The future of New York Rangers star Artemi Panarin is going to be one of the bigger NHL stories as the league nears its March 6 trade deadline. With the Rangers six points out of a playoff spot, the club may be forced to move Panarin before they lose him for nothing as an unrestricted free agent in the summer.
Panarin, who has 49 points (16g, 33a) in 45 games this year, is playing the final season of the 7-year, $81.5 million contract he signed with the Rangers in 2019. While the possibility of Panarin staying with the Rangers remains, trade chatter has reportedly begun as the Rangers weigh a retool versus another playoff push.
While Panarin’s trade market would likely be large, top hockey insider Elliotte Friedman floated the Washington Capitals as one of the first potential landing spots during the most recent episode of Sportsnet’s 32 Thoughts Podcast. Panarin has a full no-movement clause in his contract, so he and his agent, Paul Theofanous, ultimately have complete control over his future.
“The one thing the Rangers can really do here, if they’re not going to sign him to what he wants, is gingerly go to him and his representatives and say, ‘Can we work with you on this?'” Friedman said. “Because it is in Panarin’s best interest to go somewhere and thrive. It can’t hurt his value. I think what you’re hoping for is if you are waving the white flag of the season, and I’m not sure they’re yet doing that, at some point, you have to go to him and his reps and say, ‘Are there some teams we can work with here? Are there some places where you would be willing to go?’
“You obviously always wonder about a team like Florida. You wonder about a team like Washington. You think about places where, especially Russian players, might want to go. Since the beginning of the year, we’ve been wondering about Minnesota because Kaprizov is there, and they’re represented by the same agent. The other team I really wonder about is Colorado.”
The Capitals have long been an environment that is kind to Russian players, as the country’s preeminent superstar, Alex Ovechkin, has led the team for over two decades. Panarin and Ovechkin are also friendly, as the Rangers forward personally invites the Caps captain to his “Match of the Year” charity game every offseason.
Panarin’s current cap hit is just over $11.6 million, and according to PuckPedia, the Capitals currently have $5.65 million in cap space.
While that space could be immediately extended by placing Pierre-Luc Dubois on long-term injured reserve, the Caps are also set to have $12.8 million in trade deadline space. Cap space accrues over time, so if the Caps do not make any other additions between now and the deadline, they’d have plenty of room to fit Panarin come March 6.
The other factor at hand is the price the Capitals would need to pay a close, intra-division rival to obtain Panarin’s services as a rental. Unless Panarin forces New York’s hand by saying he will only accept a trade to Washington, the Caps would likely need to part with their 2026 first-round pick and more to acquire the star winger.
While the Capitals have reportedly been searching for the best offensive player they can add to their roster this season, Panarin, even if he were to sign an extension, is already 34 years old and will turn 35 early during the 2026-27 campaign. Parting with assets for a player well past his prime may be a bridge too far for Capitals general manager Chris Patrick and the rest of the team’s front office.
Outside of on-ice concerns, Panarin and Madison Square Garden Sports, the company that owns the Rangers, also reportedly paid financial settlements to a Rangers employee in 2024 after she alleged that Panarin sexually assaulted her. Per The Athletic’s Katie Strang, the agreements included non-disclosure and no-admission-of-wrongdoing clauses.
