The vibe around the NHL right now is, frankly, chaotic. We are staring down the March 6 trade deadline, but the usual "wait and see" approach has been tossed out the window. Between the upcoming Olympic break roster freeze on February 4 and some massive franchise-altering decisions in New York and Vancouver, the NHL trade rumors mill is spinning faster than a Nikita Kucherov one-timer.
If you thought the Quinn Hughes blockbuster to Minnesota back in December was the peak of the season, buckle up.
The Rangers are actually doing it
It started with a letter. When Rangers GM Chris Drury sent that public note to the fans at Madison Square Garden, people didn't quite believe the "retool" talk. They do now. The biggest name on everyone’s lips? Artemi Panarin.
Honestly, it’s wild to think about. Panarin is 34, carries an $11.6 million cap hit, and has a full no-movement clause (NMC). On paper, he’s unmovable. But reports from TSN’s Darren Dreger and Mollie Walker at the New York Post suggest the Rangers are ready to move on. They aren’t offering him an extension.
The list of teams that can actually fit "The Breadman" is short. You’ve got the Florida Panthers, Dallas Stars, and Vegas Golden Knights in the mix. But there's a catch—Florida is tight on space with Matthew Tkachuk coming off LTIR and Barkov returning soon. Vegas? They always find a way. They treat the salary cap like a suggestion rather than a rule.
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"From Drury's standpoint, the more trade destinations that Panarin lists, the better the opportunity to start a bidding war." — Lyle Richardson, Spector’s Hockey
While Panarin is the headliner, don't ignore the rest of the roster. Drury has been meeting with the "untouchables"—Mika Zibanejad, Adam Fox, and Igor Shesterkin. They all want to stay. But J.T. Miller? His camp isn't so sure. If the Rangers are serious about a "retool," no one over 30 is truly safe.
Vancouver’s "Rebuild" is gaining steam
The Canucks already moved their captain, Quinn Hughes, to the Wild in a trade that shook the league (sending Zeev Buium and a 2026 1st-round pick the other way). Now, the "R-word"—rebuild—is being used openly by management.
Elias Pettersson is the next domino. Nick Kypreos has been vocal about this: Vancouver is listening. Pettersson’s $11.6 million hit is a massive hurdle, and his play has been... let's call it "inconsistent." But teams like Carolina and Detroit are circling. Steve Yzerman has a mountain of cap space—nearly $27 million right now—and he’s looking for a centerpiece.
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Imagine Pettersson in a Red Wings sweater. It fits the timeline.
The Rasmus Andersson Sweepstakes
If you need a top-pair, right-shot defenseman, you’re looking at Calgary. Rasmus Andersson is essentially the "Plan A" for every contender. He’s 29, plays 24 minutes a night, and has 10 goals already this season.
The problem? He has reportedly told the Flames he’s testing free agency on July 1. He’s a pure rental.
- Vegas Golden Knights: Currently the favorites to land him.
- Detroit Red Wings: Yzerman has "checked in," but will he pay a premium for a guy who won't sign an extension?
- Boston Bruins: Desperately need a spark on the back end.
The price is likely a 1st-round pick plus a high-end prospect. For a rental, that's a tough pill to swallow, but Andersson is the kind of player who wins you a playoff round.
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Goalies and "Buy Low" Candidates
The New Jersey Devils are in a weird spot. They traded for Jacob Markstrom last summer, and it has been, well, a disaster. He’s sporting an .874 save percentage and recently got lit up for nine goals against the Islanders. Tom Fitzgerald is publicly saying Markstrom "has to be better," but the extension they gave him is looking like an anchor.
Keep an eye on Dougie Hamilton too. He was a healthy scratch recently, and his agent, J.P. Barry, didn't stay quiet about it. Utah Mammoth is the rumored destination here. They need a right-handed shot, and they have the draft capital to make New Jersey eat some of that $9 million salary.
What most people get wrong about the deadline
Everyone focuses on the big names, but the real winners are often the teams that grab the "Blake Colemans" of the world.
The Dallas Stars are currently "win-now" mode. They’ve made three straight Western Conference Finals. They don't need a superstar; they need grit. Bringing Blake Coleman back to Texas (he’s from Plano) is a rumor that makes too much sense. He leads Calgary in goals and brings that "playoff DNA" that coaches like Pete DeBoer crave.
Actionable Insights for the 2026 Deadline
If you're following the NHL trade rumors this month, keep these specific triggers in mind:
- Monitor the February 4 Olympic Freeze: This is a "soft deadline." Teams that want to integrate players before the break will move in the next 10 days.
- Watch the Rangers' "List": If Panarin expands his trade list beyond one or two teams, a bidding war starts. If he stays firm on one destination, the return will be underwhelming.
- Cap Space is King: Detroit and Anaheim have the most flexibility. They are the "brokers." Even if they don't land the big fish, they might take on salary to facilitate a three-team trade for a draft pick.
- The "Rental" Tax: Teams are becoming more wary of giving up 1st-rounders for players like Rasmus Andersson who refuse to sign extensions. Watch for "conditional" picks based on playoff success.
The market is shifting from "hockey trades" to "financial relief trades." Expect the unexpected, especially with the Canucks and Rangers officially open for business.