Poll: Which Team Should Make The Biggest Push For Shane Wright?
A weak Western Conference has the hot-and-cold Kraken still squarely in contention for a playoff spot. Seattle had won six of eight entering the break, moving them into third in the Pacific Division and tied with the Ducks for the second wild-card slot (although the Kraken have three more regulation wins).
Despite teetering on the edge of a berth all season, general manager Jason Botterill’s overall deadline strategy appears to be as aggressive as possible. 2022 fourth overall pick Shane Wright is one name that could very well be on the move after reports last month indicated they were open to dangling him as the big fish to land a major upgrade for their top-six forward group.
While it would normally be surprising to see a team so uncertain of its short-term outlook being willing to dangle such a high-value young asset, Seattle has assembled a deep prospect pool over the last few years that can easily handle the loss of Wright. Even just considering centers, they’ve supplemented him with two more top-10 picks in Berkly Catton in 2024 and Jake O’Brien last year.
The desire to give Wright a fresh start elsewhere appears to come from both player and team. That makes sense considering Wright has had his ice time reduced from last season under first-year head coach Lane Lambert, despite coming off a strong 19-goal, 44-point effort in 79 games in his first extended look in NHL minutes in 2024-25.
As a result, this year his production has dipped to 11 goals and 22 points in 56 games. That’s a points-per-game decrease from 0.56 to 0.39, accompanied by a 10-second drop in ice time per game.
The Ontario native has also struggled in the two most important secondary areas for a center – faceoffs and possession control. He’s winning just 37.9% of his draws this year after hitting 44.4% last season while controlling 46.3% of shot attempts at even strength. The latter number is particularly disappointing considering he’s been given sheltered usage, starting over two-thirds of his shifts in the offensive zone.
Nonetheless, there are a few teams looking to move out a top-six piece that wouldn’t benefit from a 22-year-old center with the pedigree of being a top-five pick. Which sellers should be the most aggressive in trying to ensure they strike a deal with Kraken and recoup Wright?
Calgary Flames
Even among sellers, you’d be hard-pressed to find a team with two tangible top-six forwards – with term – to use as trade chips. If Seattle wants to make a push for either Blake Coleman or Nazem Kadri, the Flames are asking for Wright as the starting piece of the return, especially for the latter.
They’ve done well to build out their prospect pool on defense (particularly the right side) and on the wings, but they’re missing a clear-cut top-six piece down the middle long-term, especially with Samuel Honzek appearing to shift to the wing full-time and Cole Reschny‘s slighter frame likely making him a better fit at left wing than center at the NHL level. They’re not currently icing a center under the age of 25 in the NHL, either, at least not with John Beecher injured.
Adding Wright gives them more hope down the middle long-term with greater offensive upside than a name like Honzek has been able to show in the pros thus far.
New York Rangers
Seattle made a big contract offer to Artemi Panarin but struck out with the winger deciding it was L.A. or bust. With the two clubs already having engaged in trade talks on the star winger, the Kraken might opt to put themselves in the conversation for Rangers middleman Vincent Trocheck as well.
For a team still in the earlier stages of a retool like the Rangers, they wouldn’t be too concerned with position when getting as high-value an asset as Wright back in a deal. Nonetheless, recouping a young, higher-ceiling center by March 6 would be a dream scenario for Blueshirts GM Chris Drury.
The Rangers’ arsenal of U23 potential top-six contributors at forward – Gabriel Perreault, Liam Greentree, and Malcolm Spence – are all wingers. Their best center prospect, 22-year-old Noah Laba, has operated as their third-line center for most of the year and, while he’s clearly made the jump to full-time NHLer status, has never been touted as anything more than a long-term 3C option.
With such a pressing positional need down the middle, especially if they’re intent on flipping Trocheck with several years left on his deal, Wright is a perfect addition.
St. Louis Blues
The Blues aren’t actively shopping Robert Thomas, but they are listening to offers. It will still take a gargantuan price tag – reported to be four first-round picks or equivalent assets – to land a deal, but the Kraken are well-positioned to do so with Wright ready to fill one of those four slots and four first-round picks available in the next two drafts.
Unlike for Calgary and New York, though, adding Wright down the middle would more signal a completion of the long-term puzzle down the middle than a much-needed jumpstart. Dalibor Dvorsky, still just 20 years old, has arrived this season as he looks to be a high-end second-line piece for St. Louis throughout his prime. Another recent first-rounder, Otto Stenberg, hasn’t looked out of place in NHL action this year, either.
Wright’s sluggish development so far wouldn’t solve the need for finding a bona fide first-line piece to serve as a direct replacement for Thomas, but he would give the Blues ample top-nine depth for their next playoff contention window.
