New York Rangers have informed Artemi Panarin that they will not extend his contract, opening the door for a trade before the July 1 free‑agency deadline. Edmonton Oilers emerge as the leading destination, offering a potential boost to their offense while freeing the Rangers’ $81 million cap hit and enabling a roster reset.
What Prompted the Trade
No Extension Notice
Late Friday night the Rangers’ front office delivered a clear message: Panarin’s eight‑year, $81 million deal will not be renewed after the 2025‑26 season. The decision follows a sub‑par campaign in which the team has struggled to stay above the .500 mark and appears out of playoff contention.
Potential Destination: Edmonton Oilers
With the Rangers ready to move the Russian star, the Oilers are the most likely trade partner. Panarin’s elite playmaking and high‑zone scoring would complement Connor McDavid and Leon Draisaitl, providing Edmonton an additional offensive dimension for a deeper playoff run.
Panarin’s Recent Performance and Contract
Since joining New York in 2019, Panarin has been a consistent scoring threat, capturing the Art Ross Trophy in 2020‑21 with 113 points and posting three consecutive 30‑plus‑goal seasons. Injuries limited him to 59 points in 2024‑25, but he remains a top‑ten forward in Corsi and expected goals per 60 minutes.
The eight‑year contract signed in 2021 now carries a $10.125 million average annual value, a significant cap burden for a team looking to rebuild.
Implications for the New York Rangers
Trading Panarin would free $81 million in cap space, allowing the Rangers to pursue free‑agency targets or retain emerging talent such as Alexis Lafrenière and Adam Fox. Management, led by GM Jeff Gore, appears focused on acquiring future assets to accelerate a rebuild.
- Possible return: high‑end prospects and future first‑round draft picks.
- Alternative return: a mix of draft picks and a salary‑cap‑friendly contract player.
- Roster impact: loss of the top scorer but increased flexibility for rebuilding.
Implications for the Edmonton Oilers
Adding Panarin would give the Oilers a premier playmaker to enhance power‑play efficiency and support McDavid’s speed. However, his $10.125 million cap hit pushes Edmonton close to the upper limit, requiring careful salary‑cap management, such as moving other contracts or retaining a portion of Panarin’s salary.
- Offensive benefit: improved high‑zone scoring and power‑play depth.
- Cap challenge: must balance roster salaries to stay under the cap.
- Cultural fit: prior scouting connections could ease Panarin’s transition.
The Bigger Picture
Panarin’s potential departure highlights a growing NHL trend where cap‑constrained teams trade star talent to maintain long‑term competitiveness. The Rangers aim to shed high‑cost contracts and rebuild, while the Oilers are prepared to absorb a large salary to strengthen a championship‑ready roster.
Looking Ahead
As the trade deadline approaches, both franchises will be under intense scrutiny. Rangers fans will watch for the assets returned, and Oilers supporters will assess whether Panarin’s addition truly raises their Stanley Cup odds. The final decision will shape the next chapter for both teams.
