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It’s not likely we’ll see another trade as big as the Quinn Hughes blockbuster before the NHL’s trade deadline passes on March 6.
There is reason to believe more activity could be on the way shortly, though, as a cutoff point is coming Friday at 11:59 p.m. Eastern, when the league will enter its annual holiday roster freeze.
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That deadline is doubly important this season because of tweaks made to the collective bargaining agreement. This year, not only does it mark the start of a window in which players can’t be moved (until Dec. 28), but also it represents the last point at which someone can be dealt in a retained-salary transaction and still be flipped in a subsequent move with even more salary retained prior to the trade deadline.
Why is that so significant?
Double-retention deals became commonplace around the NHL in recent years as a way for contenders to squeeze as much talent as possible under the cap ceiling. One change in last summer’s CBA extension, though, was the introduction of a rule that requires a retained-salary player to spend 75 days on his team’s roster before getting moved in a subsequent retained-salary transaction.
A player traded on Friday before the freeze would hit 75 days on his new team on March 4, two days before the trade deadline. A player traded on Dec. 28 would hit 75 days on March 13.
That creates an opportunity for teams willing to act now.
It’s something to keep in mind as we refresh the Big Board, featuring 11 new names since our first edition of the season.
As always, players are listed by how closely they demand watching, based on their potential impact and the current amount of buzz around them.
Note: Net Ratings and market values are via Dom Luszczyszyn’s model and are projected for the full season based on statistics through Dec. 15. Goals saved above expected (GSAx) are via Evolving-Hockey, also through Dec. 15. Contract info is via PuckPedia.
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Position
Defenseman
Shoots
Right
Contract term
2026 UFA
Current cap hit
$4,550,000
In the wake of the Hughes trade, the action around Andersson has picked up again. The pending unrestricted free agent represents the biggest chip for Flames management to play in a season in which the team has taken a step back. The right-shot defenseman hasn’t fully closed the door on negotiating an extension with Calgary, but his personal timeline doesn’t appear to align with a retooling organization that will soon be looking toward the future. Andersson is effective at winning puck battles and doesn’t shy away from engaging physically. He’s also averaged more than 23 minutes per night across the last five seasons while playing in all situations. He’s the kind of player teams covet for a playoff run.
Market value
$6,500,000
Net rating
Calgary Flames
Defenseman
Right-shot defenseman
Position
Winger
Shoots
Right
Contract term
2026 UFA
Current cap hit
$1,500,000
After scoring a career-best 19 goals last season, Sherwood is on pace to surpass 30 in 2025-26 thanks to a torrid start. He’s an excellent skater for a big man, which makes him well-suited to disrupt opponents on the forecheck. Sherwood’s work ethic is a major asset, too. There has been plenty of interest shown in him since the Canucks formally indicated a willingness to listen on their veterans — enough so that the team can probably get a strong return even if an extension for the pending unrestricted free agent isn’t part of the deal.
Market value
$4,600,000
Net rating
Vancouver Canucks
Forward
Winger
Position
Winger
Shoots
Right
Contract term
2026 UFA
Current cap hit
$4,750,000
New Sabres general manager Jarmo Kekäläinen says he intends to “take charge” of the Tuch situation after replacing Kevyn Adams, with his preference being to get the pending free agent signed to an extension. The price has only gone up since talks went quiet in the fall. If Buffalo can’t make headway on that file, Tuch would be a valuable trade piece for an organization that’s going to experience some turnover. He’s a big, fast power forward with a proven ability to put the puck in the net.
Market value
$7,600,000
Net rating
Buffalo Sabres
Forward
Winger
Position
Winger
Shoots
Left
Contract term
2027 UFA
Current cap hit
$4,900,000
An excellent skater and defensively sound winger, the puck is usually headed in a positive direction when Coleman is on the ice. He’s a 20-goal scorer who has been dangerous on the penalty kill over the years and ideally slots in on the third line of a top team — as he did for the Lightning while winning back-to-back Stanley Cups in 2020 and 2021. Coleman is signed through 2026-27, but it’s little wonder so many teams are calling the Flames already to inquire about his services. He’s the kind of upgrade that can raise the bar for a contender.
