The NHL trade market is heating up as we inch closer to the pre-Olympic deadline, and one name that’s been generating serious buzz is Jesperi Kotkaniemi. Despite being locked in with Carolina through 2030, Kotkaniemi finds himself at the center of swirling trade rumors - and not just because of his contract. His offensive production has struggled to find consistency, and more importantly, he hasn’t carved out a defined role on a Hurricanes team that’s been evolving into a legitimate Stanley Cup contender.
Let’s be honest: this situation feels like it’s building toward something big. If we’re talking weather metaphors, this is shaping up to be a Category 3 trade storm - not quite destructive, but certainly capable of shaking things up. And Carolina might just be the eye of it.
Here’s why: the Hurricanes are sitting on the most cap space of any division leader - just over $8 million, according to PuckPedia. That’s a significant edge over teams like Tampa Bay (who are $1.5 million over the cap), Colorado ($2 million under), and Vegas (a staggering $11 million over).
If Carolina moves Kotkaniemi’s contract, they’d free up roughly $13 million in cap space. That kind of flexibility at the deadline?
It’s a potential game-changer. It would put them in prime position to make a major splash - possibly the splash - that could define the Eastern Conference playoff race.
Now, where do the New York Rangers come into the picture?
While Carolina is angling to go all-in, the Rangers find themselves at the opposite end of the standings. A recent loss to Ottawa dropped them to the bottom of the Eastern Conference - one point behind Columbus, three behind the Senators.
The math isn’t pretty, and neither is the momentum. Boston and Buffalo, both clinging to playoff spots, aren’t giving away points, and the Rangers aren’t exactly stringing wins together.
That brings us to Artemi Panarin.
Panarin is still producing like a star - on pace for a 90-point season, which would be his fourth in the last five years. But with his contract expiring this summer and no extension in sight, the Rangers are staring down a tough decision. Do they hold onto their best player in a lost season, or do they move him now and try to get meaningful assets in return?
Logic - and the standings - say the latter.
If Panarin is moved, it’s going to be to a contender. He’s 34, still playing elite hockey, and he’s not going to waste his remaining prime years on a rebuild.
Carolina makes a lot of sense here. They’ve got the cap space, the Cup aspirations, and the need for a proven playoff performer.
But don’t expect a simple one-for-one deal. This would be a layered move, with both teams needing to balance talent, contracts, and future flexibility.
For the Rangers, taking on Kotkaniemi’s contract would require some maneuvering. They’re projected to be over the cap next offseason, which means they’d likely need to shed a contract like Sam Carrick’s - a move that would clear about $1 million in space.
If the Rangers are looking for short-term help in return, Carolina has a few pieces that make sense. Veterans like Mark Jankowski and Mike Reilly - both pending free agents - could be included in a package alongside Kotkaniemi.
They wouldn’t be long-term commitments, but they’d give New York usable NHL depth for the rest of the season.
And then there’s the draft pick. If Carolina is truly going all-in for 2025-26, it wouldn’t be surprising to see them part with their 2026 first-rounder to seal the deal. That’s the kind of asset the Rangers would covet - a chance to build for the future while still getting players who can suit up now.
From Carolina’s perspective, this kind of move checks a lot of boxes. Offloading Kotkaniemi’s long-term deal opens up even more cap space - enough to pursue another top-tier player at the deadline.
Adding Panarin, along with Carrick, gives them two battle-tested veterans with playoff experience. That’s the kind of depth you need to survive a brutal Eastern Conference bracket where five or six teams could realistically make a run to the Final.
And don’t forget - Carolina is already in a strong spot. They’re leading the Metropolitan Division by five points over the Islanders and sit just one point behind Tampa Bay for the top seed in the East.
But in a conference this deep, being “pretty good” isn’t enough. To separate from the pack, you need to make bold moves.
This could be one of them.
If the Hurricanes pull the trigger, they’d be adding a dynamic scorer in Panarin and freeing up the flexibility to keep building. If the Rangers make the move, they’d be getting younger, gaining assets, and starting to reshape their roster for the next phase. It’s the kind of trade that makes sense for both sides - and the kind that could shift the balance of power in the East.
Stay tuned. This storm might just be getting started.