Rangers Should Make the Bold Move and Extend Gabe Perreault – The Hockey Writers – New York Rangers

Not too long ago, Gabe Perreault signed his entry-level contract (ELC) to join the New York Rangers. In fact, that took place about a year ago. While his ELC was for three seasons, he burned a year off by playing games late in 2024-25 and this season, meaning he is now scheduled to become a restricted free agent (RFA) by the summer of 2027. However, the Rangers could do something bold and extend Perreault in July to avoid the headache and potentially get a bargain if the youngster continues to improve.

Impressive Rookie Season

With the exception of Adam Fox, it’s quite rare for the Rangers to extend a player with an expiring ELC. However, Perreault’s strong 2025-26 end-of-season performance should at the very least entertain the conversation.

In Perreault’s last 23 games with the Rangers this past season, he put up 19 points. Sure, playing on a line with Alexis Lafrenière and 2025-26 Steven McDonald Extra Effort Award winner Mika Zibanejad helps, but Perreault definitely impressed with his skillset and playmaking ability, being a strong match for the line.

Given that Perreault is only 20 years old, the production is even more impressive. While the Rangers would be making an investment, odds are he’s only going to get better.

Cap Space Gives Rangers More Flexibility

Importantly, the Rangers are in a prime position to make the move if they want to. Due to the team not re-signing Artemi Panarin, they have nearly $27 million in cap space to work with in the offseason and are projected to have nearly $51 million in 2026-27, which is when the extension would first kick in, according to PuckPedia.

It’s tough to say what Perreault would cost, given that the 2023 first-round pick has only appeared in 54 games. But I have a hard time envisioning it costing more than a $6 million average annual value (AAV). The floor for a contract extension is probably around $4.5 million. The Rangers could absorb that easily while making other moves in the market to improve the team.

He’ll Be Cheaper Now

But the AAV will likely depend on the term. The Rangers should either pursue 4-5 years or 7-8 years if they decide to negotiate an extension. The latter would lock him in longer-term, and it could be a steal in the future. But still, that route comes with more risk, as the Rangers would likely be paying closer to $6 million per season, which is a hefty investment, and the player would become an unrestricted free agent at the end of the deal.

Meanwhile, a 4-5 year range would mean the Rangers would hold RFA control once the contract ends. A shorter-term extension would also come in more economically against the salary cap.

Regardless, the AAV will likely come in at least a little cheaper for the Rangers versus if they wait until the end of next season, assuming Perreault continues to grow while earning top-six playing time. If they decide to hold off until next summer and Perreault posts a 50-60 point season, that AAV could come in close to Lafreniere’s nearly $7.5 million cap hit.

Either way, whether it’s delaying the decision or acting on an extension, the move wouldn’t come risk-free. If it turns out that Perreault is only a reliable third liner, the Rangers would have overpaid. But if he continues to show he belongs in the top-six, it will be tough for the organization to come out as losers.

It’s also unclear if there will be any incentive for the young, promising player to sign an extension this summer. Agent Pat Brisson may advise his client to wait and bet on himself.

Yet again, signing an extension offers Perreault assurance and long-term security, while opening up another big payday or two later in his career. Overall, I can see a 4-5 year deal around a $5 million AAV making sense for both sides.

If the Rangers believe Perreault will grow into a difference maker, the front office should act this offseason. It would be a wise bet for the Rangers to make because they have the luxury to do so with the extra cap space, while Perreault gets a nice raise and can call New York home for the foreseeable future.

At the very least, president and general manager Chris Drury should explore a possible extension and see if there’s any appetite from Perreault’s camp to sign anything now.