When the New York Rangers shipped Artemi Panarin to the Los Angeles Kings earlier this week, the return raised more than a few eyebrows - and not in a good way. For a player who’s been the face of their offense for the better part of seven seasons, the Rangers received a modest package: prospect Liam Greentree and a conditional third-round pick in the 2026 draft. That pick bumps up to a second-rounder if the Kings win a playoff round, and if L.A. goes on a deeper run and wins two rounds, New York will also get a fourth-rounder in 2028.
So, how does a player of Panarin’s caliber - a consistent top-line producer, power-play threat, and one of the league’s premier playmakers - fetch such a limited return? The answer lies in the fine print: a full no-movement clause.
When Panarin signed his seven-year deal with the Rangers back in 2019, then-GM Jeff Gorton gave him full control over his future. And when the Rangers decided it was time to move on, Panarin made it clear he’d only waive that clause to go to one place: Los Angeles.
That kind of leverage strips a team of any real negotiating power. The Kings knew they were the only option, and the Rangers were left with little choice but to take what they could get.
This is exactly why Montreal Canadiens GM Kent Hughes has made a point of keeping as much contractual flexibility as possible. No-movement and no-trade clauses may be a bargaining chip players want, but Hughes has shown a clear reluctance to hand them out freely - and the Panarin situation highlights why that approach matters.
Since taking over from Marc Bergevin, Hughes has been strategic with both term and structure in his contracts, especially when it comes to controlling trade flexibility. Take Montreal’s current roster: only five players have any form of trade protection.
Brendan Gallagher is the lone player with a full no-movement clause - a deal Hughes inherited. The others - Patrik Laine, Josh Anderson, Mike Matheson, and Phillip Danault - have modified no-trade clauses, and again, none were signed under Hughes.
When it comes to the core players Hughes has signed, the pattern is clear: keep the cap hits reasonable and limit the long-term restrictions. Nick Suzuki’s deal, inked by Bergevin, includes a 10-team no-trade list for the last four years. Hughes used that as a benchmark when negotiating deals for Cole Caufield and Juraj Slafkovsky.
Caufield’s eight-year extension includes a modified no-trade clause for the final three years - a 15-team list in 2028-29, and a 10-team list in the final two seasons. That’s one year less of protection than Suzuki has. Slafkovsky, meanwhile, didn’t receive any trade protection at all, giving the Canadiens full flexibility for the life of his deal.
On defense, Hughes has navigated similar waters. Noah Dobson’s eight-year contract came with a 14-team no-trade clause for the final seven years - a significant chunk, but still far from a full no-movement clause.
And when Hughes extended Mike Matheson for four more years, he agreed to a full no-move clause for the first three seasons, but managed to scale it back to a 14-team no-trade list in the final year. It’s a calculated compromise - give the player some security now, but keep options open down the line.
Kaiden Guhle’s six-year deal, signed in July 2024, only includes a five-team no-trade list for the final two years. And Lane Hutson, one of the team’s brightest blue line prospects, has a 10-team no-trade clause for the last three years of his eight-year deal. Again, Hughes is giving young stars long-term deals, but without surrendering too much control.
What we’re seeing is a GM who’s learned from the league’s cautionary tales - and Panarin’s trade is the latest one. When a player holds all the cards, teams can get boxed into a corner. Hughes is doing everything he can to avoid that scenario in Montreal.
Looking ahead, it’ll be interesting to see how Hughes handles upcoming negotiations with players like Ivan Demidov and Jacob Fowler. If recent history is any indication, expect him to stay the course - locking up his young talent while keeping the Canadiens’ long-term flexibility intact.