trade market to insulate themselves against future injuries, which will no doubt happen as the NHL plays a compressed schedule down the stretch. A player like Erik Haula might make sense coming out of Nashville, as the Predators aren’t a playoff team, and Haula has an expiring deal. His market could be limited due to his $3.15MM cap hit, which the Kings could easily absorb at this time with any retention from Nashville.
Photo by Brad Penner-Imagn Images
Trade Deadline Primer: Pittsburgh Penguins
With the Olympic break upon us, the trade deadline is under a month away. Where does each team stand, and what moves should they be looking to make? We continue our look around the league at teams on the playoff bubble; next up are the Penguins.
The Penguins spent the summer collecting what appeared to be spare parts, and many expected them to be a top contender for the first overall pick in this summer’s NHL Entry Draft. That has not been the case, however, as the Penguins have defied projections and their own uneven play to find themselves not only in the hunt for a playoff spot but also in a position to earn home-ice advantage in the first round of the NHL Playoffs. It’s been a fun, feel-good story thus far, but it has certainly changed the calculus for Penguins GM Kyle Dubas as he heads into the trade deadline. What once appeared to be a surefire sell-off now feels as though it could turn into a conservative shopping spree for the Penguins.
Record
29-15-12, 2nd in the Metropolitan
Deadline Status
Conservative Buyer
Deadline Cap Space
$53.52MM on deadline day, 0/3 retention slots used, 46/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: PIT 1st, PIT 2nd, WPG 2nd, PIT 3rd, SJ 3rd, NSH 6th
2027: PIT 1st, PIT 2nd, NYR 2nd, PIT 3rd, NJ 3rd, WPG 4th, PIT 5th, PIT 6th, PIT 7th
Trade Chips
The Penguins have no lack of trade chips heading into this deadline, which is something they haven’t been able to say all that often in recent years. Pittsburgh has built a healthy backlog of prospects and a robust stockpile of draft picks for the coming years. That said, GM Kyle Dubas has shown a willingness to pivot from the plan slightly if it makes sense to bring in young, controllable talent. In some cases, Dubas has brought in talent along with futures, but the deadline may be an opportunity for Pittsburgh to move some pieces out for a bigger piece.
So, who could Pittsburgh trade? Well, last summer’s trade chips are probably not on the table, given their playoff positioning. That list includes Bryan Rust, Erik Karlsson and Rickard Rakell, and unless Pittsburgh is blown away, it feels like all three will remain with the Penguins. In fact, it feels like most of Pittsburgh’s current NHL roster is safe for this season, because it is a tight-knit group, and it would be hard to tell the veterans that they need to subtract talent.
But what about in the minors? One potential chip is 2022 first-round pick (21st overall) Owen Pickering. The hulking defenseman hasn’t progressed as Penguins management would have hoped, but he shows signs of being an NHL defenseman, possibly even in the team’s top four. Pickering has long been viewed as a defenseman with a very high ceiling. He is mobile, has good size, and is reasonably skilled with the puck on his stick. That said, Pickering remains a project, and there is work to do on the defensive side of his game. Pittsburgh has been patient with his development, but you have to wonder if the Penguins might see him as another potential Samuel Poulin, a former first-round pick who ran out of chances and watched his trade value fall to nothing. Pittsburgh has to make a call on Pickering soon, and they could leverage him as trade bait before that decision is made.
Another prospect who has fallen out of favour this season is Ville Koivunen. The forward was a key piece in the Jake Guentzel trade two years ago and showed enough last season to have people thinking he would be part of Pittsburgh’s top six this year. He had chances this season, but his play was uninspired, and he was quickly returned to the AHL, where he has been fantastic, posting 25 points in 20 games. Koivunen has a ton of skill and hockey IQ, but he isn’t overly big or strong, nor is he fleet of foot. He will rely on his smarts to score, but there is an adjustment to the NHL game Koivunen hasn’t made yet. Given that Koivunen is probably Pittsburgh’s highest-skilled prospect, it’s hard to imagine them dumping him in a deadline move, but anything is possible.
