New York Rangers Announce Retool
Similar to Jeff Gorton nearly seven years ago, current General Manager Chris Drury wrote a letter to New York Rangers fans, stating that the team would undergo a retool this season.
In the letter, Drury said, “This will not be a rebuild. This will be a retool built around our core players and prospects.” Drury went on to acknowledge that the fans should expect some trades or departures via free agency, saying, “That may mean saying goodbye to players that have brought us and our fans great moments over the years.”
The news was largely expected. Despite wanting to compete for a playoff spot this season, the Rangers are in last place in the Eastern Conference by a three-point margin and are tied for the most games played. Their -21 goal differential is also the worst in the Conference.
After losing defenseman Adam Fox and netminder Igor Shesterkin to injury in early January, there was little hope that New York would be able to climb out of the hole. Still, instead of re-shaping the entire roster, Drury specified a retool, which indicates that the team may only move out expiring assets and reassess next summer.
Regardless, we know of at least one player who won’t finish the 2025-26 season with the Rangers. Shortly after the announcement from New York, Sportsnet’s Elliotte Friedman reported that Drury met with Artemi Panarin, telling him that the team would not be extending him an extension offer, and they would like to move him to a team where he could win the Stanley Cup or sign long-term.
Earlier this week, we assessed some of the hypothetical landing spots for Panarin that were provided by Friedman, namely the Colorado Avalanche, Florida Panthers, Minnesota Wild, and Washington Capitals. Determining Panarin’s trade value is challenging due to the absence of recent comparables for a rental of his significance.
Furthermore, there’s no questioning that Panarin’s market value dipped from today’s news. Publicly, the Rangers remained interested in extending Panarin beyond the 2025-26 campaign. However, considering his full no-movement clause, New York will allow Panarin to pick his next destination, which will likely diminish their potential return.
Meanwhile, the Rangers don’t have many additional expiring assets that will be of much value on the trade market. Joining Panarin as pending unrestricted free agents are Jonny Brodzinski, Conor Sheary, and Carson Soucy. Technically, Jonathan Quick could also be a trade candidate, but the veteran netminder has been pretty rigid in his ‘Rangers or retirement’ attitude.
Assuming Drury waits until the offseason to consider trading the trickier contracts of Mika Zibanejad, Alexis Lafreniere, Vincent Trocheck, etc, there are a few more veterans he may attempt to move this season.
Veterans like Taylor Raddysh, Sam Carrick, and Urho Vaakanainen are only signed through the 2026-27 season, potentially giving the Rangers a few more assets to move. At any rate, the Rangers now have the biggest fish leading up to the March 6th trade deadline.
Photo courtesy of Wendell Cruz-Imagn Images.
Assessing Potential Landing Spots For Artemi Panarin
On the heels of a 2-6-2 record over their last 10 games, speculation has begun building that the New York Rangers will eventually trade winger Artemi Panarin ahead of the trade deadline. In his recent episode of 32 Thoughts, Sportsnet’s Elliotte Friedman linked a few teams to the pending unrestricted free agent.
Though much of it was speculation, Friedman listed the Colorado Avalanche, Florida Panthers, Minnesota Wild, and Washington Capitals as potential landing spots for the four-time All-Star. For each of the four teams and additional options, a significant effort would be required to acquire Panarin.
For starters, Panarin has the seventh-highest cap hit in the league with an $11.64MM mark. However, he’s only earning an $8MM salary this season, meaning he’s somewhat more palatable in terms of actual dollars. Still, few teams would be able to absorb that cap hit outright.
Additionally, Panarin has a full no-movement clause in his contract. That means that even if the Rangers find an acceptable offer, one that balances the cap hit of all parties involved, Panarin would still need to sign off on the deal. If he decides he’d like to remain in New York to finish the season and pursue other options next summer, the Rangers won’t have any options and could conceivably lose him for nothing.
Lastly, there are no recent comparables to Panarin’s situation, especially if the acquiring team doesn’t quickly pursue a contract extension. Last season, winger Mikko Rantanen was traded twice and eventually signed an extension with the Dallas Stars after failing to gain traction with the Carolina Hurricanes.
Still, for the sake of argument, let’s run with the idea that a team could theoretically clear all the hurdles needed to acquire Panarin. His value to a potential team couldn’t be clearer, as he’s scored 202 goals and 600 points in 476 games throughout the duration of his contract with the Rangers, already climbing to ninth all-time on the franchise leaderboards.