Vancouver Canucks
The Canucks are headed straight toward the best odds at the first overall pick in this year’s draft, in large part due to a lack of production from the middle of the ice. Their middle-six pivots for much of the year, David Kämpf and Aatu Räty, have combined for all of five goals.
They already picked up Marco Rossi from the Wild in the Quinn Hughes deal, but he’s battled through a broken foot this season and only had a goal and an assist in eight appearances for Vancouver before the break. There’s also the matter of star first-liner Elias Pettersson, who’s still struggled to get anywhere close to the heights of his 102-point breakout three years ago. He’s scoring at a 57-point pace this season, the worst of his career.
If Seattle wants to buy low on the high-priced pivot, Wright won’t have more opportunity at premier minutes anywhere else than in Vancouver.
If the Kraken do leverage Wright into a top-six upgrade, which team would stand to reap the most rewards? Have your say in the poll below:
Which Team Would Benefit Most From Landing Shane Wright?
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.
Rangers Likely To Move Vincent Trocheck
When Rangers GM Chris Drury released a letter to the fans last month announcing a retool, he noted that this process could “mean saying goodbye to players that have brought us and our fans great moments over the years.” We’ve already seen one of those players on the move with last week’s trade that saw Artemi Panarin get moved to Los Angeles.
But retools don’t often stop at one core player being on the move. Meanwhile, with the market having few defined sellers at this point and a lot of teams still being in the playoff picture, those who are willing to move out some talent appear to be poised to capitalize on a strong trade market.
To that end, Chris Johnston of TSN and The Athletic recently noted on Edmonton Sports Talk (video link) that it seems likely that center Vincent Trocheck will be on the move before the March 6th trade deadline.
There aren’t many Rangers who have lived up to expectations offensively this season but Trocheck may very well be one of those who have. After a quieter performance in 2024-25 that saw him collect 26 goals and 33 assists in 82 games (compared to 77 points the year before), the 32-year-old has bounced back a bit this season, notching 36 points in 43 games (a 69-point pace over a full 82-game campaign).
On top of that, Trocheck remains one of the better players at the faceoff dot, winning 56.5% of his draws this season. He’s also logging more than two minutes per night on both the power play and penalty kill and close to 21 minutes per contest overall. Suffice it to say, he’s about as complete of a player as you’re going to find on the trade market.
His two-way skillset is what led the Rangers to sign him to a seven-year, $39.375MM contract back in 2022, a deal that still has three years remaining on it after that one. With a $5.625MM AAV that is already now below-average for a second center, Trocheck is an option that more teams should be able to afford, meaning that New York shouldn’t necessarily have to use one of its salary retention slots to get a deal done.
It’s worth noting that Trocheck does have some trade protection in his deal. Although he no longer has a full no-move clause, he can still block a trade to a dozen teams. That would give him a chance to affect his own trade talks, though nowhere close to the extent that Panarin ultimately did to ensure he landed with the Kings.
At this point, the list of potential suitors for Trocheck would probably be longer than the list of teams that wouldn’t show interest in him. Accordingly, if Drury decides to pull the trigger and move out a longer-term core piece, he will be in a much stronger position than he had with Panarin to elicit a top-end return that moves their retooling process along. Once the trade freeze ends (on February 22nd at 10:59 PM CT), the Rangers will have just 12 days before the trade deadline to try to find a suitable trade for Trocheck.
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.
Travis Dermott Signs AHL PTO In Rangers Organization
The Rangers have signed free agent defenseman Travis Dermott to a professional tryout with their AHL affiliate in Hartford, the team announced. Dermott has yet to play this season after undergoing shoulder surgery last June.
He’s not more than a depth defender at this stage of his career, but Dermott is still hoping he may be able to convert a minor-league tryout into an NHL deal on a Rangers blue line that isn’t teeming with depth. He’s been fully recovered from his shoulder procedure for several months and began looking for a contract back in November. It took several months, but he’s got a pathway to one now.
A stable bottom-pairing fixture for the Maple Leafs for the first several years of his NHL career, concussion problems and various injuries have meant he’s only hit the 50-game mark once since the 2021-22 campaign. He spent that year on a two-way deal with the Coyotes and had seven points and a -14 rating in the franchise’s final season before hitting the open market once again. Dermott landed a PTO with the Oilers and converted that into a two-way deal, although he only got into 10 games before landing on waivers and being claimed by the Wild. He suited up nine times for Minnesota before being placed on waivers again, getting reclaimed by Edmonton, and being sent outright to AHL Bakersfield to finish the season.