Finally, we return to the NHL roster and the possibility of moving a player off it. While it seems unlikely that Pittsburgh makes any major changes with the big club, there is always the possibility that a team blows them away with an offer for one of their veterans. Rust, Rakell, and Karlsson aren’t likely to be moved, but a player like Noel Acciari probably wouldn’t be off limits. Acciari has formed a formidable fourth line with Blake Lizotte and Connor Dewar and is a free agent this summer. Pittsburgh isn’t likely to re-sign the 34-year-old, but Acciari has played well enough to get paid this summer. If a team made a strong enough offer, one would have to believe Pittsburgh could be persuaded to move him if it improved their long-term future.
Team Needs
A Right Shot Defenseman: It’s easy to look at the Penguins’ defensive core and think their bigger issue might be on the left side, but Pittsburgh is banged up on the right side. Kris Letang is out, as is Jack St. Ivany, and with those two hurt, the right side looks very thin. Ryan Shea has been filling in recently, but his performance has declined, and he looks uncomfortable in his current role. Right-handed defensemen are historically hard to acquire, and given that Dubas has been stockpiling assets, he probably isn’t interested in turning a bunch back to acquire a stopgap. An under-the-radar trade feels likely here rather than a big addition, but Dubas is nothing if not unpredictable, so it wouldn’t be a shock to see him look for a longer-term solution if it fits the bigger plan.
Top Nine Forward Help: The Penguins look set up front and able to roll four consistent lines. However, they lack depth beyond their top 12 forwards and struggled when several forwards were sidelined by injury in December. Pittsburgh lost 9 of 10 games during that stretch as the loss of Evgeni Malkin, Anthony Mantha, and Justin Brazeau eroded the team’s depth. Given the Penguins’ history of injuries, adding an extra top-nine forward might be a wise move to prepare for such an unfortunate series of events. The Penguins don’t need to break the bank to acquire an additional body and could certainly shop the bargain bins to add a bit of depth just in case they run into injury troubles in the final weeks of the season.
Trade Deadline Primer: Winnipeg Jets
With the Olympic break upon us, the trade deadline is under a month away. Where does each team stand, and what moves should they be looking to make? We continue our look around the league at teams on the playoff bubble, next up: the Jets.
The Jets entered this season with the loftiest expectations after capturing the Presidents’ Trophy last year. Unfortunately, injuries and inconsistency have set the club back, and it is well below .500, struggling to climb the Western Conference standings. The playoffs look unlikely at this point, but with most of their stars signed long term, the Jets aren’t likely to push the button on a rebuild. A small retool in the offseason seems probable, and the Jets do have the personnel to turn around their fortunes in a hurry. The deadline feels like a good time to begin the retooling, and it seems likely they will move on from their pending UFAs.
Record
22-26-8, 7th in the Central (5.5% playoff probability)
Deadline Status
Seller
Deadline Cap Space
$17.44MM on deadline day, 0/3 retention slots used, 45/50 contracts used, per PuckPedia.
Upcoming Draft Picks
2026: WPG 1st, WPG 3rd, WPG 5th, WPG 6th, WPG 7th
2027: WPG 1st, WPG 3rd, WPG 5th, WPG 6th, WPG 7th
Trade Chips
Winnipeg has yet to define itself as a seller, but it will need to pivot to that mindset, barring a miraculous short-term turnaround. The Jets want to win and were presumably built to win this season, but things haven’t panned out. If the team does begin a mini selloff, it has some desirable veteran pieces, particularly on the backend.
Big Logan Stanley is a pending UFA and would surely draw interest from any team looking to beef up their blueline. The 27-year-old couldn’t have picked a better time to have a career year, and he is sure to get paid when he hits the open market. He and the Jets haven’t engaged in contract talks, which is a strong sign he is done in Winnipeg after this year. If the Jets do indeed punt on the season, Stanley could net them some decent assets. At 6’7” and 230 lbs, Stanley will have multiple suitors, which could create a bidding war for Winnipeg to cash in on.
Another defenseman who could net some assets is Luke Schenn. The 18-year NHL veteran isn’t having a great year, but that doesn’t mean he won’t have suitors. Schenn still blocks shots and hits a ton, both desirable traits in the eyes of most NHL GMs. A year ago, the Jets acquired Schenn from the Pittsburgh Penguins for a second-round pick, but it’s hard to envision them getting the same return this time around. That being said, the Jets should be able to nab a similar pick if Schenn is made available, as right-shot defenseman almost always go for a premium.
