Walk into any bar near Madison Square Garden right now and the vibe is, well, miserable. It’s heavy. You can feel it. Just two seasons ago, the New York Rangers were hoisting the Presidents' Trophy, looking like a wagon that wouldn't stop rolling until they hit a parade route in June.
Now? They are basically a shell of that team.
Honestly, it feels like the wheels haven't just come off; the whole axle snapped. As of January 14, 2026, the Rangers are sitting dead last in the Metropolitan Division. Think about that for a second. Even the Columbus Blue Jackets, a team that has been in various stages of "rebuilding" since the dawn of time, have leapfrogged them. This isn't just a mid-season slump. It’s a full-blown identity crisis.
The Injury Ward Is Overflowing
You can’t talk about a New York Rangers update without mentioning the training room. It’s a morgue in there. The headline, of course, is Igor Shesterkin.
He went down on January 6th after a collision with JJ Peterka during a game against the Utah Mammoth. Seeing Igor limp off the ice is basically the hockey equivalent of seeing the Bat-Signal get smashed. Without him, the Rangers are starting Jonathan Quick—who, bless his heart, is 40 years old—and Spencer Martin. It’s not working.
They just got waxed 10-2 by the Boston Bruins on national TV. 10 goals. It was embarrassing. It was the kind of game where you just want to turn off the TV and go for a very long, very silent walk.
✨ Don't miss: The Division 2 National Championship Game: How Ferris State Just Redrew the Record Books
And it isn't just Igor. Adam Fox is on Long-Term Injured Reserve (LTIR) with a lower-body injury and isn't expected back until the end of the month, at the earliest. Then you’ve got Adam Edstrom and Conor Sheary out too. Sheary was actually seen on crutches during the Winter Classic in Miami earlier this month. When your Norris-winning defenseman and your Vezina-winning goalie are both out, you're basically bringing a knife to a gunfight every single night.
Is the Breadman Packing His Bags?
Here is the part that’s really making fans lose their minds: the trade rumors.
Artemi Panarin is 34. He’s still the team’s leading scorer with 50 points in 47 games, but he’s making $11.6 million. With the team spiraling, the "R" word—rebuild—is being whispered around the Garden. There are reports that the front office is tiptoeing around the idea of asking Panarin to waive his No-Movement Clause (NMC).
Vince Mercogliano from The Athletic mentioned that as of yesterday, the Rangers haven't officially approached him yet. But let’s be real. If they keep losing, why would they keep a 34-year-old superstar on a massive contract while they’re "tanking" for a high draft pick? The Tampa Bay Lightning have already been floated as a potential landing spot.
Then there’s Alexis Lafrenière. Oh, "Laf."
🔗 Read more: Por qué los partidos de Primera B de Chile son más entretenidos que la división de honor
The former first-overall pick from 2020 has been demoted to the third line by coach Mike Sullivan. He’s got 24 points in 47 games, which is... fine? But "fine" isn't what you want from a #1 pick in his sixth season. Sullivan basically said he needs more from him, which is coach-speak for "get it together or you're out."
The Mike Sullivan Experiment
Speaking of the coach, the transition from Peter Laviolette to Mike Sullivan hasn't exactly been the smooth sailing GM Chris Drury promised. Laviolette was fired last April after the Rangers missed the playoffs entirely—a shocking fall after their 114-point season in 2023-24.
Sullivan was supposed to bring that "championship pedigree" from his Pittsburgh days. Instead, the team is 20-21-6. They can't score—ranking 28th in the league for goals for—and their defense is a sieve without Fox.
The strategy right now seems to be "hope the young guys save us," which is why we’re seeing kids like Gabe Perreault getting moved up the lineup while veterans like Carson Soucy are being shopped around as trade bait.
Why "Tanking" Might Be the Only Way Out
It sounds crazy to say about a team with this much talent, but the Rangers might actually be better off losing right now.
💡 You might also like: South Carolina women's basketball schedule: What Most People Get Wrong
According to Tankathon, they are currently projected to pick 6th in the 2026 NHL Draft. This year's draft is deep. Like, historically deep. If they bottom out completely, they could have a shot at Gavin McKenna or Keaton Verhoeff.
There's a 7.5% chance they could even land the #1 pick. For a team that feels "broken"—and that's the word former goalie Carter Hutton used on Daily Faceoff LIVE this week—a fresh start with a generational prospect might be more valuable than a desperate, failed push for a wild card spot.
What You Should Watch For Next
If you're following this New York Rangers update closely, the next few weeks are everything. The Olympic roster freeze happens on February 4th. Usually, teams like to get their business done before then.
Keep an eye on:
- The Panarin Conversation: If he’s asked to waive his NMC, the "rebuild" is officially on.
- Igor’s Return: If he isn't back by the Olympic break, the season is cooked. Period.
- The Soucy Trade: Rumor is the Rangers want to flip the defenseman for assets while his value is still decent.
- Lafrenière’s Minutes: If he stays on the third line, his time in New York might be coming to an end.
The Rangers play Ottawa tonight. It’s another chance to stop the bleeding, but honestly? It feels like the wound is too deep for a single win to fix. Fans are tired of "potential." They want results, and right now, the only result they're getting is a front-row seat to a slow-motion wreck.
To stay ahead of the curve, keep a close watch on the waiver wire and the AHL recalls from the Hartford Wolf Pack. Guys like Brennan Othmann are being shuffled back and forth purely for cap reasons, but they’re the ones who will be playing 20 minutes a night if the veterans get shipped out. The deadline is March 6th, but for this Rangers team, the season might already be over before the calendar even hits February.