A trade market is neatly coming together after the New York Rangers announced their plan to hold star winger Artemi Panarin out of the lineup until the Olympic break. Nearly every team in the league is weighing their chances to land the former 100-point scorer, though some are getting caught up on the contingency that any trade must come with a contract extension. The market, and the hangups, were outlined by Sportsnet’s Elliotte Friedman and Kyle Bukauskas in the latest 32 Thoughts podcast episode.
Most notably, it appears many of the league’s frequent buyers will be priced out by Panarin’s extension. That is the case for each of Colorado, Dallas, Minnesota, Vegas, and Florida – though the player does have interest in joining the back-to-back Stanley Cup-winning Panthers. Panarin’s priority seems to be an extension rather than a championship, which should mean a new buyer in what’s sure to be one of the biggest trades in recent history.
While cap space is a barrier for many, building a proper trade package has proven an issue for the Los Angeles Kings. The Kings have leaned into stocking their cupboard of draft picks with recent moves and wield 10 picks in the 2026 NHL Draft as a result. But those pieces won’t be enough to build value next to a shallow Kings prospect pool. Meanwhile, player interest appears to be the issue for the Seattle Kraken, who are hoping to move Shane Wright for a top-six star per Friedman.
Through the fog, the Washington Capitals are emerging as early favorites. The Capitals are reportedly open to a contract extension and believed to be aggressively pursuing a deal that will work. Washington is projected to have $35.73MM in cap space this summer, per PuckPedia. That is more than enough to award Panarin with a salary at, or above, $10MM-per-season while still having the room to re-sign restricted free agent Connor McMichael.
More than that, the Capitals have the future capital to build an enticing return. Their prospect pool is led by NHL rookie Ryan Leonard, who played on a line with Rangers top prospect Gabriel Perreault for four years straight in junior hockey. Washington also has flashy scorer Andrew Cristall, productive big-men Ilya Protas and Eriks Mateiko, and first-round picks Lynden Lakovic and Terik Parascak in their prospect pool. While it’s likely that multiple of those players are on Washington’s list of untouchables, the chance to make a Cup heave with Panarin could be enough to force their hand.
Friedman and Bukauskas also spoke about Panarin headed to the San Jose Sharks, adding that the player is interested in a move to the up-and-comers. San Jose making a major, veteran addition would be a major surprise. The Sharks have ranked in the bottom-three of the Western Conference in each of the last six seasons – but now find themselves in playoff contention on the back of young stars like Macklin Celebrini and Will Smith. Adding Panarin could be their chance to catch lightning in a bottle, and give the 34-year-old winger a chance at a fwe more yeras of meaningful hockey.
Panarin has continued to demand respect into this season. He leads the Rangers in scoring with 19 goals and 57 points in 52 games, even despite the team ranking in the bottom-six of goals scored. Panarin reacahed 37 goals and 89 points in 80 games last season. It was his encore performance after he vindicated back-to-back 90-point seasons with a career-best 49 goals and 120 points in the 2023-24 season. He has averaged 35 goals and 100 points per 82 games played since turning 30 in 2021. With no signs of slowing down, it appears he’ll be worth the groundbreaking trade package he seems certain to land before the Trade Deadline. This move will push New York firmly into a rebuild, and could push a new name into the group of Stanley Cup contenders.
Photo courtesy of Wendell Cruz-Imagn Images.