Artemi Panarin’s name has been all over the news wire in recent days after the New York Rangers confirmed they would not be offering the star winger a contract extension.
The expectation now is that Panarin, who holds a full no-movement clause in his contract, will work with the Rangers to find a suitable trade destination ahead of this season’s March 6 trade deadline. The 34-year-old forward is an unrestricted free agent in July, so negotiating an extension with him may be paramount for any interested parties.
During a recent appearance on Sportsnet’s Real Kyper & Bourne show, hockey insider Frank Seravalli outlined what those Panarin extension talks could look like.
“I think there’s a number of teams that are looking at this situation, going, ‘Hmm, I don’t know if we’re in it for the long haul with Panarin,’ and by long haul, I mean legitimately that,” Seravalli said. “The belief is around the league that Panarin is looking for a longer-term deal, potentially even one that takes him to 40 [years old].
“I don’t know how much teams have a stomach for that; someone will, because it only takes one. But even as a rental, he’s viewed as a very attractive option where maybe outside of New York, he doesn’t have to be the guy for the first time and could be that really nice supporting piece.”
Coming into the season, AFP Analytics projected Panarin’s extension to come in at around four years and $41 million ($10.25M AAV), with the closest comparable being Alex Ovechkin’s five-year, $47.5 million extension ($9.5M AAV) with the Washington Capitals in 2021.
After Seravalli’s reporting, that deal may actually slide into the five or six-year range, and given Panarin’s consistent production and the rising salary cap environment, may even be more expensive.
Panarin has 56 points (19g, 37a) in 50 games for the Rangers this season and has recorded 80-or-more points in seven of his last eight seasons. He posted a career high 120 points (49g, 71a) in 82 games with the Rangers during the 2023-24 campaign.
The Capitals are expected to be one of the most interested parties in acquiring Panarin, as they were recently listed as front-runners alongside the Colorado Avalanche. The Caps will have the salary cap flexibility to take in Panarin’s contract and a potential extension, as Ovechkin and a few other veteran players are expected to come off the team’s books within the next few years.
According to PuckPedia, Panarin’s current cap hit is just over $11.6 million, and the Capitals have $7.17 million available. However, with cap accruing, the Caps are set to have $14.34 million in space at the deadline. The Rangers could also be asked to retain money on the final year of Panarin’s contract.
