Trade Deadline Primer: New York Rangers

With the Olympic break approaching, the trade deadline is about a month away. Where does each team stand, and what moves should they be looking to make? We continue our look around the league with teams that have clear plans at the extremes of the standings, next with the Rangers. 

After missing the playoffs last season, it was becoming apparent that New York’s rebuild was not materializing as envisioned, but few would have expected “The Letter: Part Two”. Eager to turn the corner under new Head Coach Mike Sullivan, the Rangers had a strange start to the season, losing their first seven at home, but winning enough on the road to stay afloat at first. Then came the injuries, as the group was battered, numerous key players going down, dropping them to 30th in the league. On January 16, GM Chris Drury shared a letter to fans detailing the team’s plans to “retool”, soon dealing veteran defenseman Carson Soucy to the rival Islanders. Now, franchise cornerstone Artemi Panarin is headed out the door at any moment, as New York finds themselves back where they started seven years ago. 

Record

22-28-6, 8th in the Metropolitan (0% playoff probability)

Deadline Status

Seller

Deadline Cap Space

$4.77MM on deadline day, 0/3 retention slots used, 47/50 contracts used, per PuckPedia.

Upcoming Draft Picks

2026: NYR 1st, CAR 1st, CAR 2nd, NYR 3rd, NYI 3rd, NYR 5th, NYR 6th, VAN 7th
2027: NYR 1st, NYR 3rd, NYR 5th, NYR 6th, NYR 7th

Trade Chips

It’s far from a secret who Drury has set in his first order of business. 12 days after waiving a white flag on 2025-26, the major headline dropped that Panarin would be sat for roster-related reasons. Since then, at least a third of the league has been reported as having interest, most notably the Panthers, Hurricanes, Kings, and Sharks. Wednesday’s 3 PM EST Olympic roster freeze stands as a roadblock, but the superstar has unfavorably had to sit for the last three games, and a deal seems imminent, even if shortly after the Olympics.  

Suitors are working through the need to extend Panarin, but New York holds all three retention spaces. They would be wise to send their star with retained salary, and an extension set up, to maximize a return with their biggest chip, bringing back immediate younger contributors.

Besides the Blueshirts’ leading scorer and his expiring $11.6MM contract, it’s not as immediately clear who could be next. In the interest of their retool, it would be ideal to move on from at least one of their three 32-year-old centers; Mika Zibanejad, J.T. Miller, and Vincent Trocheck. 

Out of the bunch, Trocheck stands as the only real candidate, given his manageable $5.63MM cap hit. The contract runs through his age 35 season, not necessarily ideal, but given the majorly thin center market, Trocheck could bring a haul for the Rangers. The Pittsburgh native has 36 points in 42 games, enough that center-hungry teams such as the Hurricanes, Avalanche, and Red Wings could make a push. Minnesota is also in the market, however they would have to get creative given limited cap space and trade assets.