The NHL trade deadline is Friday, but a lot of business has already unfolded. The Avalanche made the shocking decision to trade Mikko Rantanen to Carolina — and already executed a follow-up deal to shore up depth. The Rangers began their roster reconstruction before Christmas by trading captain Jacob Trouba and former No. 2 overall pick Kaapo Kakko before re-acquiring J.T. Miller as a splashy acquisition.
And when Seth Jones began voicing his displeasure, Chicago’s front office moved quickly — despite limited leverage — and completed a deal with Florida, which brought the Blackhawks their new goalie of the future, Spencer Knight. Even the Bruins got started on their retool, trading Trent Frederic on Tuesday.
There are still moves to be made this week, but NHL executives across the league have all echoed one thing: Just wait until the summer. With salary cap projections released for the next three seasons — that include sizable jumps — teams are going to feel friskier. Free agency should be a doozy. There could be multiple offer sheets. And “hockey trades” featuring high-profile players are about to be a lot more common.
The landscape right now, agents and front office executives say, is everyone settling in to the new financial reality.
So what’s in store the next few days? Here are a few trends we’re tracking.
Any big splashes left?
• The big question on everyone’s mind: What is going to happen with Rantanen? The Carolina Hurricanes traded for the 28-year-old on Jan. 24. Like their acquisition of Jake Guentzel a year prior, the Canes made a move without an extension in place. But I think Carolina had a different approach — on Guentzel, they were too far apart before it was too late. Plus, the Canes felt they had intel that Carolina was a team Rantanen was interested in before making the trade. So they made him a sizable contract offer over the 4 Nations break. Rantanen wasn’t ready.
Now, look at the situation from Rantanen’s perspective. He thought he was going to spend his entire career in Colorado and the trade left him completely shell-shocked. Rantanen barely got any time with the Canes before the 4 Nations break. The Finnish winger is a very methodical person, and he’s viewing it as a two-step process: Does he want to sign in Raleigh? And if so, what does that contract look like? At the time of the offer, he was still on step one. And now, free agency is just four months away.
Many teams are wondering if Carolina — never afraid to do the brash and unexpected — would flip Rantanen, considering how much they gave up to acquire him. If Carolina double-retained, a team could have Rantanen for just over $2 million for the rest of the season. There would be plenty of takers.
However, Rantanen hasn’t told Carolina no. If they get any indication he doesn’t want to re-sign with them at all, they would recalculate. If it’s still up in the air, my gut says the Canes keep Rantanen and bet on themselves — bet that he’ll help them get over the playoff hump, and ultimately decide Carolina is where he wants to play
• Sidney Crosby‘s name is going to surface in rumors as long as the Pittsburgh Penguins are out of the playoff picture. We all know Crosby cares about winning, and wants more realistic shots at the Stanley Cup. However, I also know Crosby understands what he signed up for when he inked a two-year extension in September. Pittsburgh has some retooling to do, and for now, Crosby appears committed to that journey.
• And then there is Boston Bruins captain Brad Marchand, who becomes a free agent this summer. Boston is beginning its retool, and seems to be listening on a lot of players. I’m not sure anyone outside of David Pastrnak and Charlie McAvoy is safe. Marchand has been steadfast that he wants to remain in Boston. The Bruins want that too — just at the right price and term — and have been negotiating with his camp all season. The sense around the league is that Marchand will stay in Boston, though it’s never a guarantee.
• The wild card, as always, is the Tampa Bay Lightning. It’s within GM Julien Brisebois’ nature to go for it — and to go for the unexpected, though forwards seem to be the area of focus. Placing veteran Cam Atkinson on waivers on Tuesday could foreshadow new flexibility. The Lightning don’t have a first-round pick in the 2025 draft, but the consensus among executives is that the 2026 class is deeper.
And if there’s a team that’s going to make an unexpected splash, keep an eye on Vegas. The Golden Knights are always all-in.
The East is wide open
Many teams have referred to 2025 as a sellers’ market. There are eight teams within six points of the Wild Card picture. Every time I talk to executives in that mix, they feel the spots are up for grabs and anyone could emerge from the bracket. But that also means few feel confident about going all-in.
• As of Tuesday, Jack Hughes was still getting second opinions on his upper body injury and the best course of treatment. Either way, he’s expected to be out for a bit. Before the injury, the New Jersey Devils were buyers — looking to shore up center and forward depth. I expect them to still look at forwards, especially ones that could help their biggest issue: 5-on-5 scoring. But given the circumstances I now think they could be in on rentals, too.
• The New York Rangers are in a gray area. They don’t feel they’re in a position to let UFAs like Ryan Lindgren or Reilly Smith walk. (I’m told there are several teams in on Smith, who remains sidelined until a deal is complete.) However, the Rangers refuse to wave the white towel, which is why they’ve brought in roster replacements as part of their deals. Even though GM Chris Drury signaled he didn’t feel his opening-night roster could win it all, a spot in the postseason, and that all-important playoff revenue, is still attainable in a season of transition. New York is likely to be very active this summer. Look for the team to take big swings.
