Rangers Weigh Panarin Trade As Deadline Approaches

The New York Rangers find themselves at a crossroads as the 2025-26 NHL season barrels toward its trade deadline, with the future of star forward Artemi Panarin hanging in the balance. The organization, currently languishing at the bottom of the standings with a 20-22-6 record, has made a bold move: informing Panarin that they do not plan to pursue a contract extension and intend to trade him before the March 6 deadline. With just under seven weeks to orchestrate a deal, the Rangers are navigating a high-stakes situation that could reshape the franchise for years to come.

Panarin, a pending unrestricted free agent, has been the heartbeat of the Rangers’ offense since joining the team ahead of the 2019-20 season. His production has been nothing short of elite—601 points in just 476 games, making him the fastest player in Rangers history to reach the 600-point milestone. Only four NHL players have outscored him over that span: Connor McDavid, Leon Draisaitl, Nathan MacKinnon, and David Pastrnak. Last season, Panarin tallied 120 points, the second-highest single-season total in franchise history, and he leads the team again this year with 51 points in 47 games.

Despite his immense value, the Rangers’ recent struggles and lack of a clear path to contention have forced management’s hand. General manager Chris Drury publicly announced that the team is entering a "re-tool" phase rather than a full-scale rebuild. But trading Panarin is no simple matter. The 34-year-old winger holds a full no-move clause, giving him significant control over his next destination. Any trade will require his approval, and with a hefty $11.643 million annual cap hit, few contending teams have the flexibility to absorb his contract without significant salary retention or the involvement of a third team to further reduce the cap burden.

According to Rangers beat reporter Colin Stephenson, Panarin appears unfazed by the uncertainty swirling around his future. “He told me he’s OK with whatever happens,” Stephenson shared on the RINK RAP podcast. “So, I looked in his eye and feel like he’s fine with leaving. But obviously he has a full no-move [clause], so he has control over it. So, if you’re sending him somewhere he wants to go, I think he’s OK with it.”

Panarin’s journey this season hasn’t been entirely smooth. He got off to a slow start, in part due to an injury during training camp that kept him out of preseason action. The contract negotiations weighed on his mind early on, but as Stephenson explained, “He got over it. He’s past that.” Panarin’s professionalism and consistent production have remained evident, even as the team’s performance has faltered.

The Rangers’ offensive woes are stark. Ranking 30th in the NHL, they’re averaging just 2.58 goals per game—a figure that underscores Panarin’s importance to their attack. His departure would leave a gaping hole in the lineup, and as Stephenson questioned on the podcast, “What do you look like if he’s not on your team? Like, who picks up that mantle?” The free-agent market offers little in the way of superstar replacements, with Buffalo’s Alex Tuch standing as the only remotely comparable option. The Rangers do have two first-round picks in the upcoming 2026 draft, which could be used as trade chips to acquire scoring help, but their prospect pool remains thin and the path to a quick turnaround is anything but clear.

Trading a player of Panarin’s caliber is fraught with risk, especially for a team that’s publicly committed to a re-tool rather than a full teardown. The Rangers’ lack of depth and aging core complicate matters further. Panarin will be 35 at the start of next season, and the odds of re-signing him in the summer after a trade are slim to none. As Stephenson put it, “That’s why all these people who are like Trade Panarin, Trade Panarin, it’s not quite that easy because if you have visions of a retool as opposed to a full-strength rebuild then you need to replace him somehow and I just don’t know how you do that.”

Adding another wrinkle to the Rangers’ ongoing saga, the team announced the recall of defenseman Connor Mackey from the AHL’s Hartford Wolf Pack on January 16, 2026. Mackey, 29, has logged 32 games with the Wolf Pack this season, notching two goals, five assists, and racking up 54 penalty minutes. Over three seasons in Hartford, he’s played in 142 games, contributing 10 goals and 32 assists. Mackey has dressed in three games for the Rangers during his time with the organization, and his NHL experience spans 42 games with the Rangers, Arizona Coyotes, and Calgary Flames, totaling 11 points (4 goals, 7 assists).

The recall signals the Rangers’ intent to evaluate depth options as they navigate the remainder of the season and prepare for potential roster upheaval. The Wolf Pack, serving as the top development affiliate for the Rangers, have seen several of their alumni—including Igor Shesterkin, Will Cuylle, and Matt Rempe—make the jump to the NHL in recent years. Mackey’s promotion may not make headlines in the same way as Panarin’s situation, but it reflects the organization’s broader need to infuse new blood and assess talent as the re-tool unfolds.

With the trade deadline looming, the Rangers’ front office faces a delicate balancing act. Any deal involving Panarin must not only satisfy the player’s preferences but also maximize return for a franchise in desperate need of both immediate and future assets. The market for high-salary stars is notoriously tricky, and examples like Mikko Rantanen, Brad Marchand, and Claude Giroux show that creative solutions—often with multiple teams involved—are sometimes necessary to get a blockbuster over the finish line.

As the clock ticks down, speculation will only intensify. Will the Rangers find a suitable trade partner for Panarin? Can they secure enough value to justify moving their leading scorer and emotional leader? Or will the challenges of his contract and limited suitors force them to hold onto him through the end of the season, risking the loss of a franchise icon for nothing in return?

For now, the only certainty is uncertainty. The Rangers’ faithful are left to wonder what the next seven weeks will bring, as the team’s direction—and the fate of one of its brightest stars—hangs in the balance.