The NHL trade market is currently a powder keg with a very short fuse. Honestly, if you aren't looking at the calendar, you’re missing the biggest story in hockey right now. We are barreling toward February 4, the date the Olympic roster freeze kicks in for the Milano Cortina 2026 Games.
General managers are terrified.
They’re terrified of trading for a star who breaks an ankle in Italy. They’re also terrified of standing pat while their rivals get better. It’s a mess.
The Calgary Fire Sale Everyone Expected
Calgary is basically the center of the hockey universe this week. They’re sitting near the bottom of the Pacific, and Craig Conroy knows he has the most valuable chips on the table. Rasmus Andersson is the name on everyone's lips. He’s 29, a right-shot defenseman, and he’s having a career year.
Toronto wants him. Detroit wants him. Even Boston is kicking the tires.
Pierre LeBrun recently noted that the Maple Leafs have revisited these talks, which makes sense because their blue line still feels a bit thin despite their record. But the price is astronomical. We’re talking a first-round pick plus a blue-chip prospect. If Detroit leans in, they might prefer Andersson over Justin Faulk, mostly because Andersson’s age fits their window a bit better.
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Then there is Nazem Kadri.
Montreal is pushing hard here. Like, really hard. They want that veteran presence down the middle to help the kids. Rumors from Eklund suggest Montreal is the front-runner, but if that falls through, watch for Vancouver to sneak in.
The Weird Drama in New Jersey and New York
You’ve probably heard about the Dougie Hamilton situation by now. It’s gotten weird. He was a healthy scratch against Winnipeg a few days ago, and his agent, J.P. Barry, didn't exactly keep quiet about it.
The Utah Mammoth are the team to watch here. They need a right-handed defenseman badly. They have the cap space—over $26 million—and the picks to make New Jersey’s headache go away. While some insiders say a deal isn't "imminent," the vibe in that locker room feels like a breakup is coming.
Meanwhile, across the river, the Rangers are at a crossroads. Artemi Panarin is a pending UFA. Think about that. One of the best playmakers in the world could actually be moved if Chris Drury decides the Rangers aren't "it" this year.
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They haven't asked him to waive his no-movement clause yet. But they're listening on Brennan Othmann. The 23-year-old winger is the most likely piece to move if the Rangers decide to buy instead of sell. It’s a classic "win-now" vs. "save the future" gamble.
Goalies and the Olympic Factor
Toronto has a "problem," but it’s the kind of problem every team wants. Anthony Stolarz is coming back from an upper-body injury. That leaves the Leafs with three NHL goalies: Stolarz, Joseph Woll, and the rookie Dennis Hildeby.
Brad Treliving can’t keep all three. Not if he wants to fix the defense.
Nick Kypreos has been vocal about Stolarz being trade bait. He has a 16-team no-trade list, which complicates things, but a team like Carolina—who has been struggling to keep the puck out of the net lately—could be a perfect match.
The Olympics are the wild card. Teams are hesitant to move major assets before Feb 4 because they want to see who survives the tournament healthy. But the "soft deadline" of the freeze usually triggers a few desperate moves.
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Rapid Fire News from Around the Rink
- Connor McDavid is on a 20-game point streak. He has 82 points. It’s January 15. That is not a typo.
- Brady Tkachuk just hit 200 career goals, doing it faster than his brother Matthew.
- Gabriel Landeskog is dealing with yet another upper-body injury. Colorado is a wagon (33-4-8), but their captain's health is becoming a major concern for the postseason.
- Kiefer Sherwood in Vancouver is a statistical unicorn. He leads the league in hits but is also on a 30-goal pace. The Rangers and Bruins are circling him like sharks.
What You Should Watch For Next
The next 14 days will be chaotic. If you’re tracking these rumors, keep your eyes on the "Olympic Roster Freeze." Once we hit February 4, the phone lines go dead until February 22.
Watch the waiver wire. Teams with goalie surpluses, like Toronto, will have to make a move soon or risk losing someone for nothing.
Monitor the "Change of Scenery" candidates. Alexis Lafreniere and Trevor Zegras are names that keep popping up in secondary circles. If a blockbuster doesn't happen, these smaller "hockey trades" often fill the gap.
Check the injury reports daily. With guys like Justin Faulk in concussion protocol and Seth Jones day-to-day, trade values are shifting by the hour. A team that was a "seller" yesterday might become a "buyer" today if their star defenseman goes down for a month.
The trade market is basically a high-stakes game of chicken right now. Nobody wants to blink first, but someone always does.