Market value
$5,800,000
Net rating
Calgary Flames
Forward
Winger
Position
Center
Shoots
Right
Contract term
2028 UFA
Current cap hit
$8,000,000
This is the last place the future Hockey Hall of Famer expected to find himself within 18 months of signing with the Predators in free agency. However, it’s proven to be an imperfect fit on both sides of the equation, with Nashville lacking the kind of playmaking center needed to maximize Stamkos’s lethal shot and the team now scuffling toward the bottom of the standings for a second straight season. A potential Stamkos trade carries some complications: The player owns a no-movement clause, and the team would likely have to retain salary to make it work. But the potential for a big payoff is there. Stamkos still scored 27 goals last season in a down year, and his intangibles and experience would mean a lot more if he found his way back to a winning environment.
Market value
$5,300,000
Net rating
Nashville Predators
Forward
Winger
Center
Position
Winger
Shoots
Left
Contract term
2027 UFA
Current cap hit
$6,000,000
The Devils desperately need to clear out some cap space in order to make roster upgrades, and Palat’s contract is at the top of the list to go. He remains a reasonably responsible complementary winger, but his rate of production has plummeted. That’s a problem for the Devils because of a $6 million cap hit that runs through the end of next season. However, Palat has already been paid the majority of the money owed on a heavily front-loaded contract and should still have some value for those swimming in cap space because of his extensive big-game experience and low-maintenance approach.
Market value
$2,400,000
Net rating
New Jersey Devils
Forward
Winger
Position
Defenseman
Shoots
Right
Contract term
2027 UFA
Current cap hit
$6,500,000
A prototypical professional with 1,000 NHL games already under his belt, Faulk is playing more than 23 minutes per night in his 15th season. He is a stout five-on-five defender who chips in a bit offensively and generally keeps things steady. He is also a right shot capable of playing both sides of the ice. As an added bonus, his contract was front-loaded, which means he’s owed less in actual cash than his actual cap hit now that he’s down to the final two seasons on it.
Market value
$5,600,000
Net rating
St. Louis Blues
Defenseman
Right-shot defenseman
Position
Goalie
Contract term
2027 UFA
Binnington hit mid-December with some of the worst numbers among starting NHL goalies, including 13.41 goals saved below expected, per Evolving-Hockey. That’s a reflection of how poorly things have gone for the Blues as a whole. Still, he’s earned a reputation as a big-game goalie who rises to the occasion under the most intense pressure, and that’s going to have allure for any contenders looking for an upgrade in the crease. Binnington’s contract includes a 14-team no-trade clause and runs through the end of next season.
Market value
Not available for goalies
Goalie stats
St. Louis Blues
Goalie
Position
Center
Shoots
Left
Contract term
2027 UFA
Current cap hit
$5,500,000
A well-regarded two-way center who has fallen on hard times in Los Angeles this season, it seems like only a matter of time before Danault finds a new home. He built his reputation as a checking-line matchup wizard who is strong in the faceoff dot and can kill penalties. However, there has to be some concern after seeing Danault go 30 games without scoring a goal to open this campaign. His rate of shot generation has been declining over the past few seasons. This is a bit of a tricky situation for the Kings to navigate since top-line center Anze Kopitar is due to retire at the end of the season, further weakening the organization’s depth down the middle.
Market value
$4,200,000
Net rating
Los Angeles Kings
Forward
Winger
Center
Position
Winger
Shoots
Left
Contract term
2026 UFA
Current cap hit
$4,500,000
Already moved from Dallas to Seattle over the summer, Marchment’s name is starting to make its way around the league again. The big winger plays an aggressive style and carries plenty of playoff experience after three straight trips to the Western Conference final with the Stars. He’s seen a sharp decline in his offensive numbers of late, but a move carries minimal risk since he’s due to become an unrestricted free agent on July 1.
Market value
$6,000,000
Net rating
Seattle Kraken
Forward
Winger
Position
Winger
Shoots
Left
Contract term
2026 RFA
Current cap hit
$3,425,000
A frequent healthy scratch of late, it’s safe to say that Maccelli hasn’t quite been the fit the Leafs were hoping he’d be when they acquired him from Utah over the summer. Maccelli has good vision and no shortage of offensive skill, but his game challenges a coach’s trust. He’s undersized, which can be a barrier to winning puck battles, and his commitment on the defensive end remains a work in progress. The acquisition cost won’t be huge — the Leafs got him for a third-round pick.
