The NHL trade market has officially been turned upside down.
According to a report from Elliotte Friedman, New York Rangers superstar Artemi Panarin has made his stance clear: he isn’t just looking for a trade—he wants a new home willing to sign him to a massive contract extension. At 34 years old, Panarin is in the final year of his deal ($11.64M AAV) and holds all the cards with a full No-Movement Clause (NMC).
While the Rangers have scratched him from the lineup to protect their asset, Friedman reports that the Washington Capitals are emerging as a serious contender, potentially willing to meet Panarin’s extension demands. With the Carolina Hurricanes and San Jose Sharks also circling, the Capitals have a unique advantage: aggressive ownership and a desperate need to maximize the final year(s) of the Alex Ovechkin era.
If you are a Capitals fan, this is the “all-in” moment you’ve been waiting for. But what does a trade actually look like?
The Cost of Bread: Analyzing the Capitals’ Trade Packages
The Capitals have sufficient trade-deadline cap space to absorb Panarin’s contract, but the mechanics of the deal depend entirely on salary retention. Here is what a trade package looks like in both scenarios:
Scenario 1: The “Cap Space” Leverage Play (No Retention) If Washington absorbs the full $11.64M hit, they save on prospect capital but must balance the books.
- To NYR: 2026 1st Round Pick + Top Prospect (e.g., Andrew Cristall) + Roster Player (Salary Dump)
- To WSH: Artemi Panarin
- Expert Insight: This is the Caps’ preferred route. They use their deadline space as a weapon, allowing them to keep key roster players while adding an elite playmaker.
Scenario 2: The “Premium” Package (50% Retention) If the Rangers eat $5.82M of the cap hit, the price skyrockets.
- To NYR: 2026 1st Round Pick + Connor McMichael + Andrew Cristall
- To WSH: Artemi Panarin (50% Retained)
- Expert Insight: This hurts. Losing McMichael disrupts the current chemistry, but getting Panarin at ~$5.8M allows Washington to add another piece at the deadline.
Personal Insight: Why This Risks It All
Giving a 34-year-old winger a multi-year extension is dangerous business. However, Washington isn’t building for 2030; they are building for right now. Panarin is one of the few players on earth who can feed Ovechkin the puck in his sleep. If the extension is in the 3-year range, you take that deal every time. If Panarin demands 5 years? That is when GM Chris Patrick needs to blink.
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