Rangers Receive Reality Check After NHL Contract News

According to fellow The Athletic analyst Vince Mercogliano, the Rangers had spent months preparing for a potential blockbuster offseason, clearing cap space and reportedly keeping tabs on marquee players like McDavid, Kirill Kaprizov, Kyle Connor, and Jack Eichel.

All four aforementioned superstars have since signed mid- or long-term extensions with their current teams, emptying the potential star-studded free-agent class the Rangers were banking on.

“The Rangers have a two-time Stanley Cup champion in Sullivan, plus ownership willing to spend. The combination of a major city, an Original Six franchise, and McDavid would have made the Rangers a prime destination for other free agents, all with the cap rising,” Baugh said. “That faint dream is gone.”

Now, Rangers general manager Chris Drury's vision must shift toward finding internal solutions and developing his own players instead of chasing quick fixes via free agency.

“The roster still needs work, and it seems increasingly likely that they’ll need to find ways to improve that don’t involve landing a big fish,” Baugh wrote.

The Rangers are projected to have roughly $30 million in usable cap space next summer if they don't bring back any pending free agents.

Baugh suggested that Drury could use that flexibility to either re-sign Artemi Panarin, who turns 34 this month and will enter unrestricted free agency next July, or let him walk and pivot toward youth.

“Drury could also let Panarin walk and get younger,” Baugh wrote. “The Rangers have two 2026 first-round picks, potential trade chips for either restricted free agents — someone like Jason Robertson could be worth monitoring — or available players on retooling clubs.”

Beyond those options, Baugh warned that the team’s developmental pipeline has yet to produce the kind of homegrown star needed to sustain a contender.

“Are any of them future stars?” Baugh wondered asked, referencing Alexis Lafreniere and the Rangers’ other recent high draft picks. “That feels doubtful, aside from maybe Gabe Perreault if he hits his absolute ceiling.”

With no marquee free agents left to chase, an aging core, and a roster that “still doesn’t look ready to truly compete for a championship,” Baugh argued that New York must move past its free-agency fantasies and start building from within.