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Artemi Panarin, New York Rangers (Jess Starr/The Hockey Writers)

Grading the Kings & Rangers’ Blockbuster Artemi Panarin Trade

Originally posted on The Hockey Writers
By Alex Chauvancy | Last updated Feb 4, 2026 4:15 PM ET

The NHL Olympic roster freeze is now in effect, but one major trade occurred before 3 pm today. Per Emily Kaplan and Adam Schefter (yes, that Adam Schefter), the Los Angeles Kings and New York Rangers linked up on a trade that sent Artemi Panarin to Los Angeles. Here are the full details:

Kings receive:

Panarin
- 50 percent retained on 2025-26 cap hit

Rangers receive:

Liam Greentree
Conditional 2026 third-round pick
Conditional 2028 fourth-round pick

This was a pretty underwhelming return for the Rangers. Meanwhile, the Kings did well and added some much-needed scoring pop to their lineup. Let’s grade each side.

Kings Sorely Needed More Scoring

The Kings have not had a great season by any stretch, but they’ve fortunately stayed in the race due to how poor the Pacific Division is. Panarin is still at the top of his game, with 57 points in 52 games at the time of the trade, and he will bring some much-needed scoring pop to a Kings lineup that could use it.

One of the areas where Panarin excels is in transition. He may not be the quickest skater, but he will get the puck moving through the neutral zone. While he’s more than capable of scoring goals, he’s been one of the NHL’s best playmakers for years. He will now become the team’s primary offensive driver, something they’ve sorely lacked outside of a couple of players such as Kevin Fiala and Adrian Kempe.

How will he impact the playoff race in the Pacific? The Kings are in fifth place in the Pacific, but they’re just four points out of first place. Panarin does not make them a Stanley Cup contender, at least not for this season, but it’d be a failure on the organization’s part if they don’t find their way into the postseason.

According to Mollie Walker of the New York Post, the Kings were the only team Panarin was willing to go to and work with on a contract extension; he just signed a two-year extension worth $11 million per year with the Kings. That’s likely why all the Kings had to give up for Panarin was a couple of conditional mid-round picks and prospect Liam Greentree.

If there’s one potential drawback from this trade for the Kings, it’s that they got older again. One of the reasons they’ve taken such a step back this season is that they had a horrendous offseason that saw them become older and slower. Panarin is not your typical mid-30s NHLer, though, so I don’t think his age will be much of a problem, especially since the contract extension is short-term. There’s really not much else to nitpick from the Kings’ perspective. They did as well as they could have.

Kings Grade: A-

Rangers Net Underwhelming Return

Just judging by the reaction on social media, Rangers fans don’t seem particularly thrilled by the return, and understandably so. However, there are a couple of factors to consider. One) Panarin had a full no-move clause, so he had final say in where he was willing to go. It’s a similar situation to when the Florida Panthers acquired Claude Giroux from the Philadelphia Flyers a few trade deadlines ago.

Still, that trade worked out OK for the Flyers. Owen Tippett has become a legitimate second-line winger capable of producing 20-25 goals and around 50 points a season. You’ll never know what prospects turn into, but Greentree is not exactly a prospect on the rise. He’s having a down D+2 season in the OHL, with 45 points in 34 games. He totaled 119 points in 64 games in 2024-25, so there’s been a steep dropoff in his production this season. That’s certainly cause for concern.

Could Greentree turn into an NHLer down the road? Sure, but at least Tippett had already shown signs of potential as a pro player when he got traded to the Flyers. Ultimately, this is a very underwhelming return for the Rangers, despite the constraints of Panarin’s NMC. Perhaps they flip Greentree and the picks for some NHL help down the road, but it doesn’t look great today.

Rangers Grade: C-