The NHL trade deadline doesn't actually happen in March. Not really. While the official "pencils down" date is March 6, 2026, the real panic starts in about three weeks. Why? The Olympic roster freeze. On February 4, the league basically hits a giant pause button so everyone can head to Italy for the 2026 Winter Olympics.
If a GM wants to save their season, they have to move now. Honestly, waiting until the last minute this year is a recipe for getting fleeced. We are seeing a market where "hockey trades" are replacing the usual rental madness, mostly because the salary cap is still a puzzle nobody can quite solve.
The Artemi Panarin Situation in New York
The Rangers are at a crossroads that nobody saw coming two years ago. Artemi Panarin is a pending UFA, and the Blueshirts are on the outside looking in at the playoff race. It feels weird even saying that.
According to recent reports from The Athletic, the Rangers haven't officially asked Panarin to waive his no-movement clause yet. But they're listening. They have to. If you're Chris Drury, do you really let a guy who can still put up 100 points walk for nothing? Probably not.
The Colorado Avalanche and Tampa Bay Lightning are the names circling like sharks. Tampa just won 11 straight without Victor Hedman, which is honestly terrifying. They want one more "all-in" run. If they can figure out the money—maybe by involving a third team to eat some of Panarin’s cap hit—it changes the entire landscape of the Eastern Conference.
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NHL Rumors and News: The Defense Market is Exploding
If you need a right-shot defenseman, I hope you have a first-round pick and a top-tier prospect ready to go. The price for Rasmus Andersson in Calgary is astronomical right now.
Calgary is reportedly looking for a "Lindy-plus" return. They want a first-rounder and a young player who is already contributing at the NHL level. Word is the Boston Bruins have already dangled Mason Lohrei, but the Red Wings are lurking. Detroit missed out on Quinn Hughes (who, in a wild twist, ended up in Minnesota for a massive haul including Zeev Buium), and Steve Yzerman isn't usually a guy who misses twice.
- Rasmus Andersson: High interest from Detroit, Boston, and Toronto.
- Dougie Hamilton: Things have turned sour in New Jersey. He was a healthy scratch recently, and his agent is making noise. Utah Mammoth looks like a potential landing spot if they can move salary like Alex Kerfoot or Barrett Hayton.
- Justin Faulk: St. Louis is retooling, and Faulk is the odd man out. Vegas and Detroit are the frontrunners here.
The Red Wings are a fun team to watch here. They have the cap space. They have the desperation. But Yzerman has reportedly made Simon Edvinsson and Axel Sandin Pellikka "off-limits." That makes a deal for someone like Andersson a lot harder to pull off.
Edmonton's Search for "Ekholm Jr."
The Oilers are doing that thing again where they score five goals and still find a way to make it stressful. Ken Holland’s successor is looking for defensive depth, specifically someone physical and cheap. David Pagnotta recently mentioned they want an "Ekholm Jr." type.
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But there’s a catch. Their depth at center took a hit with David Tomasek and Noah Philp going down. Now, rumors are swirling about Jesperi Kotkaniemi in Carolina. He hasn't lived up to that massive offer-sheet contract, and the Hurricanes might be willing to move him just to clear the $4.825 million AAV off their books.
The Quinn Hughes Ripple Effect
The Minnesota Wild changed everything when they traded for Quinn Hughes from Vancouver. It was the "trade of the season," but it left them asset-poor. They gave up Marco Rossi, Liam Ohgren, and a 2026 first-rounder.
Because of that move, the Wild are basically done. They spent their bullets. This has created a vacuum where other Western Conference teams like the Dallas Stars feel the need to respond. Dallas is on a 112-point pace, but they can't beat Colorado with their current second-pair defense. Thomas Harley is playing too many minutes with "bottom-pair" guys, and Jim Nill is known for mid-season splashes.
Keep an eye on Nashville too. Ryan O'Reilly was supposed to be a trade candidate, but the Preds have started winning again. Rumor has it the odds of him staying in Nashville have jumped to about 75%.
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Injury News That Actually Matters
Injuries are the invisible hand of the trade market. You can't talk about NHL rumors and news without looking at the IR list.
- Robert Thomas (St. Louis): Out at least two weeks with a lower-body injury. This kills any immediate trade value he had if the Blues were thinking about a massive rebuild move.
- Connor Bedard (Chicago): He's finally back in the lineup. It doesn't change their playoff hopes (they don't have any), but it does make them a more attractive partner for teams looking to offload salary in exchange for Bedard-adjacent assets.
- Gabriel Landeskog (Colorado): His health is still a massive question mark. Colorado is the best team in the league (33-4-8!), but if Landeskog can't go for the playoffs, they will 100% trade for a top-six winger.
What to Watch Over the Next 14 Days
The "soft deadline" of February 4 is the real date to circle on your calendar. GMs don't want to be negotiating via Zoom from a hotel in Milan. They want their rosters set before the break.
If you are a fan of a bubble team, expect some "change of scenery" moves. Alexis Lafrenière in New York is the name that won't go away. He’s 24, a former first-overall pick, and he still hasn't quite "popped" the way people expected. A team like Montreal or even San Jose would take that gamble in a heartbeat.
Honestly, the goalie market is the only thing that's quiet. Linus Ullmark is dealing with personal matters in Ottawa, and while there was trade talk, GM Steve Staios has shut that down. For now, the focus is strictly on the blue line.
Keep your eyes on the waiver wire and the "healthy scratch" lists. When a guy like Dougie Hamilton or Andrew Mangiapane sits out, it’s rarely just about performance. It’s usually the prelude to a plane ticket.
Next Steps for Following the Market:
- Monitor the Olympic Roster Freeze: Watch for a flurry of activity between January 25 and February 3. This is when the most "desperation" trades occur.
- Track Cap Space: Use tools like PuckPedia to see which contenders have the "accrued" cap space to take on a contract like Panarin's or Andersson's without a 50% retention.
- Watch the "Three-Team Trade" Rumors: With the cap still tight for contenders, look for teams like Chicago, San Jose, or Anaheim to act as "brokers," taking on 25% of a salary for a mid-round pick.