Five major storylines to watch leading up to 2026 NHL Draft

That would potentially leave Malhotra for New York. The Athletic reported this week that this is the ideal scenario for the Rangers. They drafted Caleb's father seventh overall in 1998. 

Ottawa Senators have newfound draft capital

The blockbuster Brady Tkachuk trade brought two first-round picks in 2026 to Ottawa, at No. 9 and No. 25. Early reporting indicates teams are inquiring with Ottawa about the availability of those picks. Ottawa GM Steve Staios referred to the interest in them as "robust" when meeting with the media on Monday in Ottawa. The Senators only recently emerged from a lengthy rebuild, and there is likely little appetite in Ottawa to enter into another era of sustained strategic retreat.

Connor Hellebuyck's status in Winnipeg

The gold-medal-winning goaltender is one of the best of his generation. The goalie-needy Senators had major issues in net last season and now have newfound draft capital. Now 33, Hellebuyck has not reached the Western Conference Finals since 2018. His end-of-year media availability featured some harsh words for Winnipeg's on-ice 'product' this season. Despite a down season, Hellebuyck has five years remaining on his contract at an average annual value of $8.5 million. If he's available, there are plenty of teams who would be in the market —particularly with the weakness in the goalie market in free agency.

Larkin and Detroit, Trocheck and New York

They're considered the two best centers who happen to be available via trade. Dylan Larkin requested a trade, but he is in full control of where Detroit trades him. The Wings could be motivated to get a deal done, since they lack a first-round pick in this draft. Vincent Trocheck recently switched agents. His trade protection drops from 12 teams to 10 teams on July 1, according to PuckPedia. This likely indicates a player hungry to get something done sooner rather than later.

Cap-strapped in Vegas, Colorado and Florida

No team is over the cap, but eight teams remain under the salary floor for 2026-27. Three teams — Vegas, Colorado and Florida — will likely have to shed some salary this offseason. Dallas, Montreal and Buffalo could also be in the running to try to shed salary. Though not nearly receiving as much attention as players like Larkin, Trocheck and Hellebuyck, it's entirely possible at least one of those teams subtracts a significant piece to fit under the salary cap. 

Vegas, in particular, has work to do. The Knights have a major negotiation with restricted free agent winger Pavel Dorofeyev and very little cap space to maneuver.

The 2026 NHL Draft begins in Buffalo, New York, at 7 p.m. on Friday.