Rangers Face Crucial Decision on Panarin’s Future as Deadline Looms

TORONTO, January 21, 2026 – The future of New York Rangers star forward Artemi Panarin has become the central storyline of the 2025-26 NHL season, with the March 6 trade deadline now less than seven weeks away. The Rangers’ public announcement of a “retool” and their decision not to offer the 34-year-old Panarin a contract extension has set the stage for one of the most significant potential trades in recent memory.

The Situation in New York

Panarin, who will turn 35 before the start of the 2026-27 season, is in the final year of the seven-year, $81.5 million contract he signed with the Rangers in 2019. The deal carries a cap hit of $11.64 million and includes a full no-movement clause, giving the veteran winger complete control over any potential move.

The Rangers, sitting near the bottom of the Eastern Conference standings, have informed Panarin he will not receive an extension and are prepared to work with him and his agent to facilitate a trade to a destination of his choosing.

Why a Trade is Likely

Several factors have converged to make a Panarin trade before the deadline the most probable outcome. First, the Rangers’ on-ice struggles have been significant, leading to a public letter from President and General Manager Chris Drury outlining a new direction for the franchise. Second, Panarin’s age and the financial commitment required to retain a player of his calibre into his late 30s presents a considerable risk for a team looking to get younger and more flexible under the salary cap.

Third, the Rangers possess an aging core with several key players already signed to long-term deals. Adding another expensive, long-term contract to the books would further limit their ability to build a sustainable contender. Finally, the potential return in a Panarin trade could accelerate the retooling process, bringing in younger assets and draft capital to supplement the existing roster.

Key Facts & Contract Details

The “Brad Marchand” Precedent

One narrative gaining traction is the comparison to Florida Panthers forward Brad Marchand. Last season, Marchand waived his no-trade clause to join the Panthers from the Boston Bruins. He then played a key role in Florida’s Stanley Cup championship, significantly boosting his market value ahead of free agency.

Sportsnet analyst Nick Kypreos has suggested Panarin could follow a similar path. “If the Rangers slide out much more and end up selling, Artemi Panarin is the player to watch,” Kypreos wrote in a January 7 piece. “He has a no-movement clause and could quietly stay until it expires, but it would be in his interest to take a page out of Brad Marchand’s book and waive it to join a Stanley Cup contender.”

The financial incentive is clear. By waiving his no-trade clause and winning a Cup, Marchand reportedly added over $20 million to his future earnings potential. For Panarin, who is reportedly seeking a new contract in the $9-10 million per year range, a similar championship run could be the difference between securing that payday or settling for less.

Potential Suitors & Major Hurdles

Any team interested in acquiring Panarin will face two immediate and significant obstacles. The first is his $11.64 million cap hit. Even with the Rangers retaining a portion of the salary, the acquiring team would need to have the necessary cap space or be willing to part with assets to make the financials work.

The second is Panarin’s full no-movement clause. He must approve any trade, giving him immense leverage over the process. This could limit the Rangers’ ability to generate a significant return, as they would be negotiating with only a handful of teams, or even just one, that Panarin is willing to join.

Despite these challenges, several contenders have already been linked to Panarin, including the Carolina Hurricanes, Detroit Red Wings, Los Angeles Kings, Vegas Golden Knights, and Washington Capitals. The Colorado Avalanche have also emerged as a potential dark horse candidate.

What a Trade Could Mean for the Maple Leafs

While the Rangers’ situation is the primary focus, Panarin’s potential availability has also sparked speculation north of the border. The Toronto Maple Leafs, perennially in search of high-end offensive talent, would undoubtedly have interest in a player of Panarin’s calibre.

However, the Leafs’ own salary cap constraints present a significant barrier. With an estimated $3 million in available cap space, Toronto would almost certainly need to involve a third-party broker to retain a portion of Panarin’s salary, or move out significant salary in any potential deal.

This makes a Panarin-to-Toronto trade a long shot, at best. But it does highlight the difficult decisions facing Leafs General Manager Brad Treliving as he attempts to build a roster capable of competing for a Stanley Cup.

Frequently Asked Questions

Why would the Rangers trade Artemi Panarin?

The Rangers are in the midst of a significant roster retool. Panarin is 34 years old and will be an unrestricted free agent at the end of the season. If the Rangers do not believe they can re-sign him to a contract that makes sense for their long-term plans, they may choose to trade him now rather than risk losing him for nothing in free agency. This would also allow them to acquire assets (players, draft picks) that could help accelerate their rebuild.

What is Panarin’s current contract situation?

Panarin is in the final year of a seven-year, $81.5 million contract he signed with the Rangers in 2019. He will become an unrestricted free agent on July 1, 2026. He has a full no-movement clause, meaning he must approve any trade.

Which teams are most frequently linked to Panarin?

The Carolina Hurricanes and Detroit Red Wings have been mentioned most often as potential landing spots. The Hurricanes have the cap space and are considered a legitimate contender. The Red Wings have a need for high-end offensive talent and the financial flexibility to make a deal work. Other teams, such as the Los Angeles Kings, Vegas Golden Knights, and Washington Capitals, could also emerge as suitors depending on their own roster needs and playoff positioning.

Could the Toronto Maple Leafs realistically acquire Panarin?

While the Leafs would undoubtedly have interest, their current salary cap situation makes a deal extremely difficult. They would likely need to involve a third-party broker to retain a significant portion of Panarin’s salary, or move out multiple players to create the necessary cap space. This makes a trade to Toronto a long shot, but not impossible if they were willing to get creative.