The New York Rangers are staring down a pivotal moment in their retooling process - and it centers around one of their biggest stars. Artemi Panarin, the marquee free-agent signing from 2019, is likely on the move before the NHL trade deadline.
With the playoffs out of reach and Panarin set to hit free agency this summer, General Manager Chris Drury is looking to get something back before the window closes. But there’s a catch - and it’s a big one.
Panarin isn’t just a rental. At least, not if he has his way.
The 34-year-old winger has made it clear through his camp that he’s looking for more than just a change of scenery. According to multiple teams and confirmed by NHL insider Elliotte Friedman, Panarin - alongside his agent Paul Theofanous - is seeking a contract extension worth around $50 million.
That’s not a typo. We're talking about a four- or five-year deal that would carry a hefty cap hit well into Panarin's late 30s.
And that’s where things get tricky for the Rangers.
Panarin holds a full no-move clause, which means he controls his destination. That alone limits Drury’s leverage.
But when you add in a sky-high extension ask, the list of serious contenders shrinks even further. Teams aren’t just trading for a few months of Panarin - they’re being asked to commit long-term, and at a premium.
So who’s still in the mix?
Friedman reports that as many as 14 teams have shown interest, but only a handful are considered serious players - and even fewer are willing to entertain a contract extension.
The Rental Market:
Teams like the Colorado Avalanche and Anaheim Ducks are reportedly only in the conversation if Panarin is a short-term rental. That’s understandable. Both clubs are in very different phases - Colorado chasing another Cup, Anaheim building toward the future - and neither is in position to tie up that kind of money long-term.
The Dallas Stars are an interesting wrinkle. They’d consider a trade-and-extend scenario, but only if they move on from Jason Robertson.
That’s a major shakeup, and according to Friedman, Dallas still views Robertson as a cornerstone and is working on an extension of their own with him. That likely takes them out of the Panarin sweepstakes unless something drastic changes.
Seattle? Doesn’t sound like Panarin’s preferred destination.
Florida? Cap-strapped.
Minnesota and Vegas? Also not likely fits for a trade-and-extend deal.
The Extension Contenders:
Now here’s where it gets interesting.
The Los Angeles Kings are a team to watch. They’ve struggled to find consistent scoring this season, and Panarin could be the kind of offensive jolt they need.
But there’s hesitation. The Kings are reportedly concerned about the size and length of the extension Panarin is seeking.
They’ve mulled it over, and while they haven’t ruled it out, it’s clear they’re wrestling with whether it makes sense long-term.
The Washington Capitals, on the other hand, are very much in the hunt - and they’re not shy about it. Per Friedman, other teams believe Washington is “aggressively pursuing” Panarin, and they’re only doing it if an extension is part of the deal.
That tells you they’re serious. The Caps see Panarin as a legitimate piece to help extend their competitive window, and they’re willing to pay to make it happen.
The Carolina Hurricanes are also reportedly in the mix. While it’s unclear how strong their interest is relative to others, they’ve been mentioned as a team that could pursue both a trade and an extension. But as Friedman notes, it’s tough to gauge how likely they are to meet Panarin’s demands.
Then there’s the San Jose Sharks - a team that makes sense on paper. They’re rebuilding, they have cap space, and they could use a veteran star to help bridge the gap to the next era.
But there’s a wrinkle: Macklin Celebrini. The top prospect is expected to command a significant contract down the line, and that could complicate San Jose’s ability to take on Panarin’s massive extension.
And don’t overlook the Detroit Red Wings. GM Steve Yzerman has never been afraid to make bold moves, but he’s not in the business of rentals.
If Detroit’s going to make a play, it’ll be with an extension in hand. Whether they’re willing to meet Panarin’s price tag, though, remains to be seen.
The Rangers’ Dilemma:
For the Rangers, this is a delicate dance. They need to inject young talent into the organization - that’s the whole point of this retool.
Trading Panarin could be a key part of that, especially if they can land prospects or picks in return. But his contract demands are putting a serious strain on the market.
At 34, Panarin is still producing at a high level, and there’s no questioning his offensive talent. But teams are understandably wary of committing top-dollar, long-term money to a player whose prime years are likely behind him. That’s the gamble - and it’s one that could either stall a deal or limit the Rangers’ return.
Make no mistake: the clock is ticking. Drury has a valuable asset in Panarin, but the leverage is slipping.
If a team steps up and agrees to the extension, the Rangers could pull off a deal that jumpstarts their next chapter. But if not?
They may be forced to settle - or worse, hold onto Panarin and watch him walk for nothing this summer.
One thing’s clear: this is no ordinary trade deadline decision. This is a franchise-defining moment.