Underwhelming Artemi Panarin return is a reminder of the power of trade protection

2021: Buffalo Sabres trade Taylor Hall and Curtis Lazar to Boston Bruins for Anders Bjork and a second-round pick

Arguably the least successful of these players, Hall was more than two seasons removed from his MVP 93-point campaign in 2017-18. He had struggled during the abbreviated season in Buffalo with just 17 points in 37 games. Like Panarin and the others on this list, Hall was on an expiring contract at the time of the trade and featured a full NMC. The Sabres retained 50 percent of Hall's cap hit. The return did not move the needle for Buffalo. 

2022: Philadelphia Flyers trade Claude Giroux to Florida Panthers

The best return of the trades featured Philadelphia sending franchise icon Claude Giroux, then 34, to Florida along with a fifth-round pick, forward Connor Bunnaman and forward German Rubtsov for a first-round pick, a third-round pick and winger Owen Tippett. Like Panarin, Giroux was in the final year of a long-term contract playing for a team transitioning out of its competitive window. The Flyers retained 50 percent of his cap hit. Tippett had only scored 17 goals in 108 games to that point, though he would become a full-time player in Philadelphia. The Flyers used the draft pick in a series of trades that eventually landed them forward Jack Nesbitt in the 2025 NHL Draft.

2023: Chicago Blackhawks trade Patrick Kane to New York Rangers by way of Arizona Coyotes

The only one of these trades to feature a third team, the Chicago Blackhawks returned a conditional second-round draft pick, a fourth-round draft pick and two career minor league players (defensemen Andy Welinski and Vili Saarijarvi). The Rangers also received a different minor leaguer, Cooper Zech. The Rangers did not advance far enough into the playoffs to trigger the condition on the pick, meaning it remained a second-round draft pick. 

2025: Boston trades Brad Marchand to Florida

The Bruins acquired a conditional 2027 second-round pick that could convert to either a 2026 first-round pick or a 2027 first-round pick depending on the outcome of conditions involved in Florida acquiring Seth Jones. It felt like an afterthought of a trade for another franchise icon, dealt to a division rival at age 36. Marchand would, of course, win a Stanley Cup with Florida and sign a multiyear extension last summer.

These deals are great value for the acquiring team

The lesson here is centered on the return. These trades were focused on aging superstar players who still had value. Marchand is the only player who didn't have NMC protection, yet he still yielded a modest return. Destination matters in these moments where it's not a purely open market. Instead of a bidding war, acquiring teams get a discount.