Friedman thoroughly explained his reasoning behind Colorado, sharing that the Avalanche offered Panarin a four-year, $52MM ($13MM AAV) contract back in 2019. Although the Avalanche were ready to give Panarin nearly 16% of their available dollars at the time, they had not yet signed Nathan MacKinnon and Cale Makar to their high-priced extensions. Much has changed for Colorado since then.
In Florida, the only way the Panthers would be able to acquire Panarin without moving heaven and earth would be if the team were certain that Aleksander Barkov would not return for the playoffs this season. In an odd twist, that’s almost an argument as to why the Panthers shouldn’t pursue Panarin as a rental, given their chances of competing for a third consecutive Stanley Cup title without their captain.
Lastly, the connection to Minnesota and Washington is clear. Either destination would allow Panarin to play with another high-level countryman in Kirill Kaprizov or Alex Ovechkin. It’s important to remember that although the Rangers may not be inclined to move Panarin to a Metropolitan Division rival, they recently traded K’Andre Miller to the Hurricanes last summer.
Regardless, as much fun as it is to speculate on where Panarin could end up, there’s no guarantee he’ll even leave New York. However, given the complex nature of manufacturing a Panarin trade, the Rangers will have to make a decision sooner rather than later.
Photo courtesy of Wendell Cruz-Imagn Images.
Rangers’ Artemi Panarin Out, Adam Fox Returns To Practice
The New York Rangers will be without both of their stars up front in Thursday night’s game against the St. Louis Blues. On top of an injury to top defender Adam Fox, the Rangers will also be without top winger Artemi Panarin, who is out with an illness per Peter Baugh of The Athletic. Fox, who has missed the last eight games with a shoulder injury, did make his return to practice in a non-contact jersey on Thursday per Baugh.
Missing their top two skaters will only pull the Rangers lower. New York has struggled with Fox on the shelf, posting a 3-3-2 record and 17-to-24 goal differential in his absence. Panarin has been the heart of the offense in those games, with eight points – all scored at even-strength – and over 21 minutes of average ice time. Without him, New York will be forced to lean on Mika Zibanejad and J.T. Miller, who both have two goals and six points in the last eight games. Zibanajed will have a little extra motivation to perform, after being scratched in New York’s Tuesday loss to the Vancouver Canucks for disciplinary reasons.
Despite a tough game ahead, the Rangers’ struggles shouldn’t carry on for too long. Panarin should return to a top-line role when New York returns home on Saturday. Fox could be shortly behind him. He’ll have six games left to return before December ends. The return of the former Norris Trophy winner should quickly bring the Rangers back to life. Fox was riding a six-game scoring streak prior to his injury – netting 10 points, all assists, in that span. New York had an 8-7-0 record and 44-to-42 goal differential throughout November, leaning heavily on both Panarin and Fox.
Snapshots: Panarin, Duchene, Mrazek, Ivan
While many pending UFAs have recently signed extensions, that hasn’t been the case for Rangers winger Artemi Panarin who is now one of the top veterans on an expiring contract. With talks between the two sides believed to have not gone well so far, some have wondered if a return to the KHL could even be an option. Speaking with reporters recently including Mollie Walker of the New York Post (subscription link), the 34-year-old wouldn’t rule the idea out, simply saying that it’s hard to say right now what’s coming next for him. Despite the contractual uncertainty, Panarin is hovering near the point per game mark and is tied for the team lead in scoring with 26 points and would get plenty of interest if he makes it to the open market next summer.
Elsewhere around the NHL:
- The Stars have been without center Matt Duchene for nearly six weeks due to an upper-body injury. DLLS Sports’ Sam Nestler notes (Twitter link) that the 34-year-old has already technically been medically cleared to return. However, he continues to experience some lingering symptoms. As a result, head coach Glen Gulutzan indicated that Duchene will still need to be out a little while longer to get properly conditioned to return. Duchene has a goal and an assist in four games this season after tallying 82 points in 2024-25.
- Ducks goaltender Petr Mrazek suffered what appears to be a lower-body in their game against Chicago this afternoon, relays WGN’s Charlie Roumeliotis (Twitter link). He was injured in the third period and while he was able to skate off under his own power, he wasn’t able to return. Anaheim is already without starter Lukas Dostal so, for the time being, Ville Husso is their top available option.
- Following their victory over Montreal on Saturday, the Avalanche announced (Twitter link) that they have returned forward Ivan Ivan to AHL Colorado. The 23-year-old got into three games after being recalled up earlier this week, picking up an assist while averaging 8:19 of ice time. Ivan has played in 18 games in the minors with the Eagles this season, collecting two goals and four assists.
Poll: Who Will Be The Next Pending UFA To Sign An Extension?
