Emily Kaplan: What We’re Hearing Days Ahead of the NHL Trade Deadline
emily kaplan — it’s the middle of one of the hardest weeks of the season for players and their families, with the NHL Trade Deadline set for Friday at 3 p. m. ET. New York Rangers coach Mike Sullivan captured the mood: “There’s just so much uncertainty around this week around the whole league… We’re all human beings. These times are uneasy for players, families, etc. “
Emily Kaplan: What the market looks like right now
The market entering the final days is characterized by two opposing forces present in recent coverage: a surplus of impact players available, especially at center, and standings that remain tight enough that many teams with tradable assets are still weighing the choice between selling or doubling down. That imbalance has created a logjam many expect will loosen as the deadline approaches.
- Notable moves already completed this season include a trade that sent Artemi Panarin from the Rangers to the Los Angeles Kings on Feb. 4, and a separate swap that exchanged starting goaltenders between the Edmonton and Pittsburgh rosters.
- Recent deadline-week transactions include: Tyler Myers to Dallas for two future picks with the former team retaining half of Myers’ cap hit; Cole Smith to Vegas for Christoffer Sedoff and a draft pick; Michael McCarron to Minnesota for a second-round pick; Connor Murphy moving in a deal that involved a second-round pick with 50 percent of Murphy’s cap hit retained; and Boris Katchouk traded to Philadelphia in exchange for Roman Schmidt.
What Happens When buyers and sellers move?
Buyers are looking for immediate impact help, particularly at center, while sellers are fielding offers that balance present returns with future flexibility. The presence of multi-year contracts that are team-friendly elevates particular players as swing assets in trade talks. The current mix of long-term, cost-certain contracts and expendable pieces has driven activity in both directions: high-profile, term-laden forwards can command major returns, while depth players are moving for picks and role players as teams fine-tune rosters.
Who to watch: contracts, preferences and leverage
Several individual situations stand out as trade-decision drivers this week:
- One veteran center is signed through 2028-29 at $5. 625 million AAV, carries a 12-team no-trade list and has expressed a preference to remain on or close to the East Coast.
- Another established second-line center is signed through 2028-29 at $7 million AAV, is three years older than that veteran and brings a Stanley Cup championship from 2022 and cost certainty for multiple seasons.
- A younger No. 1 center is under an eight-year deal that runs through 2030-31 at $8. 125 million AAV; he is in the third season of that contract, is a Stanley Cup champion from 2019 and has posted consecutive 80-point seasons, marking him as a rare Deadline-caliber asset if his team elects to rebuild.
Those contract details crystallize why teams are evaluating both immediate fit and long-term cap implications when entering talks in the next 48 hours.
Expect the pace of transactions to accelerate as buyers and sellers work through protections, retained salary arrangements, and matching needs. The coming moves will further clarify which contenders are truly all-in and which clubs are resetting toward future cycles. emily kaplan
