Rangers Trade Watch: Panarin Holds the Cards, Lafrenière in Limbo, and Depth Pieces Draw Interest
In New York, the trade chatter is getting louder - but one name continues to loom largest over it all: Artemi Panarin. The Rangers’ star winger remains the centerpiece of any potential blockbuster, and not just because of his production.
Thanks to his full no-movement clause, Panarin has the final say on whether he stays or goes. No matter how enticing a trade package might be for the Rangers, if Panarin doesn’t like the destination, the deal dies on the table.
So far, Panarin hasn’t tipped his hand. There’s been no word from him or his camp about preferred landing spots or whether he’d be open to signing an extension with a new team - a key factor that could significantly impact his trade value.
Around the league, there’s been speculation that he might prefer to ink a new deal as part of a trade, which would spare him the uncertainty of another move down the line and give immediate clarity on his future. That kind of stability could also boost the Rangers’ return, since they’d be trading a player under team control, not just a short-term rental.
But if Panarin has a narrow list of acceptable destinations - or just one - the Rangers’ leverage takes a hit. In that case, even with an extension in place, the return might be limited. It’s a tough spot for team president and GM Chris Drury, who’s already made it clear the organization is entering a retooling phase but hasn’t spoken publicly since issuing that announcement.
Panarin’s numbers this season reflect a player still capable of making a difference. His 10-game point streak came to an end Tuesday night against the Kings, but he’s quietly elevated his production after a slow start.
He’s now averaging 1.12 points per game - a slight uptick from last season’s 1.11 - with 56 points in 50 games. The goal-scoring, however, has dipped.
After netting 37 last season, he’s at 19 this year, and his 12.4% shooting percentage is his lowest since the 2021-22 campaign.
Lafrenière’s Future Clouded by Uncertainty
While Panarin controls his fate, Alexis Lafrenière finds himself in a very different situation - one where he’s left waiting and wondering. The 2020 No. 1 overall pick had a standout showing in the Winter Classic, but since then, it’s been a mixed bag: five points in eight games, but a minus-seven rating.
He’s in the first year of a seven-year extension with a $7.45 million AAV, but that contract doesn’t include any trade protection until 2027. That leaves the door wide open for a potential move.
Trading Lafrenière would be a significant organizational pivot - and another tough pill to swallow in a string of top-10 picks who haven’t panned out in New York. The Rangers have already moved on from Kaapo Kakko (No. 2 in 2019), Vitali Kravtsov (No. 9 in 2018), and Lias Andersson (No. 7 in 2017). Neither Kravtsov nor Andersson is still in the NHL.
If Drury does decide to shop Lafrenière, the return would need to be focused on youth and upside - think of the Josh Norris-for-Dylan Cozens type of swap that gives both players a clean slate. On the other hand, moving Lafrenière now, when his value is arguably at its lowest, could backfire. The safer play might be to ride it out and hope he regains form.
Lafrenière, for his part, wants to stay.
“Of course. I’m here and I’ll give my 100 percent,” he said. “I think we have a good group.”
But he’s also realistic about the business side of the game.
“It always sucks losing guys, teammates, friends, but that’s the business,” he added. “We’ll see what happens. All we can do is really just play hockey and try to win games.”
Drury addressed the team last Friday to outline the organization’s retooling plans and met individually with members of the leadership group. Lafrenière said he hasn’t had a one-on-one with Drury about his future since the announcement.
Depth Pieces Drawing Deadline Interest
Beyond the stars, the Rangers have a few under-the-radar names who could be on the move before the deadline - including fourth-line center Sam Carrick. The 33-year-old is in the first season of a two-year deal that carries a $1 million AAV through 2026-27.
He’s a classic depth piece - the kind of veteran presence contending teams often look to add for a playoff push. But the extra year of term might give some clubs pause.
“Obviously it’s not easy,” Carrick said. “I signed here hoping to finish my contract here.
Having a family and stuff makes things a little bit more difficult if change is coming. … I don’t know what’ll happen, obviously, but if anything does happen, you just roll with the punches.”
Carrick’s recent linemates - Jonny Brodzinski and Taylor Raddysh - are also potential trade chips, though likely for modest returns. Raddysh has another year left at $1.5 million AAV, while Brodzinski is a pending unrestricted free agent. Neither is expected to bring back more than a late-round pick, but in a deep playoff run, even marginal upgrades can matter.
Brodzinski, in particular, had a rough outing Tuesday night. After being on the ice for two Kings goals, coach Mike Sullivan benched him for the final 27:23 of the game. He finished with just 5:43 of ice time - the second-lowest total of his 245-game NHL career.
Spencer Martin’s Winding Road Back to the NHL
Then there’s Spencer Martin - a goalie whose journey back to the NHL has been anything but conventional. Just last summer, Martin signed a two-year deal with CSKA Moscow in the KHL.
At the time, an NHL return didn’t seem imminent. But fast forward six months, and he’s back in the league, suiting up for the Rangers and making the most of an unexpected opportunity.
“Starting the year in the KHL, it was a long way from a chance like this,” Martin said.
Originally drafted by Colorado in 2013, Martin has bounced around - suiting up for the Avalanche, Canucks, Blue Jackets, Hurricanes, and now the Rangers, along with stops at six different AHL teams. He’s never played more than 29 games in an NHL season and owns a career .881 save percentage.
When he chose the KHL last summer, it was about financial security and life experience for his family. But once he got there, something was missing.
“Once I got there, I realized how much I missed this type of (NHL) opportunity and that excitement,” he said.
The fit in Russia didn’t last. Martin posted a .905 save percentage in 14 games, but his 5-6-2 record didn’t meet the expectations of a CSKA team that expects to win every night. The club explored trading him before ultimately buying him out.
That opened the door for a return to North America. The Rangers had shown interest in Martin the previous summer, and when he became available again, they moved quickly.
On Nov. 12, New York signed him to a two-year, $775,000 AAV deal.
An injury to Jonathan Quick gave Martin a brief call-up earlier this season, and he’s been back with the team since Igor Shesterkin went down with a lower-body injury on Jan. 5.
Martin has made two starts with the Rangers, going 1-1-0 with an .868 save percentage. His first win came Saturday against Philadelphia - a moment that earned him the team’s Broadway Hat, awarded to the player of the game.
“I have a lot bigger goals to prove I can help here,” Martin said. “But it still feels pretty cool just knowing how rare this opportunity is after starting in Russia.”
As the deadline draws closer, the Rangers find themselves at a crossroads. With a franchise cornerstone like Panarin potentially on the move, a former No. 1 pick in flux, and depth pieces quietly drawing interest, Chris Drury has no shortage of decisions to make. The retool is underway - and how the next few weeks unfold could shape the Rangers’ future for years to come.