As expected, the upcoming unrestricted free agent class has been thinned out over the last couple of months. From Connor McDavid to Adrian Kempe, there are very few top-level pending UFAs left on the board. Still, there’s some belief that the list could get even shorter relatively soon.
Of the highest-scoring pending UFAs in the league right now, Evgeni Malkin, Nick Schmaltz, Alex Ovechkin, John Carlson, Alex Tuch, and Artemi Panarin lead the way. However, in the cases of Malkin, Ovechkin, and Carlson, they are all 35 years or older, and there’s no guarantee they’ll continue playing beyond the 2025-26 campaign. That leaves Schmaltz, Tuch, and Panarin as the three likeliest options to sign an in-season extension.
Much has been made of Schmaltz’s situation with the Utah Mammoth this season. Despite getting off to an excellent start with 10 goals and 22 points in 23 games, there is some indication that the relationship between Schmaltz and Utah has soured.
According to a report from late October by David Pagnotta of The Fourth Period, the Mammoth apparently attempted to trade Schmaltz to the Carolina Hurricanes during the past offseason when the first round of extension negotiations proved unfruitful. Schmaltz was involved with the trade talks at the time, as he provided Utah with a list of teams with which he would sign an extension. Since then, there have been no updates as to any further negotiations between the two sides.
Meanwhile, Tuch has gotten off to a similarly good start to his contract year with the Buffalo Sabres. A native of Syracuse, NY, Tuch’s love for the Buffalo area is well known, leading many to believe that he’ll sign an extension with the team this season. However, given that the Sabres are headed for a 15th consecutive year without reaching the playoffs, few people would blame Tuch if he were to depart for a more competitive situation.
Lastly, there have been a few updates between Panarin and the New York Rangers, though it doesn’t appear anything is close between the two sides. Reports from earlier in the year indicated that the Rangers would only extend Panarin if he were amenable to a much lower salary, which is something Panarin has not appeared enthusiastic about. The 34-year-old Russian has scored six goals and 20 points in 24 games.
Despite all three potentially leading the pack of prospective UFAs next summer, and additionally being quality trade assets, there’s plenty of time remaining in the regular season to get a deal done. Which of these three, if any, do you think will be the next to sign?
Who Will Be The Next Pending UFA To Sign An Extension?
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Alex Tuch, Buffalo Sabres 32% (178)
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Nick Schmaltz, Utah Mammoth 30% (165)
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All three will reach free agency 29% (162)
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Artemi Panarin, New York Rangers 9% (47)
Total votes: 552
Mobile users click here to vote.
Metro Notes: Panarin, Gostisbehere, Hamilton
The New York Rangers had a difficult first month of the 2025-26 season, and the primary reason has been the team’s inability to consistently put the puck in the net. They rank last in the NHL in goals scored per game with just 2.21, and a notable reason for their struggles has been the performance of star winger Artemi Panarin. Panarin is usually the Rangers’ offensive engine, but he has just seven points in 14 games this season, with four of them coming in a single game. The Athletic’s Vince Z. Mercogliano reported on Panarin’s struggles in more detail, with Panarin telling the reporter his struggles have “really kind of snowballed.” He said “I missed training camp, had a couple (injury) issues. I wasn’t feeling right from a conditioning standpoint in the first couple games. I started getting frustrated right away, and then it kind of goes into the contract and all that stuff in my head.”
As Panarin himself noted, his contract status as a pending unrestricted free agent looms large over his 2025-26 season. Mercogliano reported that “there have been brief negotiations” between Panarin’s camp, led by Paul Theofanous, and the Rangers, but that those talks have “stalled” lately. It’s been reported previously that the Rangers are “in no rush” to make a commitment to Panarin, who at 34 years old is staring down the possibility that this could be the last big contract of his NHL career. In order for him to maximize that deal, he’ll need to step up his production. Panarin ended the 2023-24 season with 120 points, so he’s shown recently that he can be among the top scorers in the NHL. For him to position himself best for his next contract, he’ll need to find a way to rediscover that form.
Other notes from the Metropolitan Division:
- The Carolina Hurricanes announced today that defenseman Shayne Gostisbehere has been placed on injured reserve, and that the IR placement is retroactive to Oct. 28. Gostisbehere was injured in the team’s Oct. 28 game against the Vegas Golden Knights, and hasn’t played since. The veteran was off to a strong start to the season before his injury, scoring seven points in six games. There remains no firm timeline for Gostisbehere to return, and without Gostisbehere to run the team’s top power-play unit, the team has had to rely on veteran Sean Walker, who has five points through 13 games.
