The Connor Hellebuyck trade market has turned into a tougher sell than Winnipeg probably expected.
The Jets and their star goalie are still at odds after Hellebuyck made his trade request public before the new NHL campaign, but the interest around him has not translated into the kind of package Winnipeg wants. Nick Kypreos of Sportsnet reported Thursday that the Buffalo Sabres, San Jose Sharks and Utah Mammoth "continue to monitor" the situation, yet an NHL executive source said the age and playoff questions surrounding Hellebuyck are dragging down the return.
"He's 33, with a reputation for not delivering in the Stanley Cup Playoffs, so it's challenging to match a return value with his current and future value," an unnamed NHL executive source told Kypreos.
That’s the tension at the center of this standoff. Hellebuyck’s résumé is loaded: three Vezina Trophies, four All-Star Game selections, three First All-Star Team nods, two Jennings Trophies and the 2025 Hart Trophy.
He also helped Team USA win gold at the 2026 Winter Olympics. In another era, that kind of track record would have sent Winnipeg into the market with real leverage.
Instead, the picture has changed fast. Hellebuyck is in his mid-30s, coming off the worst statistical season of his career, and he posted an .895 save percentage in 57 games. He also carries an $8.5 million salary through 2031, a long-term commitment that only gets harder to swallow if his form doesn’t rebound.
The postseason numbers are even harder to ignore. Over the Jets’ three most recent playoff runs, the Michigan native has a .870 SV% in 23 appearances. That’s the kind of sample that leaves room for debate, but not much comfort.
Winnipeg, for its part, isn’t blinking. General manager Kevin Cheveldayoff has held his ground and appears unwilling to cut the asking price, even if this drags into the regular season. Hellebuyck is currently suspended for failure to report for training camp, and it remains unclear whether he’ll soften his stance or be willing to sit out for an extended stretch if no deal comes together.
The Jets open the 2026-27 season Oct. 2 against the Boston Bruins, and Stuart Skinner is set to be the team’s starting goaltender for now.
Buffalo has been the club most often tied to Hellebuyck, and there was even speculation the two sides got close before the 2026 NHL Draft. But the Sabres do not sound like a team desperate enough to force the issue.
General manager Jarmo Kekalainen spent the summer talking up his current group of Ukko-Pekka Luukkonen, Alex Lyon and Colten Ellis. On the 32 Thoughts podcast in June, he said, "We've gotten good goaltending this year, too.
It's an easy position to scrutinize and criticize," Kekalainen said on the 32 Thoughts podcast in June. "UPL had a .910 save percentage this year.
Alex Lyon won a lot of games for us. Even Colten Ellis played some excellent hockey this year.
So, I don't think goaltending by any means is a weakness of our team. I think it's a strength of our team."
Buffalo finished third in the NHL in team save percentage during the 2025-26 regular season, but the playoff results reopened the conversation after Luukkonen and Lyon struggled. Hellebuyck would still look like an upgrade on paper when you stack up the full body of work, but last season’s dip makes him less of a clean bet than he once was.
The timing also makes a deal trickier. Luukkonen and center Josh Norris both had limited no-trade clauses kick in over the summer, and Sportsnet’s Elliotte Friedman recently reported he believes the Jets are on UPL’s list.
That doesn’t shut the door on a Buffalo-Winnipeg deal, but it certainly adds another layer of difficulty with the season about to begin.
For now, the likeliest path is Buffalo sticking with UPL, Lyon and Ellis and seeing whether that group can repeat last year’s results. Head coach Lindy Ruff would presumably ride the hot hand, unless Luukkonen establishes himself as the clear No. 1 option.
There’s always the chance that the Sabres stumble early and Kekalainen revisits the market with more urgency. Or another team could lose a goalie and suddenly jump into the chase.
For the moment, though, there are still more questions than answers, and that leaves Hellebuyck and the Jets waiting on a resolution that may not come quickly.
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