The Montreal Canadiens spent much of the summer searching for another difference-maker, and one intriguing name has suddenly returned to the NHL trade rumor conversation: Ryan O’Reilly.
Sportsnet insider Elliotte Friedman reported in his September 29 edition of 32 Thoughts that he recently asked two NHL executives which storyline around the league wasn’t getting enough attention. Both pointed him toward O’Reilly. Teams have repeatedly attempted to pry the veteran center away from the Nashville Predators, and Friedman says interest and respect for the 35-year-old remains high.
That should immediately get Montreal’s attention.
There is no report that Canadiens GM Kent Hughes and Nashville GM Chris MacFarland are currently negotiating an O’Reilly trade, but the fit is difficult to ignore. Montreal still has questions behind Nick Suzuki down the middle, O’Reilly is entering the final year of his contract, and the former Selke Trophy winner is coming off an impressive 25-goal, 74-point season in 81 games.
If Nashville’s season goes sideways, O’Reilly could quickly become one of the most interesting centers on the NHL trade market.
Why Ryan O’Reilly Trade Rumors Suddenly Matter to the Canadiens
Friedman’s report is important because this isn’t the first time Montreal has appeared around O’Reilly speculation.
Earlier in 2026, Friedman wrote that his theory was the Canadiens liked O’Reilly while Montreal was examining potential upgrades down the middle. No deal materialized, and Nashville ultimately kept him. The latest report does not confirm that Montreal has renewed those discussions, but it does confirm that O’Reilly remains very much on the NHL’s radar.
The contract situation creates the pressure point.
O’Reilly carries a manageable $4.5 million cap hit and becomes an unrestricted free agent after the 2026-27 season. There is no written trade protection in his contract, although Friedman reported that Nashville previously honoured a verbal commitment and effectively treated him as though he had it.
That means Nashville’s decision about an extension could determine everything.
O’Reilly himself doesn’t sound eager to force anything. Speaking ahead of the season, he said, “The focus is being here and winning hockey games.” He also acknowledged the obvious reality that losing can lead to organizational changes.
From Montreal’s perspective, that creates an obvious scenario to monitor: if Nashville struggles and decides it isn’t extending O’Reilly, does he become willing to approve a destination such as Montreal?
That’s when this rumor becomes considerably more serious.
Ryan O’Reilly: Three-Year Scoring Trend
NHLTradeRumor.com Data Snapshot
O’Reilly’s value also goes beyond points.
He won 55.1 percent of his faceoffs last season, took 1,342 draws and averaged more than 20 minutes per game. He can play both special teams and has the defensive details necessary to protect leads late in games.
That’s exactly why I see him differently from a typical aging rental.
Montreal wouldn’t be acquiring O’Reilly to carry its offense. Nick Suzuki, Cole Caufield and the Canadiens’ younger core have already reached the point where they should drive the team. O’Reilly would instead give Montreal something extremely valuable: another center Martin St. Louis could trust against difficult matchups without sheltering the rest of his lineup.
Could the Montreal Canadiens Actually Fit Ryan O’Reilly Under the Salary Cap?
Today, the answer is not without some additional maneuvering.
We currently list the Canadiens with approximately $1.89 million in cap space, while O’Reilly carries his $4.5 million hit. Montreal would therefore be roughly $2.61 million short of absorbing the full annual cap hit immediately with its current roster structure.
But timing changes the equation dramatically.
Canadiens–O’Reilly Salary Cap Calculator
The intriguing number is Montreal’s projected deadline room. PuckPedia currently estimates approximately $8.95 million in deadline cap space, meaning the Canadiens could eventually have enough flexibility to absorb O’Reilly without asking Nashville to retain salary if their current cap trajectory holds.
That would matter in trade negotiations.
Nashville isn’t currently being squeezed by the cap itself. We list the Predators at roughly $10.57 million in current space, so MacFarland would have little reason to move O’Reilly simply to create financial flexibility.
If Montreal asks Nashville to retain salary, I would expect that request to increase the acquisition cost.
What Would Ryan O’Reilly Be Worth in a Canadiens Trade?
This is where I would be careful if I’m Kent Hughes.
O’Reilly is 35, but his 74-point season makes it impossible to value him like an ordinary veteran rental. He’s inexpensive relative to his production, plays center and has a Stanley Cup, Conn Smythe and Selke Trophy on his résumé.
At the same time, Montreal should remember what it would actually be buying: a potentially short-term bridge while players such as Michael Hage continue developing.
I would not sacrifice one of Montreal’s premium young building blocks simply to win an O’Reilly bidding war.
NHLTradeRumor.com Trade Value Index
High-value veteran trade asset
An 82/100 score reflects an unusual combination: O’Reilly is old enough to carry meaningful age risk but productive enough that Nashville has no reason to discount him.
My read is that Montreal should be interested, but disciplined.
If Nashville eventually shops O’Reilly and the price revolves around draft capital and a secondary prospect, Hughes should be making the call. If the Predators insist on a cornerstone prospect such as Hage or another player Montreal views as part of its next championship core, the Canadiens should look elsewhere.
O’Reilly would be the bridge to Montreal’s next center, not the player Montreal should mortgage that future center to acquire.
Why Nashville’s Start Could Decide Everything
O’Reilly’s own comments might provide the clearest roadmap.
He wants to win in Nashville. But he also acknowledged that professional hockey is a business and that changes follow when teams don’t perform.
That’s why the first several weeks of the Predators’ season matter so much.
If Nashville starts well, MacFarland has little incentive to move one of his most dependable forwards. If the Predators fall behind, however, an expiring 35-year-old center coming off 74 points immediately becomes an asset management decision.
And Montreal would have every reason to monitor it.
The Canadiens don’t need another blockbuster simply for the sake of making one. They need the right center at the right price.
Ryan O’Reilly might eventually check both boxes.
For now, this remains a situation to watch rather than an active Montreal–Nashville trade negotiation. But Friedman’s latest reporting makes one thing clear: around the NHL, teams haven’t stopped thinking about Ryan O’Reilly.
Neither should the Canadiens.
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