Market value
$3,300,000
Net rating
Toronto Maple Leafs
Forward
Winger
Position
Center
Shoots
Left
Contract term
2029 UFA
Current cap hit
$7,000,000
A fierce competitor with a Stanley Cup ring already in his collection, Kadri possesses a rare combination of offensive ability and fearlessness. He never backs down from a challenge and seems to elevate his play when the game’s emotions are highest. It’s little wonder that the Flames aren’t eager to part ways with a center who still has three seasons left on his contract after this one. However, Kadri plays a premium position and still has a lot left to offer, so rival teams are bound to express interest.
Market value
$8,300,000
Net rating
Calgary Flames
Forward
Center
Position
Center
Shoots
Left
Contract term
2028 UFA
Current cap hit
$6,500,000
The Blues are off to a dismal start, which has prompted management to take a hard look at what they’ve got. Schenn could be the first player to go. His name was prominent in trade discussions last season, and he’s since seen a full no-trade clause get converted to a 15-team no-trade list, giving him less control in the process. Schenn’s offensive output is well off its usual levels, but he should still carry value as a reliable center capable of impacting the game at both ends of the ice. He’s scored at a 22-goal, 54-point pace across a 17-year NHL career.
Market value
$4,600,000
Net rating
St. Louis Blues
Forward
Winger
Center
Position
Center
Shoots
Left
Contract term
2027 UFA
Current cap hit
$4,500,000
O’Reilly doesn’t own a no-movement clause in his contract, but the Predators will treat him as though he does. That means they won’t be trading their top center anywhere unless he’s willing to go. The writing is on the wall in Nashville, though, and the 2019 Conn Smythe Trophy winner will almost certainly have to go elsewhere to play meaningful games again before the end of his contract. O’Reilly is an excellent two-way center who can be counted on to chip in offensively and has the ability to be a true difference-maker for a contender. As an added bonus, he’s a beast in the faceoff circle.
Market value
$7,500,000
Net rating
Nashville Predators
Forward
Center
Position
Winger
Shoots
Left
Contract term
2026 RFA
Current cap hit
$2,100,000
A trade request by the player went unfulfilled over the summer, and the situation hasn’t gotten any better since Chinakhov returned to Columbus this fall. He is currently seeing the fewest minutes per game of his NHL career, which would make this an upside play for any potential buyer. Chinakhov has strong offensive instincts and possesses an intriguing set of tools, including a maximum skating speed that ranks in the 90th percentile among NHL players this season and a hardest shot that ranks in the 98th percentile, according to NHL Edge data. A fresh start is needed.
Market value
$1,600,000
Net rating
Columbus Blue Jackets
Forward
Winger
Position
Defenseman
Shoots
Right
Contract term
2028 UFA
Current cap hit
$9,000,000
Another candidate to be shipped out in a cap-clearing move by the Devils after seeing his no-trade clause converted to a 10-team trade list, Hamilton is a mobile right-shot defenseman who is logging more than 21 minutes per night this season. His offensive prowess isn’t what it once was, but the puck still tends to be moving in the right direction when he’s on the ice. As a bonus, the actual dollars owing on Hamilton’s contract are less than the cap hit attached to the deal.
Market value
$7,100,000
Net rating
New Jersey Devils
Defenseman
Right-shot defenseman
Position
Defenseman
Shoots
Left
Contract term
2026 UFA
Current cap hit
$2,750,000
The veteran profiles as a steady defensive defenseman. Traded midseason to Pittsburgh as a cap casualty in the Tristan Jarry/Stuart Skinner trade, he’s a strong candidate to be flipped again by the trade deadline as a pending free agent. What you see is what you get from Kulak, who played a valued support role in Edmonton’s long playoff runs over the past four seasons. He’s a penalty killer and has been deployed on both sides of the ice in the past.
Market value
$2,400,000
Net rating
Pittsburgh Penguins
Defenseman
Left-shot defenseman
Position
Defenseman
Shoots
Right
Contract term
2026 UFA
Current cap hit
$4,400,000
Big, strong and experienced, Murphy has posted strong defensive results under less-than-favorable conditions with the Blackhawks in recent years. The right shot comes with an expiring contract that should be fairly easy to move. This is a time of transition in Chicago so roster flexibility is paramount.