Up front, Winnipeg has a couple of forwards who would be in demand despite their own poor seasons. Jonathan Toews was brought in to potentially serve as Winnipeg’s second-line center, but he hasn’t been close to the player he once was. He has just 19 points in 56 games this year, but could still serve as a fourth-line center on a solid playoff team. Toews remains elite in the faceoff circle, winning 61% of his draws, and he hasn’t been a drain on possession, even though he’s clearly not the skater he once was. He would need to waive his no-movement clause to facilitate a deal, but if he wants one more shot at a Stanley Cup, it could be possible for him to do so.
Another forward who could fetch a draft pick for the Jets is veteran Gustav Nyquist. The 36-year-old has had a dreadful season with the Jets, tallying just nine assists in 35 games while averaging almost 13 minutes per game of ice time. It’s a sharp drop from two seasons ago, when Nyquist had 23 goals and 52 assists in 81 games and was a key contributor for the Nashville Predators. Nyquist has been fairly inconsistent offensively since crossing the 30-year-old mark, and it looks as though he is a 20-30-point player at this stage of his career. Given the teams that are looking for help offensively, there should be a small, lukewarm market for Nyquist, but if the Jets are selling, there is really no reason to hang onto Nyquist past the trade deadline.
The Jets also have veterans Tanner Pearson, Cole Koepke, and Colin Miller on their roster, but none of those three are likely to fetch much at the deadline other than a low-level prospect or a very late draft pick. Miller is currently dealing with a knee injury, but if he can return to health, he could command the highest return given the robust market for right-handed defensemen.
Team Needs
A Second Line Center: The Jets hoped Toews could recapture the magic from his early Chicago days and fill the void at second-line center. However, Toews’s limited playing time over the last few years has been a glaring issue, and he is no longer a top-six fixture, likely best suited to fourth-line duties. It was a worthy gamble for Winnipeg, given that the market for second-line centers wasn’t exactly a buyer’s market. The Jets need to fill that role going forward, and it likely won’t be easy. Top-six centers don’t grow on trees, and the cost in both the trade market and free agency will be high.
The Jets don’t need to address the issue before the deadline, but if they can trade pending UFAs and stack draft capital and prospects, they could use those assets to try to be buyers in the trade market this summer. There will be options available, likely for veteran players such as Nazem Kadri or Tyler Seguin. While these players have had great careers, the Jets would be better served by targeting a younger player, though it will certainly cost more.
More Depth Scoring: The Jets have relied heavily on their stars this year, which has put a lot of pressure on the likes of Kyle Connor and Mark Scheifele. If those players don’t score, the Jets generally don’t produce offense, since their bottom-six forwards haven’t been able to provide consistent point production. It’s not something Winnipeg is likely to address before the trade deadline. Still, it could be something they target if the right move presents itself, similar to how the Penguins brought in Thomas Novak at last year’s deadline, even though they weren’t a playoff team. Winnipeg needs another playmaker in its middle-six group, and given that playoff teams will be vying for exactly that kind of player, Winnipeg might find better prices in the summer.
If they can find someone to fill that void, particularly on the second forward unit, it could push everyone else down in the lineup, which might allow for better balance and team play five-on-five, something that is lagging well behind other playoff teams.
Photo by Perry Nelson-USA TODAY Sports
The Danger Of Signing Goalies To Lucrative Contracts
The New York Rangers and Vancouver Canucks are two of the NHL’s worst teams this season and are both on the verge of massive roster changes. While both teams face unique challenges, one parallel is that they’ve made a mess of their goaltending finances with pricey extensions that were miscalculations.
The Rangers and Canucks are far from alone in this predicament. High-priced extensions have also burned several other teams at the bottom of the standings, leaving them with goaltenders who had been performing well but whose play fell off a cliff after signing their new deals.
That isn’t necessarily the case for Shesterkin, however, it is the case for Linus Ullmark of the Ottawa Senators, Juuse Saros of the Nashville Predators, and Jacob Markstrom of the New Jersey Devils, who are all making big money on recent contract extensions, with no guarantees their play will turn around. This has left three teams with win-now rosters featuring goaltenders who are vastly overpaid.