In 19 games between the Oilers and Wild last year, Dermott did not record a point and only controlled 46.9% of shot attempts at 5-on-5, including a relative figure of -3.0%. His possession numbers were above-average in his small sample with Minnesota, but that wasn’t enough to keep him in the NHL with the Oilers after they got him back in the organization. He played just three games for Bakersfield, recording one goal and a +3 rating, before the shoulder injury rendered him unavailable.
Now 29, the 6’0″, 203-lb Dermott will be appearing in his 10th professional season when he takes the ice for Hartford. Across 348 NHL games, the lefty has 16 goals and 62 points with a +12 rating.
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.
Rangers Reassign Anton Blidh, Spencer Martin
The New York Rangers made a trio of transactions to prepare their roster for the Olympic break, reassigning forward Anton Blidh and netminder Spencer Martin to their AHL affiliate, the Hartford Wolf Pack.
In a corresponding move, the club recalled netminder Hugo Ollas from their ECHL affiliate, the Bloomington Bison. Because CBA rules stipulate that a team must carry three healthy goalies at all times, the Rangers needed to recall a goalie from somewhere if they wanted to send Martin down.
Since recalling Hartford starter Dylan Garand would be relatively counter-productive to their goal of positioning Hartford to win as much as possible during the break, Ollas became the natural choice for the recall.
Blidh, 30, is one of Hartford’s key veterans and has been recalled a few times this season to play a fourth-line role in New York. He has one assist in four NHL games this season and eight points in 35 AHL games. Blidh scored 19 goals and 36 points with the Wolf Pack last season, and is under contract through next season with a two-way structure and a $385K annual guarantee.
Martin, 30, was a mid-season signing by the Rangers, one that helped them shore up their goaltending depth amidst an injury suffered by star Igor Shesterkin.
Martin had over 60 games of NHL experience when he left North America over the summer to sign with the KHL’s CSKA Moscow. Martin put up a .905 save percentage across 13 games before leaving the KHL to get an NHL opportunity with the Rangers organization. In six games with Hartford this year, Martin has a .906 save percentage. He also has six NHL games played this year, but only has an .864 save percentage in that limited sample.
As for Ollas, the 23-year-old is a massive goalie prospect in the middle of his second professional campaign in the organization. The 6’8″, 238-pound netminder has an .895 save percentage in 14 games for ECHL Bloomington this season.
Latest Details On Artemi Panarin Trade
As the dust settles from today’s blockbuster in which the Rangers dealt Artemi Panarin to the Kings in exchange for top prospect Liam Greentree and a conditional third-round pick, more details on the other suitors have emerged.
Additionally, ESPN’s Emily Kaplan mentioned the Hurricanes, Lightning, and Capitals as among the “several teams circling at the end”, however, Panarin told management that he was set on Los Angeles. Crossing off another major city in his career after stops in Chicago and New York, Panarin’s preference limited Rangers GM Chris Drury’s trade leverage considerably. He has caught criticism for the return, but as noted by Kaplan, the Rangers feel they plucked the Kings’ best prospect in Greentree, and time will tell.
Kings Acquire, Extend Artemi Panarin
3:13 p.m.: Both teams have made the terms as reported below official. The Kings do not have an open roster spot and will need to make a corresponding move to add Panarin. Considering he’s already the owner of a U.S. work visa, a non-roster list stint for him isn’t likely.
2:03 p.m.: The Kings have acquired star winger Artemi Panarin from the Rangers, ESPN’s Adam Schefter and Emily Kaplan report. The Blueshirts are getting top prospect Liam Greentree and a conditional third-round pick in return. Panarin, a pending free agent, has now agreed to a two-year, $22MM extension in L.A., per Kaplan. The Rangers are also retaining 50% of Panarin’s current $11.64MM cap hit to bring it down to $5.82MM for the Kings, per Chris Johnston of TSN and The Athletic.
The conditions on that draft pick are complex, as Vince Z. Mercogliano of The Athletic reports. At the very least, the Rangers will receive the better of the two third-rounders the Kings own in 2026 (their own and the Stars’). If L.A. wins one playoff round this year, though, the selection upgrades to their 2026 second-rounder. If they win at least two rounds, their 2028 fourth-rounder also gets added in the deal.
L.A. was one of many teams that were still viewed as landing spots for Panarin – with an extension – as late as this morning. While they were never considered a true front-runner, they got the deal done. In the end, they ended up being the only destination for which Panarin would waive his no-movement clause, per Mollie Walker of the New York Post. Being one of the few teams that were willing to part ways with their No. 1 prospect was also surely an attractive option for Rangers general manager Chris Drury, making him feel comfortable pulling the trigger on an L.A.-or-nothing scenario well ahead of the deadline but before the Olympic roster freeze.