• Lou Lamoriello is extremely patient. He always has been. This season, Lamoniello waited as long as possible to make a decision on where the Islanders will go. All season, other teams have told me they expect pending UFA’s Brock Nelson (the top center available) and Kyle Palmieri to be available. But it’s never official until Lou says it is. Nelson’s postgame interview with Shannon Hogan on Tuesday — in which he got emotional — led me to believe he’s processing the reality that his Islanders tenure could be coming to an end. He’s the top center available; plenty of teams are impatiently waiting for the answer.
• The Detroit Red Wings and Ottawa Senators are itching to take the next step of their rebuilds. Detroit has looked at defensemen. The Senators have looked at depth forwards. I think both would like to add and give themselves a chance here.
Some teams aren’t going to trade for the sake of trading
• Washington has been a darling of the Eastern Conference this season. The word I got was that the Caps weren’t going to tinker for the sake of tinkering. They know they hit on some good hockey trades and are open to more. (The common theme for players Washington has brought in recently: They’re all in the mid-20s age range.) However, there’s no need to fuss with what has been a terrific season. Now that Logan Thompson and Charlie Lindgren are re-signed, Washington has seven UFAs. GM Chris Patrick has had conversations with all of their representatives, but even if they’re not close on a contract — sounds like there’s mutual interest between Jakob Chychrun and the team, but still work to be done on an agreement — I don’t expect any to get traded. There is movement possibility for Ethan Bear, who has been playing very well for Hershey of the AHL. With Dylan McIlrath and Alexander Alexeyev sitting as scratches on the big roster (the Caps have remained very healthy), Bear’s path appears blocked. If there’s an NHL opportunity for Bear, Washington will help facilitate that.
• Every time I’ve talked to Philadelphia Flyers GM Danny Briere over the past two seasons, he reiterates that the team is in building mode. Once again, there’s been interest in defenseman Rasmus Ristolainen and Scott Laughton. As coach John Tortorella said, if they trade Ristolainen, who is replacing him as a big right-shot defenseman? Philadelphia would make a move only if the return is right. Same goes for Laughton, a heart-and-soul type player who has expressed to Philadelphia that he’d like to stay. Laughton’s cheeky play on “The Last Supper” on social media was his way to clap back at the trade rumors. There’s been much more interest in Laughton, though Philadelphia will make a move only if it makes sense for them. (I think a first-round pick would be enticing.)
• Chicago Blackhawks GM Kyle Davidson said he felt less pressure than in years past to get a first round pick at this deadline, though he did pick one up in the Jones trade — giving them nine picks across the first and second round over the next two years. Chicago is likely to move Ryan Donato, considering there’s a ton of interest. The Blackahwks also may try to find a new home for Petr Mrazek, now that they have Knight. But other than that, the next few months are all about giving their young players the right exposure and development. Then, expect Chicago to be big players over the summer. The Blackhawks can’t have another season like this one. It’s time to get going.
Plans have changed for a few teams
• When the Columbus Blue Jackets opened training camp in September, GM Don Waddell had an idea of what his trade deadline would look like: sell, sell, sell. Big picture, the team is in building mode, and this season was going to be a challenging one as they grieved the unimaginable loss of Johnny Gaudreau. The season opened, and the injury bug became relentless. Sean Monahan, Boone Jenner, Kent Johnson, Erik Gudbranson, the list goes on and on. Through it all, Columbus has persevered and finds itself in the playoff picture. And it has created a conundrum.
Waddell told me he couldn’t fall asleep last week as he contemplated what to do. In any other season, he’d stick to the plan and sell. Realistically, is the team ready to win a Stanley Cup? But this season, the GM is not sure that’s the right thing to do. How could he remove any players from this locker room, which has created such a special bond? Sounds like they are close to an extension for Mathieu Olivier, who would have been an attractive target. Ivan Provorov, a pending UFA, is the player Waddell is getting the most calls on. Waddell isn’t sure he’ll be able to re-sign Provorov — he’s tried, and he’ll try again this week. Unless it’s an offer Waddell can’t refuse, there’s a good chance Provorov stays. And there’s a good possibility the Blue Jackets add, too. They’ve been scouting for forward depth.
• The Dallas Stars got going on their business early, acquiring Mikael Granlund and Cody Ceci, out of necessity. They had injuries — especially on the blueline ahead of Four Nations — and they had holes to fill. Now, they’re not necessarily done. Miro Heiskanen and Tyler Seguin are out long term, and their timelines remain unclear. Dallas has room to add complementary pieces. Keep in mind though, this is a front office that drafts extremely well — and they’ve already traded away their 2025 1st, 2nd and 4th-round picks.
Speaking of LTIR, the Florida Panthers were poised to have a quiet season of acquisitions. Yes, they’re going for it again, but they didn’t have a ton of assets to give up. Then Seth Jones became available, and answered their need on the right side of the blue line. And now, Matthew Tkachuk is out for the rest of the regular season with the injury he sustained at 4 Nations. With cap space to play with, everyone around the league is betting on the Panthers bringing someone else in as well.
No matter who they bring in, the remaining question for Dallas and Florida: Will Heiskanen and Tkachuk be available for Day 1 of the playoffs?