- New Jersey Devils star blueliner Dougie Hamilton left last night’s victory over the Montreal Canadiens with an injury, and no further update on Hamilton’s status was provided. Today, Devils team reporter Amanda Stein relayed word from head coach Sheldon Keefe that Hamilton remains under evaluation today, and there is at this point no additional detail on the player’s status. Hamilton is a key contributor to what has been a strong Devils team so far this season. He ranks No. 2 among Devils defensemen in ice time, just behind Luke Hughes, and is tied with Hughes for second on the team in defensive scoring with seven points in 14 games. The 32-year-old is playing out a $9MM AAV contract that runs through the 2027-28 season.
Metropolitan Notes: Panarin, Brazeau, Luchanko, Brown
At a time when several prominent pending unrestricted free agents have re-signed, one of the notable exceptions is Rangers winger Artemi Panarin. It doesn’t appear that will be changing anytime soon. In his latest column for The Athletic (subscription link), Pierre LeBrun reports that the sense is that New York isn’t in a particular hurry to engage in discussions, wanting to better assess how they’re faring under new head coach Mike Sullivan. Panarin just turned 34 so there’s a good chance this will be his final contract, meaning term will be important. If the Rangers aren’t willing to offer up a longer-term pact, Panarin could find himself the subject of plenty of trade speculation leading up to the trade deadline in March.
More from the Metropolitan:
- Penguins winger Justin Brazeau is listed as day-to-day with an upper-body injury, relays team broadcaster Josh Getzoff (Twitter link). The 27-year-old has been one of Pittsburgh’s top offensive performers in the early going this season, collecting six goals and six assists in his first dozen games. That outcome was something few would have seen coming considering he entered the campaign with just 29 points in 95 career NHL games. He has provided plenty of value already in the first season of a two-year, $3MM contract but that will be on hold for now.
- The Flyers recently sent center Jett Luchanko back to junior but if the youngster has his way, he’ll be on the move again. Kevin Kurz of The Athletic mentions (subscription link) that the 19-year-old is hoping to be moved from his current OHL team in Guelph, with an eye on joining Brantford, an early-season contender. Luchanko, the 13th pick in 2024, has made Philadelphia’s roster out of training camp in each of the last two seasons but this time, he only got into four games before being sent back to the Storm where he had an assist in his first outing back with them.
- Devils winger Connor Brown will miss tonight’s game against Los Angeles with an undisclosed injury, notes team reporter Amanda Stein (Twitter link). However, it doesn’t appear he’ll be out too long as he’s listed as day-to-day. Brown is off to a strong start in his first season with New Jersey, picking up five goals and an assist through his first 11 games.
Questions Beginning To Mount For Rangers
In an article published by The Fourth Period earlier today, questions were raised on the New York Rangers, and what may come next if things do not improve. Although not yet even November, as the team works to adjust to new Head Coach Mike Sullivan, there is cause for concern. The Blueshirts are currently dead last in the Metropolitan Division, fresh off a 5-1 defeat at the hands of the 32nd-ranked Flames.
Few organizations have had as many highs and lows as New York over the last five years, with a revolving door of coaches. David Quinn, Gerard Gallant, and Peter Laviolette all came and went, and now Sullivan is tasked with bringing stability. Gallant and Laviolette both posted win percentages over .600, and made the conference finals, but still found themselves out of jobs a year later. Quinn, on the other hand, has returned to the Rangers’ bench as an assistant on Sullivan’s staff.
Given the massive underachievement last season and overall culture issues, moving on from Laviolette was a no-brainer, but Sullivan has not yet found his footing. And with the way the roster is constructed, the clock is ticking. Not long ago, the Rangers were rebuild-focused, with a dynamic young core. Now, somewhat suddenly, their forward corps is headlined by stars quickly approaching their mid-thirties. Of course, the elephant in the room is superstar Artemi Panarin, soon to be 34, who is a UFA come season’s end.
The likes of J.T. Miller, Mika Zibanejad, and Vincent Trocheck are locked up for the long haul, but there is extra pressure for the team to find answers right now. If New York manages to lose Panarin one way or another, it is hard to imagine the existing core returning to their previous Presidents’ Trophy-winning, Conference Finals level. Zibanejad’s decline has come in the thick of his eight-year deal at a cap hit of $8.5MM, which has four years remaining. Sullivan has to try to get the 32-year-old back on the 70+ point level. Trocheck, a very consistent sidekick, is out week-to-week as the team eagerly awaits his return.