It’s become a trend over the past five-plus years that teams signing goaltenders to expensive deals must be seriously concerned about their performance throughout the term of the agreement.
There is concern about every player’s performance after they sign a lucrative long-term deal. However, goaltenders have become a unique cause for concern lately, and it’s hard to say why.
In the late 1990s and throughout the 2000s, many veteran goaltenders on the wrong side of 30 would sign expensive long-term deals without so much as a second thought from their new teams. In July 2002, for example, goalie Curtis Joseph signed a three-year, $24MM contract with the Detroit Red Wings, even though it wasn’t the best offer on the table.
Joseph had a three-year $26MM offer from the Toronto Maple Leafs but opted to move to Detroit. Toronto then pivoted and signed Ed Belfour to a two-year, $13.5MM deal.
By today’s standards, those contracts aren’t eye-popping, and the term is relatively short. But Belfour and Joseph were 37 and 35, respectively, and there was a chance their play would drop off significantly during the brief time they were signed.
Nowadays, it’s hard to imagine a team giving $8MM a season to a 35-year-old goaltender, and Joseph’s deal was inked 23 and a half years ago. The Senators gave Ullmark four years and $8.25MM annually just last year, but he had just turned 32 and was two seasons removed from a Vezina Trophy as the league’s top goaltender.
It was a pricey gamble for Ottawa and hasn’t looked like good value this season, but Ullmark has been dealing with personal issues, so it’s hard to project how the deal will work out long-term.
Circling back to the Rangers and Canucks, they are a tale of two teams whose expensive goaltending has led to team-wide issues, but for wildly different reasons. In Vancouver, Thatcher Demko was signed to a lucrative three-year deal at the start of free agency, worth $8.5MM annually.
It was a gamble by Vancouver, as they hoped the former Vezina Trophy finalist could bounce back from a poor showing last season. Had Demko had a good year, he would have been a candidate to get $9MM or more on a new contract, but Vancouver thought it was wise to jump the queue. It has not turned out well.
If Demko had played well, Vancouver likely would have paid him an AAV slightly higher than the $8.5MM they gave him, but would’ve been on the hook for more term, which would’ve been riskier. Instead, Vancouver made a different bet and is now on the hook for more term than Demko would’ve received in free agency. But hindsight is 20/20, and for the Canucks, they are stuck with the Demko deal, one they’d love to have back.
In New York, it was a different calculation. Rangers’ general manager Chris Drury believed he had a Stanley Cup contender on his hands, which meant doing everything he could to retain his Vezina Trophy-winning goaltender, Igor Shesterkin. Drury moved out his captain, Jacob Trouba, to open up space to sign Shesterkin to a record-breaking eight-year, $92MM contract.
While it was the right on-ice move given Trouba’s cap hit relative to his play, the Rangers have never been the same since the trade. New York fell off a cliff last season and has remained at the bottom of the league this year, despite Shesterkin being good.
But that is the issue: Shesterkin has only been good. In the years leading up to his extension, Shesterkin was elite.
His play in those seasons masked many of the Rangers’ problems and led Drury and New York management to think the team was much better than it actually was. Shesterkin’s goaltending was a mask, hiding the fact that Drury had built a fatally flawed roster that relied too much on out-of-this-world netminding, which was clearly unsustainable.
While the Rangers, Canucks, Devils and Predators aren’t the only teams with pricey goaltending, they are the most apparent examples of paying a premium for goaltending. But even middle-of-the-pack teams can run into issues where their extensions turn into disasters.
There are good examples in Washington: a few years ago, with Darcy Kuemper, who had just won a Stanley Cup, and Philipp Grubauer, who had been solid for years before signing as a free agent with Seattle and becoming unplayable in the NHL. Matt Murray in Ottawa was the same story, but none is more egregious and obvious than Tristan Jarry in Pittsburgh, who was recently dealt.
