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2026 NHL Trade Deadline Primer: New York Rangers

Originally posted on NHL Trade Talk | By Nate Duffett | Last updated Feb 14, 2026 4:15 PM ET

The New York Rangers are right back where they started after releasing a letter to their fans in February 2018. The front office attempted to prepare their supporters for a rebuild when they released that letter, but a series of events that led to Artemi Panarin falling into their laps caused them to change course and attempt to contend. The best they could do was two Eastern Conference Finals losses, and now, as the 2026 NHL Trade Deadline approaches, the Rangers have released another letter outlining plans to kick off another retool.

Rangers Status at the Trade Deadline: Sellers

Ironically, the Rangers’ first retool ended when they signed Panarin, and now the next one begins with them trading him to the Los Angeles Kings before the Olympic break. There is no reason for Chris Drury to rest on his laurels now, as any player with value should be up for discussion at the deadline. With Panarin out of the picture, Igor Shesterkin and Adam Fox out with injuries, an aging core, and not a whole lot of prospect depth, the Rangers’ only path forward is to be sellers.

Rangers’ Salary Cap Space

The Rangers currently have $6.4 million in cap space with Fox on long-term injured reserve. They’ll likely further increase that space by trading some of their big contracts at the trade deadline, and they’ll also get Panarin’s retained salary off the books this summer. Chris Drury has the chance to free up a ton of space to go big-name hunting in free agency, but there aren’t a whole lot of prizes left, and he’d risk running into the same mistake as the front office made in 2019 when they signed Panarin and paused the retool.

Rangers’ Trade Chips

Vincent Trocheck is the most certain trade chip to be heading out the door before the trade deadline. The two-way center can produce points at a top-six clip, kill penalties, play reliable defense at five-on-five, and is also an elite faceoff man. He has three years remaining on his contract after this one with a manageable $5.625 million annual cap hit.

Braden Schneider’s name is another making the rounds in trade rumors. While trading a 24-year-old, right-shot defenseman seems counter-productive to a retool, his upside isn’t as high as New York would want, and he is still due for a raise in the offseason. The return a young right-shot defenseman would get on the open market is more valuable to the Rangers than keeping him on the roster.

Alexis Lafreniere is another rumored name for Drury and the Rangers. He has shown flashes of the brilliance that made him a first-round pick, but the play is too inconsistent for the Rangers’ front office to stomach. Drury won’t make the trade unless the return is worth it, given his age and upside, but the general manager will leave no stone unturned at the trade deadline.

What Are They Buying?

Acquiring Liam Greentree in the Panarin trade was a good start to restocking the prospect cupboards. However, there is still a long way to go, and Greentree doesn’t move the needle as much as fans thought in their expected return for Panarin. The Rangers already have two first-round picks this season and six picks in the first three rounds. Draft assets will still be welcome for Drury, but you have to think he’s looking to land at least one top prospect.

Bottom Line for the Rangers

New York can’t take any half measures when it comes to this retool. They did it in 2018 and missed the playoffs over the next seven years as often as they made the Eastern Conference Final. Panarin was a big-name addition for the franchise, but in the long run, attempting to contend with their organizational depth was crippling, with little success to show for it.

This article first appeared on NHL Trade Talk and was syndicated with permission.

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