Two young forwards among the experienced group, Alexis Lafreniere and Will Cuylle, must find their game under Sullivan, as neither has more than 3 points in 10 games. The former first overall pick Lafreniere’s play, which at times has left more to be desired, is well-known. Cuylle, on the other hand, broke out last year with 20 goals, production that likely played a part in GM Chris Drury shipping out Chris Kreider. The 34-year-old played 13 years for the Rangers, and while the move was reasonable considering his decline in 2024-25, Kreider has netted four goals in five games with Anaheim, production difficult to ignore.
On the back end, as mentioned in the article, Braden Schneider has been thrown around in possible trade scenarios, but at just 24, it is debatable if Drury should be losing more youth, having already sent K’Andre Miller packing last summer in favor of 29-year-old Vladislav Gavrikov, signed through 2029-30 at $7MM.
There is most certainly still time, but pressure is quickly building in New York. All the pieces are there, with elite talent across the board and a proven coach. However, with such little salary cap space, Drury is in a difficult situation if the Rangers are unable to shake their struggles from last season.
Metropolitan Notes: Hughes, Panarin, Sheary
Earlier this week, it was reported that the Devils and defenseman Luke Hughes had agreed to focus on a long-term contract but that the sides were well apart in terms of the AAV of such a deal. Anthony DiMarco of Daily Faceoff relays that New Jersey now appears to be willing to go higher than $8MM per season on their long-term offer. Notably, that would put him with a higher price tag than his brother Jack Hughes, who checks in exactly at $8MM per season as their number one center. The blueliner has two full NHL seasons under his belt, both seeing him exceed 40 points while logging over 21 minutes a night of playing time. We’ll soon see if this reported increase to their offer is enough to get talks across the finish line.
More from the Metropolitan Division:
- The Rangers are believed to have approached Artemi Panarin’s camp with the idea of taking a bit of a discount on his next deal to help the team extend its competitive window, Sportsnet’s Elliotte Friedman reports in the latest 32 Thoughts podcast (audio link). They pointed out how Anze Kopitar did that with Los Angeles to help keep their core group intact and add to it. At this point, obviously the veteran remains unsigned so it’s unclear if he’d be willing to do this or if he’ll be looking for top dollar on his next contract.
- Still with the Rangers, Peter Baugh and Vince Z. Mercogliano of The Athletic predict (subscription link) that winger Conor Sheary will ultimately have his PTO deal converted to a full contract and break camp with the team. He’s attempting to return to the NHL after spending most of last season in the minors with AHL Syracuse before terminating the final year of his contract to get to free agency. If Sheary makes New York’s roster, it could put someone like Jonny Brodzinski at risk of losing his spot and landing on waivers in the coming days.
East Notes: Panarin, Rempe, Kulich
In today’s episode of 32 Thoughts, Elliotte Friedman discussed Artemi Panarin and his status with the Rangers. Somewhat quietly, amidst so much talk surrounding Connor McDavid, the 33-year-old Russian enters the final year of his seven-year, $77MM deal signed with the Blueshirts back in 2019. It is thought that the Rangers are looking for a discount for their star to stay in the Big Apple.
Once the highest-paid winger in the league, now surpassed by Mikko Rantanen and Mitch Marner, Friedman noted that earlier in the summer, the Rangers had early discussions with Panarin on potentially taking a more team-friendly deal, similar to Anze Kopitar, who inked a two-year contract with an AAV of $7MM in 2023.
Vince Mercogliano of The Athletic echoed Friedman’s thoughts, adding that the Rangers are in no rush with their star, only willing to move forward now if at a discount. Despite slightly regressing to 89 from his 120-point explosion in 2023-24, Panarin remains among the league’s elite and will have no shortage of suitors. With the Rangers already facing pressure to rebound from a disappointing 2024-25 campaign, perhaps extra emphasis will be placed on their ability to keep Panarin happy.
Other notes from the Eastern Conference:
- Staying in New York, Matt Rempe discussed his goal to become a more complete hockey player, as told by Colin Stephenson of Newsday. “I want to turn into not being known as an enforcer,’’ Rempe said. “I want to be turned into, ‘This guy’s a really good young power forward… who also can fight.’” The 23-year-old has made an impression on new Head Coach Mike Sullivan, with his work ethic and strong skating. Rempe last netted double-digit goals as a 19-year-old with the Seattle Thunderbirds of the WHL, and has not notched more than 12 points in a season as a pro, but at 6 foot 9, 265 pounds, the Calgary native is certainly an imposing netfront presence, and has the right mindset to stick around in today’s game.
- Meanwhile, in Buffalo, young center Jiri Kulich was noted as having left the ice a few minutes into morning skate on Thursday, and is sidelined for the Sabres’ preseason tilt with Detroit. Head Coach Lindy Ruff said it was a muscle tweak, and Kulich is not expected to be out for more than a few days.