The New York Rangers entered their first season under head coach Mike Sullivan with one of the biggest questions across the league floating above the franchise.
That'd be what to do with Artemi Panarin as the Russian winger plays out the remaining season on his current deal.
The 33-year-old forward is in the final season of a seven-year, $81.5 million contract he signed in 2019, carrying the highest cap hit of any winger in the NHL at $11.6 million.
In the eyes of NHL.com’s Dan Rosen, it’s becoming increasingly unlikely that Panarin will sign an extension during the season, leaving the Rangers facing a major decision as the year unfolds.
Reacting to slow starts, trade proposals, and Artemi Panarin's contract status are all topics of discussions in this week's Over The Boards mailbag ⤵️https://t.co/KObzBD40WV
— NHL Media (@NHLMedia) October 15, 2025
“My hunch, and that’s only what it is as nobody is offering inside information on this topic, is that Panarin will not re-sign during the season,” Rosen wrote.
Rosen presented two possible paths for New York depending on how its 2025–26 campaign develops.
“If the Rangers struggle, it could signal the need for change, and lead to them potentially trading Panarin before the 2026 NHL Trade Deadline,” Rosen wrote. “If they’re successful, it could lead to Panarin itching to stay in New York.”
For now, New York has started the season on a historically bad note, going 2-3-0 in their first four games and getting shut out in all three of their home games this year.
The uncertainty surrounding Panarin's situation has already fueled widespread speculation around the league, with Sportsnet’s Elliotte Friedman reporting that the Rangers discussed a discounted extension with Panarin this past offseason.
The reported deal was modeled after Anze Kopitar’s two-year, $14 million deal with the Los Angeles Kings. However, no progress has been made on that front.
Daily Faceoff’s Matt Larkin, meanwhile, went further as he called Panarin the most likely “big-name trade candidate” this season.
“The fit between him and the New York Rangers no longer makes sense long-term unless he takes a team-friendly discount, which I don’t expect him to do,” Larkin wrote.
Panarin, who led the Rangers in scoring every season since arriving in 2019, has stayed quiet about his future, saying only that he is “ready to work hard.” General manager Chris Drury has declined to comment on contract negotiations.
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