Pittsburgh is a relevant example because of Stuart Skinner, who has been a revelation with the Penguins but is a UFA at the end of the season. Pittsburgh already has its goalie of the future in tow in Sergey Murashov, and the Penguins would be wise to ride Skinner into the playoffs and then let him walk in the offseason if his salary demands exceed $5MM annually, which they surely will. It should be interesting to see the Skinner story unfold, but there is plenty of evidence that the Penguins would be wise to avoid giving term to a netminder who is unpredictable.
Who Could The Penguins Target Before The Trade Deadline?
The Penguins appeared to fall back to earth in December after a strong start had them in playoff contention. A ten-game stretch dropped Pittsburgh to the bottom of the Eastern Conference standings. However, since the Christmas break, the Penguins have been on a tear, going 14-3-3 and climbing to second place in the Metropolitan Division.
No one expected Pittsburgh to be in this spot, but that’s where they are, and it is likely changing general manager Kyle Dubas’ long-term plans. Pittsburgh was expecting to sell at the trade deadline, but now there is talk of potential additions, as Josh Yohe writes in The Athletic.
But what exactly would the Penguins add? The truth is that Dubas probably isn’t looking for short-term answers and isn’t going to give up previous picks and prospects for rentals.
He might send out a late-round pick for a player or two, but his big moves, if he makes them, will not be short-sighted. So, given that he is armed with a ton of cap space and a plethora of draft picks in the subsequent three drafts, who could Dubas target?
Some people might see a player like Blues forward Jordan Kyrou as a fit, but Pittsburgh’s GM has a type. For the past two years, it’s been clear he’s targeting high-ceiling, (mostly) young players who have fallen on hard times, need an opportunity to showcase their skills, and come at a discount.
Egor Chinakhov, Arturs Silovs, Philip Tomasino, Cody Glass, and Stuart Skinner were part of a couple of trades Dubas made to acquire young talent with a ton of upside. Most of those moves have worked out, with Tomasino being the exception.
Then there is the free agency market, where Dubas’s work is very impressive. Justin Brazeau, Parker Wotherspoon, Ryan Shea, and Anthony Mantha were all brought in for a song. Now, they are all contributing significant minutes in key roles for Pittsburgh, and the team is reaping the benefits.
Kyrou could be considered a fit, but given the price tag and the money he is owed, it doesn’t feel like a Dubas target heading into the trade deadline. He has been burned by significant acquisitions before, both in Pittsburgh and Toronto, so he could be tepid when it comes to big-game hunting, especially if he is eyeing the Penguins’ long-term prospects. But like Kyrou, there are many players who have fallen on hard times and are available, with the upside Dubas might be looking for.
What about a Shane Wright in Seattle? Would Dubas be willing to move some of his picks and prospects to acquire the former fourth-overall pick in 2022, or even go so far as to move a player from the Penguins’ current roster?
Wright looked like he’d found his NHL footing last season, but an uneven start to this year has him on shaky ground. Seattle is putting out feelers to gauge the market for the 22-year-old.
Pittsburgh needs young, high-end talent to add to its young core of Benjamin Kindel, Sergey Murashov, Harrison Brunicke, and Rutger McGroarty. Could Wright be a fit? There is nothing to suggest Pittsburgh has interest, but given Dubas’ track record, it’s hard to ignore that there could be a fit there.
What about another top pick, Alexis Lafrenière, who is reportedly not a significant part of the New York Rangers’ retool? The former first overall pick in 2020 looked to have turned the corner two years ago, when he tallied 28 goals and 29 assists in 82 games.
However, last season was a setback offensively, and this season has been an even steeper drop. His assist numbers remain stable, but the finishing just hasn’t been there. He has a two percent drop in his shooting rate and isn’t generating the same shot volume as in 2023-24.
It’s hard to believe the Rangers would trade with the Penguins given the bad blood between the two sides, but they’ve done business before, as recently as 2024, when Pittsburgh sent forward Reilly Smith to New York for two draft picks. This would be different, though, as Lafrenière is in the first year of a seven-year, $52.15MM contract. And make no mistake, that contract could be a barrier to the Rangers moving him, although with a rising cap, it could be worth taking on, given Lafrenière’s potential.
At 24 years of age, Lafrenière has yet to live up to the billing that made him a first-overall pick. He was touted as an offensive wizard, drawing comparisons to another former first-overall pick, Sidney Crosby.