Market value
$2,300,000
Net rating
Chicago Blackhawks
Defenseman
Right-shot defenseman
Position
Center
Shoots
Left
Contract term
2026 UFA
Current cap hit
$3,750,000
A competitive heart-on-his-sleeve center who has spent his entire NHL career in Columbus, Jenner is facing an uncertain future while playing on an expiring contract. He’s unafraid to go to the hard areas of the ice and can put the puck in the net, which are attractive attributes to peddle if the Blue Jackets become sellers later in the season. The biggest drag on Jenner’s career has been an inability to remain healthy, so it’s notable that he missed another 14 games earlier this season with an upper-body injury
Market value
$4,900,000
Net rating
Columbus Blue Jackets
Forward
Winger
Center
Position
Winger
Shoots
Left
Contract term
2026 UFA
Current cap hit
$5,125,000
A perennial 20-plus goal scorer, Kane has been snakebitten since a move to his hometown Canucks. Now he’s one of the veteran pending free agents Vancouver is soliciting offers on. A physically intimidating presence who is unafraid to go to the hard areas of the ice, Kane should draw some interest from playoff-bound teams willing to look past some of the baggage he comes with. He played in the last two Stanley Cup Finals with the Edmonton Oilers before the summer trade to Vancouver.
Market value
$3,800,000
Net rating
Vancouver Canucks
Forward
Winger
Position
Goalie
Contract term
2026 UFA
The fact that he cleared waivers on Dec. 16 should not be viewed as a sign that he won’t generate trade interest. Brossoit has had stretches of elite play in the NHL and is still making his way back from double hip surgery. Clearing waivers allowed him to be sent back to AHL Rockford, where rival teams will be closely monitoring his progress. They also recently saw him score a goal for the IceHogs! The Blackhawks may have to retain some salary on Brossoit in order to make a deal work.
Market value
Not available for goalies
Chicago Blackhawks
Goalie
Position
Winger
Shoots
Left
Contract term
2026 RFA
Current cap hit
$1,200,000
A fresh start in Vancouver didn’t yield an uptick in results for a player who’s been a prolific goal scorer everywhere but the NHL. The Canucks passed him through waivers unclaimed on Dec. 15 after acquiring three young forwards who will slot ahead of him on the organizational depth chart in the Hughes trade. Reichel now finds himself battling for a job and will probably require another fresh start to get back to the NHL.
Market value
$775,000
Net rating
Vancouver Canucks
Forward
Winger
Position
Winger
Shoots
Right
Contract term
2029 UFA
Current cap hit
$5,500,000
Similar to Stamkos, the fit in Nashville hasn’t been anything close to what Marchessault envisioned when he signed there in July 2024. Still, he scored 21 goals last season — his lowest total in an 82-game campaign since 2015-16 — and seems like a good bet to return to previous scoring levels if placed alongside a center who can get him the puck. The 2023 Conn Smythe Trophy winner boasts a resume that includes 102 career playoff games. What’s more, his cap hit should become even more palatable as it ages.
Market value
$3,900,000
Net rating
Nashville Predators
Forward
Winger
Position
Winger
Shoots
Right
Contract term
2028 UFA
Current cap hit
$5,125,000
A surprisingly strong start in Pittsburgh has sent this beloved Penguin tumbling down the trade board. But what hasn’t changed is the fact that the organization is focused on getting younger and Rust is a prime asset who could be used to help that process along. His speed, forechecking prowess and two-way ability have allowed his game to age gracefully, and the 33-year-old is playing on a cap-friendly contract. He also saw the no-movement clause in his deal disappear last summer, which means that his fate rests entirely in the hands of Penguins management.
Market value
$8,800,000
Net rating
Pittsburgh Penguins
Forward
Winger
Position
Defenseman
Shoots
Right
Contract term
2027 UFA
Current cap hit
$3,485,000
Sidelined since Nov. 13 by a foot injury that required surgery, Carlo isn’t expected to return to the Leafs lineup until the new year. Still, he is among a small handful of players who could bring the struggling Leafs back some surplus value in a shakeup deal. Carlo is a 6-foot-5 defenseman who can kill penalties and help shut the game down. He’s not overly physical, but he’s no stranger to big-game hockey, with 85 career Stanley Cup playoff games on his resume. He’s signed for one season beyond this one, too.