While the 34-year-old Panarin had a slow start to the year, he’s been his usual self from November onward, clicking well over a point per game. He got up to 19 goals and 38 assists for 57 points in 52 games before the Rangers scratched him following their Jan. 26 win over the Bruins, holding him out of the lineup to prevent an injury from complicating any trade. That still has him tied for 24th in the league in scoring and makes him L.A.’s leading scorer by a significant margin over Adrian Kempe and his 45 points.
Trading Panarin, one of the most dynamic talents in franchise history and one of the most successful big-ticket free agent signings in recent memory, became a reality last month when the Rangers announced their intent to undergo another multi-year retool. Reports quickly indicated that they informed Panarin he wouldn’t be offered an extension as part of that plan. They started their sell-off by dealing Carson Soucy to the Islanders last week, but they get after it in a big way here.
The Kings have teetered on the edge of the Western Conference playoff picture for much of the season. They currently sit one point back of the Kraken for the final wild-card spot with a game in hand. That record has been boosted by a league-high 14 overtime/shootout losses, too. They’ve only won 14 games in regulation, ironically tied with the Rangers for the second-lowest in the league.
That sluggish record can be almost entirely attributed to an inept offense, as the Kings score 2.57 goals per game, fifth-worst in the NHL. That simply hasn’t been enough to earn consistent wins in front of one of the league’s better overall defensive systems and goaltending situations. By giving up their universally lauded No. 1 prospect in Greentree, they’re making a clear bet that Panarin – 20th in the league at 1.10 points per game – will be the needle-mover that gets their offense out of the basement and propels them to their fifth consecutive playoff berth.
In a season that marks the last gasp for franchise icon Anže Kopitar, still chugging along as the Kings’ first-line center, he could spend his final few months in the NHL with the most purely talented linemate of his career (save for a Marián Gáborík, depending on how you rate him). Their lack of depth scoring has forced head coach Jim Hiller to deploy his top weapons all on different units. Kempe has anchored the second line as of late with the ageless Corey Perry and newly-minted center Alex Laferriere, while the high-ceiling but inconsistent trio of Kevin Fiala, Quinton Byfield, and Andrei Kuzmenko currently makes up their third line.
If the Kings waited until the deadline to make the move, they could’ve taken Panarin on at full price. But as of today, they’d only accumulated $8.4MM in cap space, per PuckPedia. That meant significant retention was necessary to get a deal done if L.A. wasn’t sending back a roster player. While Panarin, even at under $6MM against the cap, takes up a good chunk of that space, they still have a fair amount of flexibility to make another pickup on the other side of the Olympic break if they choose.
Los Angeles gives up the brightest forward prospect they’ve had in quite some time to make it happen. Greentree, 20, was the 26th overall pick in the 2024 draft and was ranked as the #47 prospect in the entire league by The Athletic’s Scott Wheeler last summer. He’s yet to play a pro game but has shown up as an outright star in junior hockey. He’s served as the captain for the OHL’s Windsor Spitfires since his draft year and finished third in the league in scoring last season, churning out 49 goals and 119 points in 64 games.
It’s worth noting there’s been a significant drop-off in production in 2025-26. He was good for 1.86 points per game last year, but that figure has now dropped to 1.32. That’s still indicative of Greentree being a surefire top-nine piece, especially after a 90-point draft year, but expecting him to ever reach Panarin’s 100-point heights as an NHLer should be overzealous.
That said, the Rangers have had a checkered history with prospect development when the picks come from inside the house. Getting a blue-chip name from outside the organization is an extremely meaningful boost to their long-term outlook, and they’ve now ensured they’ll have six picks in the first three rounds of this year’s draft.
For the Kings, there’s also the matter of getting a true star forward signed to what comes across as an extremely reasonable extension. Not only is Panarin agreeing to a small pay cut in a rising cap environment, but he’ll only lock the Kings into their commitment through the 2027-28 season. That’s a rare insurance policy for L.A. if Panarin’s production declines with age sooner than they hope – especially as other teams were willing to offer Panarin a four-year deal in the range of $11.75MM per season, Frank Seravalli of Victory+ reports.
Image courtesy of Brad Penner-Imagn Images.
Rangers Hoping To Trade Panarin By This Afternoon
There’s no question that the New York Rangers are looking to move pending unrestricted free agent Artemi Panarin before today’s 3 p.m. CT Olympic roster freeze. A handful of teams have already been prominently linked to Panarin, and a recent update from David Pagnotta alerted that the situation remains incredibly fluid, lowering the chances of a trade coming together by this afternoon.