Now, in his sixth NHL season, it doesn’t appear he will morph into an offensive wizard anytime soon, but that doesn’t mean there isn’t value to be had. Lafrenière could be a good long-term option to play on the wing with Kindel in Pittsburgh’s top six.
Lafrenière is a smart player. Like Kindel, he has a high hockey IQ and is an excellent passer who handles the puck well. There could be a match there if the Penguins are looking for younger players who have underperformed.
Given Dubas’s previous connection in Toronto, it’s hard to believe he wouldn’t be interested in right winger Nicholas Robertson, a pending RFA next summer who has been on the trade block for what feels like forever.
Robertson wanted out of Toronto 18 months ago and never got his wish. However, the Maple Leafs have moved him up the lineup this season, with varying results, thanks to the injuries the team has dealt with. Would Toronto move him now? It’s hard to say, but for the right price, anything is possible.
It’s not certain that Robertson would be a fit in Pittsburgh, as he likely wouldn’t be in their top nine. The Penguins’ fourth line of Blake Lizotte, Noel Acciari and Connor Dewar has been highly effective this year, meaning there might not be a place for Robertson with the Penguins. Things could change in the summer, when the Penguins have more slots open up due to departures, but for now, it seems unlikely that they would acquire the 24-year-old forward.
At the beginning of the season, the Penguins were widely regarded as having the worst left-side defensive unit in the league. No one could have predicted the emergence of Shea and Wotherspoon, who have become solid defensive options, while Brett Kulak was still playing in Edmonton with the Oilers.
At the time, Penguins fans were discussing the possibility of acquiring Anaheim Ducks defenseman Pavel Mintyukov, the 10th overall pick in 2022. Reports from Elliotte Friedman at the time indicated that Mintyukov wasn’t happy with his playing time, and Penguins fans rightly saw him as a potential solution to their defensive woes. But now, with the Penguins’ current depth, it’s hard to say whether it would be a move for Pittsburgh to make. Dubas always likes to stockpile NHL defensemen and has at least a dozen of them right now, but would he put together a 22-year-old defenseman who would be a heck of a buy-low option?
Make no mistake, Mintyukov can play and would be a great long-term option for the Penguins alongside Brunicke on the back end. This season, Mintyukov has six goals and eight assists in 48 games, buoyed by a career-high shooting percentage of 12%. Pittsburgh is being cautious about how it spends its future assets and may not want to roll the dice if the price gets too high. But if Anaheim is looking to move on from Mintyukov, the Penguins could likely put together a competitive offer for the pending UFA.
NHL Teams Continue To Avoid Roster Re-Starts
Several NHL teams have been major disappointments this season, particularly the New York Rangers and Vancouver Canucks. While the Rangers have made it clear they intend to retool, the Canucks have refrained from labelling their plans, possibly due to ongoing roster assessments or other internal considerations. Even teams that have entered clear rebuilds have become apprehensive about fully starting over (e.g., the Calgary Flames), for various reasons. PHR had a piece last year that addressed why teams are choosing a retool over a rebuild, but this piece will focus on why teams have shied away from ever starting over.
The reluctance to start over makes sense from the team’s perspective, even if it hinders the team’s long-term prospects of becoming competitive again. The Rangers are a perfect example, having invested a pile of past development years into players such as Igor Shesterkin and Alexis Lafreniere. This is common among NHL teams, who constantly fall into the sunk-cost fallacy of continuing to throw money and time at a player, even though he will never be what they were hoping for or effective enough to justify the costs they’ve paid.
Beyond past costs, teams are also trapped by future expenses from contract extensions given to players who are not performing up to their AAV. This is something the Rangers are arguably dealing with in the cases of Shesterkin and Lafreniere, another bitter pill for management to swallow, as they are now in a position where they feel as though they are throwing both past and future years away on a player they piled so many resources into.
Those extensions were signed by Rangers general manager Chris Drury, and his fingerprints are all over this team. Drury has invested everything into his current club, from draft picks to term to cap space to his public messaging. It’s part of the reason he has recently talked of pivoting to a retool. Walking away completely from this core would signal a massive failure on his part. Even if the pieces in place probably aren’t the ones you’d want to retool around, Drury will likely keep a lot of them, because he staked his reputation on acquiring them.
