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The New York Rangers have put up the “For Sale” sign, and the Calgary Flames are off and selling.
The sprint to the NHL’s Feb. 4 Olympic trade freeze is officially on.
Calgary made the first of what could be multiple big deals on Sunday night, sending heart-and-soul defenseman Rasmus Andersson to the Vegas Golden Knights. That’s an important piece of business done early for a rebuilding team.
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Meanwhile, the Rangers’ decision to publicly embark on a retool has brought plenty of accomplished veterans into play on the trade front.
Check it out on a refreshed Big Board.
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 Jan. 17. Goals saved above expected (GSAx) are via Evolving-Hockey, also through Jan. 17. Contract info is via PuckPedia.
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Position
Winger
Shoots
Right
Contract term
2026 UFA
Current cap hit
$11,642,857
Players of this quality are rarely traded in the middle of the season in the NHL, but the Rangers have made it clear they won’t be signing the pending unrestricted free agent to a new contract and would like to move him to a destination of his choosing. He’s been New York’s leading point producer in all seven seasons since arriving on Broadway and remains one of the NHL’s elite playmakers. Panarin is also a serious threat to score goals, as evidenced by recent seasons of 37 and 49. He’s got game-breaking offensive ability, plain and simple. He’s also got full control over the trade process thanks to a no-movement clause in his contract.
Market value
$11,500,000
Net rating
New York Rangers
Forward
Winger
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 favorable run of shooting. 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 a player who carries an attractive cap hit to go with those attributes — and the action has started to get more lively in recent days, with the Canucks lowering their ask on the return. It wouldn’t be surprising to see Sherwood dealt before the Olympic break.
Market value
$5,300,000
Net rating
Vancouver Canucks
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 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 the biggest question here is how long he can remain patient in a rebuilding program.
Market value
$7,100,000
Net rating
Calgary Flames
Forward
Center
Position
Defenseman
Shoots
Right
Contract term
2028 UFA
Current cap hit
$9,000,000
The writing appears to be on the wall for Hamilton after a recent trip to the press box as a healthy scratch. The Devils need to clear up cap space for other moves, and he no longer has a full no-trade clause in his contract. 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
$6,900,000
Net rating
New Jersey Devils
Defenseman
Right-shot defenseman
Position
Defenseman
Shoots
Right
Contract term
2026 UFA
Current cap hit
$2,750,000
The Jets have eight capable defensemen on the roster and a prospect they like in Elias Salomonsson who may soon be ready for NHL minutes. They’re also looking a reboot in the face while scuffling at the bottom of the standings. While Schenn is a sturdy veteran unlikely to recoup the assets Winnipeg gave up for him at last year’s deadline — they dealt a second- and fourth-round pick to Pittsburgh — he’ll carry value as a right-shot defenseman ideally suited for third-pairing duty. He’s a veteran of 1,100 NHL games who effectively protects the area around his net and consistently puts his body on the line as a shot blocker. He’s also a two-time Stanley Cup champion.
Market value
$775,000
Net rating
Winnipeg Jets
Defenseman
Right-shot defenseman
Position
Center
Shoots
Right
Contract term
2029 UFA
Current cap hit
$5,625,000
A center who makes an impact on both sides of the puck, Trocheck’s game remains at a level that earned him a spot on Team USA for next month’s Olympics. Known for playing with grit and determination, he’s got the tools to play in all situations and can handle heavy, difficult minutes. He’s viewed as a leader for the Rangers and represents a prime chip for them to play in the retool. His contract includes a 12-team no-trade list, though.
Market value
$7,300,000
Net rating
New York Rangers
Forward
Center
Position
Center
Shoots
Left
Contract term
2032 UFA
Current cap hit
$11,600,000
Pettersson has played at a higher level than last season, when his name first circulated in trade rumors, but he remains a long way removed from the performer he was when Vancouver signed him to a $92.8 million, eight-year extension in March 2024. That obviously impacts his trade value. However, the fact that Pettersson has previously been an elite offensive play-driver makes him an enticing proposition for some, especially since the price tag to land him shouldn’t be too steep. The biggest concern for the Canucks in considering a Pettersson trade is the fact that he may blossom again in a new environment.
Market value
$7,900,000
Net rating
Vancouver Canucks
Forward
Center
Position
Winger
Shoots
Left
Contract term
2030 UFA
Current cap hit
$4,820,000
Kotkaniemi has lost his grip on an everyday roster spot with the Hurricanes, which makes him an intriguing trade candidate given the general lack of centers available leaguewide. Regarded as a solid 200-foot player who skates well, there’s been a big dip in his ability to drive play this season. His typically inconsistent offensive numbers have trended hard in the wrong direction as well. Kotkaniemi still has four seasons remaining on his contract beyond this one, albeit at a reasonable cap number, and only has limited control of the situation courtesy of a 10-team no-trade list.