Market value
$2,000,000
Net rating
Toronto Maple Leafs
Defenseman
Right-shot defenseman
Position
Defenseman
Shoots
Left
Contract term
2026 UFA
Current cap hit
$3,250,000
No stranger to trade rumors the past couple of seasons, Ferraro is poised to again hear his name circulate around the league’s hotstove. The Sharks are off to a better start in 2025-26, but they are still likely to end up as sellers, and the 27-year-old profiles as one of their more attractive assets to sell. Ferraro is a minute-munching, shot-blocking defenseman who appears capable of producing much better numbers on a more complete team. He’s also a decent puck-mover and penalty-killer with a competitive streak to match.
Market value
$2,300,000
Net rating
San Jose Sharks
Defenseman
Left-shot defenseman
Position
Center
Shoots
Left
Contract term
2026 UFA
Current cap hit
$5,000,000
A second-line center in San Jose, Wennberg profiles as an all-situations player best suited for a role lower in the lineup with a deeper team. He’s a pending unrestricted free agent who has been through this before — getting traded from the Kraken to the Rangers before the 2024 deadline — and carries value because he can be trusted across 200 feet of ice. Wennberg is more of a playmaker than a shooter, although his offensive impacts are somewhat limited.
Market value
$5,100,000
Net rating
San Jose Sharks
Forward
Center
Position
Center
Shoots
Right
Contract term
2027 UFA
Current cap hit
$4,000,000
It’s not clear where things stand with Hartman after the Wild dealt center Marco Rossi to Vancouver in the Hughes trade. They probably need to be adding more strength down the middle rather than shedding it. However, a slow start to the season put Hartman’s name in trade rumors this fall — and he only has partial control of the situation courtesy of a 15-team no-trade list. Hartman is an agitator who often finds himself straddling the line of acceptable on-ice conduct, and he can be trusted defensively. He’s mixed in a couple of big offensive seasons for the Wild in recent years, too.
Market value
$3,800,000
Net rating
Minnesota Wild
Forward
Winger
Center
Position
Center
Shoots
Left
Contract term
2026 UFA
Current cap hit
$5,400,000
Dvorak has had a nice start to his tenure in Philadelphia, where he signed a one-year contract as a free agent in July. That makes him a deadline asset for the Flyers to flip if they again become sellers. While Dvorak has yet to hit 40 points in an NHL season, he’s a strong faceoff man and penalty killer, and he’d be a natural bottom-six fit for a team looking to bolster its depth. The biggest question is whether he can stay healthy after his first ever 82-game campaign in Montreal last year.
Market value
$4,400,000
Net rating
Philadelphia Flyers
Forward
Center
Position
Winger
Shoots
Right
Contract term
2027 RFA
Current cap hit
$886,666
An explosive skater who was drafted at No. 30 in 2022, Lambert has yet to find his footing in the NHL. That’s a factor of both his slow-moving development and the parent club’s depth at forward. While there’s no sense the Jets feel they have to move Lambert, they’re open to the possibility if the return makes sense. Lambert led the AHL’s Manitoba Moose with 55 points as a 19-year-old in 2023-24 but hasn’t been able to match that level of production since. He’s still very young with room to grow, though.
Market value
Not available
Winnipeg Jets
Forward
Winger
Position
Winger
Shoots
Left
Contract term
2026 RFA
Current cap hit
$863,333
The Rangers system is stocked with wingers, and they’re gauging the market on those players, including Othmann, the No. 16 pick from the 2021 draft. While certainly not in a position at which they feel they have to move him, they’d be willing to part with him at the right price. His dangerous shot and ability to win back the puck are considered strengths, albeit traits he’s yet to show with any consistency in limited looks in the NHL. Othmann didn’t make it to the end of training camp with the Rangers before being sent down to AHL Hartford and could benefit from a fresh opportunity elsewhere.
Market value
Not available
New York Rangers
Forward
Winger
Position
Defenseman
Shoots
Right
Contract term
2027 UFA
Current cap hit
$10,000,000
The start of Karlsson’s third season in Pittsburgh has been a step up from the previous two, which may reduce some of the trade focus on him. However, the three-time Norris Trophy winner still hasn’t appeared in the playoffs in six years and represents another big piece the Penguins could play to grab younger assets. Karlsson’s contract has been a hurdle but should only get easier to move with each passing day. While there are mistakes that creep into Karlsson’s game, few right-shot defensemen move the puck as well as he does.
Market value
$8,600,000
Net rating
Pittsburgh Penguins
Defenseman
Right-shot defenseman