It is Jan. 29, 2026, and the NHL trade winds are howling. The New York Rangers, once perennial contenders, find themselves at a crossroads we all saw coming but few wanted to admit was here. After missing the postseason last spring and currently stumbling through a “competitive retool,” the writing is on the wall for the Artemi Panarin era in Manhattan.
The situation is as complex as it is high-stakes. We know the baseline: Panarin is 34, still elite, but looking for security. Reports indicate he is demanding a contract extension—likely in the five-to-six-year range—as a prerequisite for waiving his no-movement clause (NMC). That NMC is the fulcrum here. Panarin controls the destination, the terms, and effectively, the return.
Chris Drury needs future assets. He needs to replenish a prospect pool that has been drained by years of deadline buying. But trading a superstar who dictates his own market is a nightmare for a general manager. Based on the chatter around the league and the hard cap realities we face today, three distinct scenarios have emerged. They range from complicated cap gymnastics to pure “hockey trades.”
Let’s break down how the Breadman could find a new home before the deadline passes.
The “Super-Team” Acceleration: San Jose Sharks
If you haven’t been watching the San Jose Sharks lately, you’re missing the changing of the guard. The rebuild in the Bay Area has hit hyperdrive, fueled by the emergence of Macklin Celebrini and Will Smith. Management smells blood in the water earlier than expected.
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San Jose has the cap flexibility to absorb Panarin’s full contract without needing the Rangers to retain salary. This allows them to offer a “quality over quantity” return that doesn’t involve dumping bad money back to New York.
The proposed deal sees Panarin heading to San Jose for a premium package: blue-chip prospect Quentin Musty, defenseman Mario Ferraro, a 2026 2nd-round pick, and a conditional 2027 pick that upgrades to a 1st if Panarin hits 90 points.
This trade is about timelines. For San Jose, it’s about insulating their young stars. Putting an elite passer like Panarin on a line with a sniper like Celebrini isn’t just about winning games now; it’s about development. They have the projected cap space next summer (nearly $40 million) to pay Panarin his retirement contract without shedding core youth.
From the Rangers’ perspective, this is likely the preferred outcome. Getting Musty, a first-rounder with top-line upside, fits their retooling timeline perfectly. They prioritize high-end youth over draft picks which are essentially mystery boxes. Ferraro stabilizes the back end immediately, making the team competitive while they retool — a crucial factor for a Rangers front office that refuses to fully tank.
The Dark Horse: Anaheim Ducks
The Anaheim Ducks are the wildcard. They are one of the few teams in the league that could execute this trade today with zero cap complications. They have the space, the need for a veteran mentor, and the assets. But the cost is steep.
In this scenario, the trade is stripped down to the studs. Panarin goes to Anaheim. In return, the Rangers demand Pavel Mintyukov and a 2026 2nd-round pick.
For Anaheim, the logic is similar to San Jose: mentorship. You bring in Panarin to show Leo Carlsson and Cutter Gauthier what it takes to be an elite producer in this league. It signals to the fanbase that the rebuild is officially over.
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However, the inclusion of Mintyukov makes this a contentious scenario. Mintyukov is a proven, young, top-four defenseman with offensive upside. Defensemen like that are rarely traded. The Rangers would argue that if they are giving up a superstar without dumping salary, they deserve a known quantity, not just draft picks. For New York, Mintyukov is a plug-and-play solution for the next decade.
The Verdict
Ultimately, the power rests with the player. If Panarin wants the California lifestyle and a chance to contend eventually, the Ducks are a logical landing spot. If he believes in the youth movement and wants to be the veteran face of a new dynasty, San Jose offers a compelling narrative and the cap space to pay him comfortably.
For the Rangers, the clock is ticking. The worst-case scenario is holding onto a disgruntled star through a losing season. They need Panarin’s buy-in, and soon, in order to get the retool truly underway.
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