GMs who build a team and then have to blow it up are essentially admitting they were wrong in their roster construction. Few NHL GMs want to do that, and most front offices would rather be a consistent disappointment than openly admit they are wrong.
And therein lies a big problem in the NHL. Executives aren’t necessarily rewarded for championships; they are rewarded for not collapsing. Making the playoffs is safe; finishing just outside the playoffs shows stability, but tearing down a roster and rebuilding it is a considerable risk, one that can cost you your job. A full-scale rebuild requires several ugly seasons. It means fans with brown paper bags on their heads attending games, and it means an impatient owner circling the offices, wondering when the team will turn the corner. Rebuilding is brutal and ugly, and it requires patience. Retooling is more manageable, quicker, and often leads to immediate, albeit tepid, results.
Retools can also sell hope, and teams can see it in a retool. Owners prefer hope to being told they have to tear down their team, and hope sells more tickets than telling fans you are going to start over. That matters more to owners: a full building over a full draft-pick ledger. A middle-of-the-pack team with designs on limping into the playoffs is easier to market than a disciplined rebuild with zero guarantees.
So, NHL teams opt for the theatre of optimism over meaningful structural change, and it’s tough to fault them given the incentives at play. One of the most famous examples of this is the Toronto Maple Leafs of the late 2000s, who were managed by Brian Burke. The management group had assembled a promising prospect pool but grew impatient in September 2009 and made the trade with Boston to acquire Phil Kessel. The rest, of course, is history: Tyler Seguin was drafted in 2010 with the Maple Leafs’ first-round pick, and defenseman Dougie Hamilton was drafted a year later with Toronto’s 2011 first-round pick. Had Toronto simply been patient, there is no telling where that iteration of the Maple Leafs would have ended up.
Front offices dread wasting years, and in the early stages of a rebuild, there will be wasted years. It’s also why teams rush rebuilds and mess them up. That is effectively what Drury did. He became impatient and made bold moves to bolster his lineup, which ultimately blew up his prospect system and, eventually, his NHL roster. The Ottawa Senators are guilty of the same thing, taking wild swings early in their rebuild on Alex DeBrincat and Jakob Chychrun. Teams trade their future away and call it supporting the core. They extend players to justify their original bet on a player (see last week’s piece on this). They shift their own goals from winning the Stanley Cup one day to simply not having to start over.
Again, it’s hard to fault GMs for doing this. The NHL’s structure used to encourage full-scale rebuilds, but now the rules discourage them. The draft lottery has made it harder to build through top picks; the salary cap floor requires acquiring veteran players; and some high draft picks take longer to develop. All of that has made the retool, or stated differently, the half-rebuild, safer. Even if the retool leads nowhere, which it often does.
The Pittsburgh Penguins are a prime example of this. In the 2022-23 season, it became clear the Penguins needed to get younger, but general manager Ron Hextall doubled down on his roster, trading for veterans such as Nick Bonino, Mikael Granlund, and others. He also sent Brock McGinn, Kasperi Kapanen, and Teddy Blueger out the door. It was a clear case of doing something now to change the furniture, hoping it would improve. It failed miserably. Hextall had stood still for most of his tenure in Pittsburgh, and while his flurry of moves that year showed urgency, he accomplished nothing and was fired at the end of the season.
The complex reality in the NHL is that teams can’t rebuild under current management, not in any meaningful way, because it would expose all of management’s mistakes. Bad drafting, poor development, bad signings, cultural rot in the dressing room, the list goes on. Starting over requires a top-down reset, from the president of hockey ops and general manager on down to the players, and most teams can’t stomach that kind of carnage or don’t have the humility to admit things aren’t working. This is why teams don’t rebuild until it’s five years too late, and the only choice they have is to start over and wait five to seven years for results.
The Maple Leafs are currently at that point. They can retool around Auston Matthews, William Nylander, and Morgan Rielly, or they could begin the painful teardown and build a whole new culture in Toronto. Given the incentives at play, it’s hard to believe they would choose the latter over the former, even if it might be the better choice for the franchise long term.