Market value
$2,300,000
Net rating
Carolina Hurricanes
Forward
Winger
Center
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. However, the Flames aren’t sure they’re ready to part with him.
Market value
$5,700,000
Net rating
Calgary Flames
Forward
Winger
Position
Center
Shoots
Right
Contract term
2028 UFA
Current cap hit
$8,000,000
The future Hall of Famer has been on a heater after a slow start and has already surpassed the 20-goal mark for the 16th time in his career. How that impacts his trade value remains to be seen. The Predators are hanging around the Western Conference playoff race, but that doesn’t change the fact that they’re planning to start skewing younger with the roster. The fact that Stamkos is still filling the net with his lethal shot is promising for potential suitors, especially since he lacks the kind of playmaking center in Nashville best suited to maximizing his scoring ability. A potential Stamkos trade carries some complications: He owns a no-movement clause, and the Predators would likely have to retain salary to make it work.
Market value
$6,400,000
Net rating
Nashville Predators
Forward
Winger
Center
Position
Winger
Shoots
Left
Contract term
2027 UFA
Current cap hit
$3,600,000
The fit hasn’t worked out in Edmonton, where Mangiapane has become a routine scratch amid a wildly unproductive start. His 35-goal season from 2021-22 is a distant memory now, and his defensive impacts are cause for concern. However, he did score 13 even-strength goals in Washington last season and was also deployed as a penalty-killer on the league’s fifth-best unit. Mangiapane holds a full no-movement clause, but will be open-minded about helping the Oilers find him a new opportunity.
Market value
$1,900,000
Net rating
Edmonton Oilers
Forward
Winger
Position
Winger
Shoots
Right
Contract term
2026 UFA
Current cap hit
$4,750,000
New Sabres general manager Jarmo Kekäläinen said 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. But the better things continue to go in Buffalo, the less likely he is to be sent out of town.
Market value
$7,700,000
Net rating
Buffalo Sabres
Forward
Winger
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, particularly in light of how few options are likely to be available in free agency next summer. This is a time of transition in Chicago so roster flexibility is paramount.
Market value
$2,600,000
Net rating
Chicago Blackhawks
Defenseman
Right-shot defenseman
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
$4,800,000
Net rating
St. Louis Blues
Defenseman
Right-shot defenseman
Position
Center
Shoots
Right
Contract term
2031 UFA
Current cap hit
$8,125,000
Nothing is off the table in St. Louis, including a potential deal involving the team’s top-line center. How likely that is depends on how you interpret the fact that his name has started to circulate again in chatter with rival teams. Thomas has experienced a slight dip in production this season, but he is coming off consecutive campaigns where he exceeded 80 points. He possesses strong puck skills and vision, and he can handle the challenge of facing tough competition every night. It would take a serious offer to land Thomas in the prime of his career, but the Blues are open for business.
Market value
$9,200,000
Net rating
St. Louis Blues
Forward
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
$1,800,000
Net rating
New Jersey Devils
Forward
Winger
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 14 games earlier this season with an upper-body injury
Market value
$6,500,000
Net rating
Columbus Blue Jackets
Forward
Winger
Center
Position
Defenseman
Shoots
Left
Contract term
2026 UFA
Current cap hit
$3,250,000
Traded to the Rangers midway through last season, Soucy is a prime candidate to be dealt again as a pending UFA. He’s a prototypical shutdown defender who has previously performed well during playoff runs in Seattle and Vancouver. As a bonus, the left shot is comfortable playing on either side of the ice.
Market value
$1,900,000
Net rating
New York Rangers
Defenseman
Left-shot defenseman
Position
Defenseman
Shoots
Left
Contract term
2027 UFA
Current cap hit
$1,350,000
A prototypical defensive defenseman who puts his body on the line by blocking shots and playing opponents physically, Benoit has endured some recent scratches. The Leafs have a number of depth options at the position, and Benoit represents a player who could bring back some value with a cap-friendly contract that runs through next season. That’s the main reason his name has recently started making the rounds. What you see is what you get with Benoit, who has extremely limited offensive impacts.
Market value
$775,000
Net rating
Toronto Maple Leafs
Defenseman
Left-shot defenseman
Position
Winger
Shoots
Right
Contract term
2032 UFA
Current cap hit
$6,000,000
Garland signed a six-year extension with the Canucks last summer, but he has since seen the team pivot to a rebuild. He is a strong skater who is unafraid to skate through opponents despite his diminutive size. More of a playmaker than a goal-scorer, he’s an excellent complementary piece who can be counted on to produce at a 50-point pace. Garland is due to gain a no-movement clause this summer.
Market value
$4,900,000
Net rating
Vancouver Canucks
Forward
Winger
Position
Winger
Shoots
Left
Contract term
2031 UFA
Current cap hit
$5,500,000
A strong skater with a nose for the net, DeBrusk is a difference-maker when on his game. But those stretches have been counter-balanced by quiet periods. DeBrusk scored 28 goals during his first season with the Canucks but hasn’t seen the puck find the net at nearly that same rate this year. There’s a lot of meat left on the bone with a contract that includes a no-movement clause, which definitely complicates things, but DeBrusk is at an age where missing the playoffs won’t sit well. There are competitive teams out there sizing up the potential fit.
