The NHL trade market just got a jolt - and it’s coming straight from Broadway.
The New York Rangers are holding Artemi Panarin out of the lineup until the Olympic break, signaling that a blockbuster move is likely on the horizon. And make no mistake: this isn’t your average trade deadline chatter.
We’re talking about a former 100-point scorer, still producing at an elite level, potentially on the move. The ripple effects could reshape the playoff picture and alter the long-term trajectory of multiple franchises.
Panarin’s Price Tag: Extension Required
Here’s the catch: any team looking to acquire Panarin won’t just be trading for a rental. They’ll need to be ready to lock him down long-term. That’s where things get complicated - and where several usual suspects are already falling out of the race.
Teams like Colorado, Dallas, Minnesota, Vegas, and even the back-to-back champion Florida Panthers are reportedly out of the running due to cap constraints. That’s notable, especially considering Panarin is said to have interest in joining the Panthers.
But his priority appears to be securing a contract extension, not necessarily chasing a Cup this season. That changes the math - and opens the door for some unexpected contenders.
Cap Space and Capital: Washington in the Driver’s Seat
One team that’s not blinking at Panarin’s price tag? The Washington Capitals.
Washington is reportedly all-in on making this deal happen, and they have the financial flexibility to back it up. With over $35 million in projected cap space this summer, the Caps can offer Panarin a deal north of $10 million per season and still have room to re-sign key young pieces like Connor McMichael.
But it’s not just about money - it’s about assets. And Washington has them.
Their prospect pool is one of the more intriguing in the league. Ryan Leonard, a standout rookie with ties to Rangers prospect Gabriel Perreault, headlines the group.
Then there’s Andrew Cristall, a dynamic offensive talent, along with physical forwards Ilya Protas and Eriks Mateiko. Add in recent first-rounders Lynden Lakovic and Terik Parascak, and it’s clear Washington has the pieces to make a compelling offer.
Sure, some of those names are likely untouchable - but a player like Panarin might force the Caps to reconsider.
Other Suitors: LA, Seattle, and a San Jose Surprise
The Los Angeles Kings are in the mix, but their challenge lies in the value side of the equation. They’ve stockpiled draft picks - 10 in the 2026 NHL Draft - but their prospect pool doesn’t have the depth to match up in a deal of this magnitude. Picks alone won’t get it done.
Seattle, meanwhile, is reportedly dangling Shane Wright in hopes of landing a top-six star. But it’s unclear whether Panarin sees the Kraken as a fit - or whether the Rangers would view Wright as the centerpiece of a deal.
Then there’s San Jose - yes, really.
The Sharks are suddenly in playoff contention after years in the basement, thanks to breakout performances from young stars like Macklin Celebrini and Will Smith. And while it would be a bold move for a rebuilding team to add a 34-year-old veteran, Panarin is reportedly intrigued by the idea. If San Jose believes they’re ahead of schedule, this could be their moment to strike - and give Panarin a few more years of meaningful hockey.
Panarin’s Still Got It - And Then Some
Let’s be clear: Panarin isn’t just a name. He’s still producing at an elite level.
He leads the Rangers with 19 goals and 57 points through 52 games this season, even as New York struggles to generate offense - they rank in the bottom six in goals scored. Last season?
He put up 37 goals and 89 points. And the year before that, he hit a career-high 49 goals and 120 points during the 2023-24 campaign.
Since turning 30 in 2021, Panarin has averaged 35 goals and 100 points per 82 games. That’s not just aging gracefully - that’s aging like a fine wine with a wicked wrist shot. He’s showing no signs of slowing down, and that’s why the trade package to acquire him is expected to be massive.
The Bigger Picture: A Franchise-Altering Deal
This isn’t just a trade - it’s a turning point.
For the Rangers, moving Panarin would signal a shift into a new phase, likely a rebuild centered around their younger core. For the team that lands him, it could be the move that vaults them into true Stanley Cup contention - or, in the case of a team like San Jose, a leap into relevance far ahead of schedule.
One thing is certain: Artemi Panarin is about to become the centerpiece of one of the biggest trade stories in recent NHL memory. Buckle up.