NHL Shake-Up: What Are the New York Rangers, Los Angeles Kings, and Toronto Maple Leafs Planning Next?

As the dust settles on the Artemi Panarin trade, it’s clear the New York Rangers found themselves cornered with minimal bargaining power. With Panarin’s no-movement clause in play, the Los Angeles Kings emerged as the sole destination he was willing to accept, locking down a crucial piece to fill the enormous void that the upcoming retirement of Anze Kopitar will inevitably leave. It wasn’t just that the Kings secured Panarin’s talents—they did it on a savvy, short-term deal that left many scratching their heads: a two-year extension at $11 million per season. That’s a deal that makes perfect sense for LA, balancing elite skill without long-term financial strain. Meanwhile, the return for the Rangers—Liam Greentree and conditional draft picks—felt modest, a reflection of their diminished leverage rather than market value. This move now frees Chris Drury to pivot and strategize around other roster moves, a subtle but significant shift in their midseason approach. The ripple effects are just beginning to be felt. LEARN MORE

The New York Rangers didn’t have much leverage, and the LA Kings will need to find a center this offseason

TSN: Pierre LeBrun said the Los Angeles Kings’ main priority this offseason will be to find a center to replace Anze Kopitar, who will be retiring after the season.

Artemi Panarin’s agent, Paul Theofanous, had indicated to the Rangers in the final hours before the 3 PM trade freeze that the Kings would be the only team that Artemi would waive his no-movement clause for.

“But the big part here and the reaction from other NHL teams was, wow, only a two-year extension. How did the Kings get that done? That’s the topper here for LA: it’s not a four-year extension. It’s not a five-year extension. It’s two years times $11 million a year. And that’s the real cherry on the sundae for the LA Kings. Makes a whole lot of sense for them.”

NHL Trade: New York Rangers Trade Artemi Panarin to the Los Angeles Kings

Chris Johnston adds that Panarin’s no-movement killed any leverage the Rangers had, which is why the return seemed underwhelming – Liam Greentree, and conditional 3rd and 4th round picks.

Moving Panarin now gives Rangers GM Chris Drury more time to focus on trading some other players.

The Toronto Maple Leafs will weigh the contract asking price vs the potential trade return

TSN: The Toronto Maple Leafs will take the Olympic break and the next three weeks to gauge the interest in their pending UFAs and some others, according to Darren Dreger. GM Brad Treliving will also talk to some of the agents for their UFAs to get an idea of numbers, if possible, and weigh that against any potential trade return. Some other Canadian teams will be doing the same.

NHL Rumors: Rangers, Sharks, Capitals, Panthers, Lightning, and Blue Jackets

“So it’s not just Toronto. I mean, Toronto has a lot going on right now. Certainly, we’ll have a lot coming out of the break. But you look at Winnipeg, you look at Calgary, you look at Vancouver, all Canadian clubs with big decisions to be made.”

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