Market value
$5,600,000
Net rating
Vancouver Canucks
Forward
Winger
Position
Defenseman
Shoots
Left
Contract term
2026 UFA
Current cap hit
$1,250,000
The Jets have invested nearly a decade in Stanley’s development and seen him blossom with a surge in scoring to go with the stout physical play you’d expect from a 6-foot-7 defenseman. Unafraid to drop his gloves to defend teammates, and with a reach that’s basically unmatched across the league, Stanley is in position to cash in this summer with a contract that could be worth $25 million or more. That leaves the Jets with a decision to make: Do they want to be the team offering that deal, or is it time to cash in on their investment by putting him on the trade market?
Market value
$775,000
Net rating
Winnipeg Jets
Defenseman
Left-shot defenseman
Position
Defenseman
Shoots
Right
Contract term
2026 UFA
Current cap hit
$2,750,000
The Bruins took a serious run at landing Rasmus Andersson, which almost certainly would have forced Peeke out of town as a pending unrestricted free agent. He remains a trade chip for an organization retooling on the fly. Peeke is a mobile right-shot defenseman who excels in the defensive aspects of the game. While big at 6-foot-3, he isn’t known for being overly physical.
Market value
$1,100,000
Net rating
Boston Bruins
Defenseman
Right-shot defenseman
Position
Center
Shoots
Left
Contract term
2028 UFA
Current cap hit
$6,500,000
Schenn’s 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 affecting the game at both ends of the ice. He’s scored at a 22-goal, 54-point 82-game pace across a 17-year NHL career.
Market value
$4,300,000
Net rating
St. Louis Blues
Forward
Winger
Center
Position
Goalie
Contract term
2027 UFA
Binnington hit mid-January with some of the worst numbers among starting NHL goalies, including a minus-14.82 goals saved above expected rating through Saturday — last in the league. That’s a reflection of how poorly things have gone for the Blues, too. 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
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 deal, 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
$2,000,000
Net rating
Pittsburgh Penguins
Defenseman
Left-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 winning more games 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 make available. 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
$1,300,000
Net rating
San Jose Sharks
Defenseman
Left-shot defenseman
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 past two Stanley Cup Finals with the Edmonton Oilers before the summer trade to Vancouver.
Market value
$2,400,000
Net rating
Vancouver Canucks
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
Winger
Shoots
Left
Contract term
2026 UFA
Current cap hit
$4,500,000
The well-traveled scoring winger is a perennial 20-goal man who has a penchant for getting under the skin of opponents with a high-energy game. Bunting is unafraid to engage in puck battles and is well-suited to playing alongside high-end teammates because he can help win it back for them. He’s also a pending unrestricted free agent.
Market value
$4,500,000
Net rating
Nashville Predators
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
$3,000,000
Net rating
Nashville Predators
Forward
Winger
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
$4,500,000
Net rating
Minnesota Wild
Forward
Winger
Center
Position
Winger
Shoots
Right
Contract term
2028 UFA
Current cap hit
$5,125,000
A surprisingly strong start in Pittsburgh 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
$8,700,000
Net rating
Pittsburgh Penguins
Forward
Winger
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
Center
Shoots
Left
Contract term
2026 UFA
Current cap hit
$1,100,000
The Czech Olympian found the playing time he was looking for when he signed in Vancouver in November, but the Canucks are going nowhere fast. Kämpf is ideally suited to be a fourth-line center. He’s a low-maintenance player who kills penalties, wins faceoffs and consistently remains on the safe side of the puck. Neither team tends to get much done offensively during his minutes.
Market value
$1,400,000
Net rating
Vancouver Canucks
Forward
Center
Position
Winger
Shoots
Right
Contract term
2031 UFA
Current cap hit
$8,125,000
Kyrou’s name circled through the rumor mill before his no-movement clause officially took effect on July 1, and it resurfaced abruptly in November when he was made a healthy scratch by the scuffling Blues. While his production is a shade off its usual level, Kyrou remains a highly skilled winger who possesses an enviable toolkit — blinding speed, high-end vision and creativity to spare. As much as he doesn’t seem inclined to want a change of scenery, this could be a sea-change season in St. Louis if the fortunes of the team don’t rebound quickly.
Market value
$8,000,000
Net rating
St. Louis Blues
Forward
Winger
Position
Center
Shoots
Left
Contract term
2027 UFA
Current cap hit
$4,500,000
O’Reilly doesn’t own a no-movement clause, 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. 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. Where this goes will depend heavily on if Nashville can remain in the playoff race until the trade deadline
Market value
$8,800,000
Net rating
Nashville Predators
Forward
Center