With the 2026 Winter Olympics behind us and the NHL trade deadline just 10 days away, the New York Rangers are strategically positioned with significant leverage. Following the high-profile exit of Artemi Panarin and an earlier trade involving Carson Soucy to Long Island, the Rangers are squarely focused on the future.
For President and General Manager Chris Drury, the upcoming deadline isn't about bolstering a playoff push but rather about capitalizing on trade assets while leveraging a rare surplus of salary cap flexibility. As the "Letter 2.0" retool enters its most active phase, let's dive into what the Rangers have in their arsenal.
Current State of the Rangers and Cap Space
The Rangers currently boast $5.9 million in cap space, projected to increase to $7.4 million by the deadline. These figures will adjust slightly when Adam Fox returns from long-term injured reserve, but expect changes as players are moved. With an active roster of 22 players and 46 standard contracts (out of a possible 50), the Rangers are well-positioned to absorb bad contracts in exchange for picks and prospects.
They also have two retention spots available, allowing them to retain up to 50% of a player's cap hit. With $8.5 million left in their retention pool after retaining half of Panarin's salary, they have room to maneuver.
Key Trade Assets
Vincent Trocheck emerges as a prime asset. Fresh off a gold medal win, Trocheck carries a cap hit of $5.625 million for the remainder of this season and three more. With a 12-team no-trade list, he's a hot commodity, and the Minnesota Wild have shown interest.
Braden Schneider, a young defenseman with a $2.2 million cap hit, is another intriguing piece. Despite struggling with increased minutes during Fox's absence, Schneider remains a work in progress. A move could offer him a fresh start.
Alexis Lafrenière, the 2020 No. 1 overall pick, hasn't met expectations. His $7.45 million cap hit over the next six years makes an in-season trade tricky, but his potential could tempt teams looking for long-term upside.
Sam Carrick, a veteran forward known for his grit, carries a $1 million cap hit through next season. His affordable contract makes him an attractive option for teams seeking depth and leadership.
Draft Pick Wealth
The Rangers' draft outlook is particularly strong, highlighted by nine picks in the 2026 NHL Draft, including two first-rounders and a second-round pick via Carolina. Their mid-round depth is bolstered by three third-round selections from recent trades.
Looking ahead to 2027, the Rangers maintain a balanced draft portfolio, despite missing a second and fourth-round pick. They hold their own picks in the remaining rounds, positioning them well to acquire more assets as they continue to rebuild their prospect pool.
In summary, the Rangers are in a powerful position with cap space, valuable trade assets, and a wealth of draft picks. It's a pivotal moment for the franchise as they navigate the trade deadline with an eye on future success.