This post was originally published on this site.
Trade activity is starting to pick up around the NHL.
Since the last version of our Big Board was published in December, we’ve seen three players moved in separate deals: No. 9 Phillip Danault, No. 10 Mason Marchment and No. 15 Yegor Chinakhov. Two other candidates — No. 27 Alex Wennberg and No. 29 Christian Dvorak — have been dropped from our rankings after ringing in the new year with contract extensions.
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Taken in totality, these are clear signs that business is moving in the league despite the congested standings.
The demarcation between buyers and sellers is still fairly murky with another trade freeze on the horizon starting Feb. 4 for the Olympics, although many front offices are in the midst of pro scouting meetings to start preparing for the March 6 trade deadline.
As teams continue to chart their paths forward, we refresh the Big Board, adding 10 new names, including five in the top 11.
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. 6. Goals saved above expected (GSAx) are via Evolving-Hockey, also through Jan. 6. Contract info is via PuckPedia.
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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. His bargain basement cap hit should help juice the return, too.
Market value
$4,900,000
Net rating
Vancouver Canucks
Forward
Winger
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
$2,000,000
Net rating
Edmonton Oilers
Forward
Winger
Position
Defenseman
Shoots
Right
Contract term
2026 UFA
Current cap hit
$4,550,000
In the wake of the Quinn 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 past five seasons while playing in all situations. He’s the kind of player teams covet for a playoff run.
Market value
$5,800,000
Net rating
Calgary Flames
Defenseman
Right-shot defenseman
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
$5,900,000
Net rating
Calgary Flames
Forward
Winger
Position
Winger
Shoots
Right
Contract term
2026 UFA
Current cap hit
$11,642,857
The Rangers’ leading point producer in all seven seasons since arriving on Broadway as a celebrated free agent in 2019, Panarin remains one of the NHL’s elite playmakers. However, he’s also a serious threat to score as evidenced by recent seasons of 37 and 49 goals. Add it together and you’ve got the kind of game-breaking offensive performer that rarely becomes available via trade in the NHL. A collision of circumstances could create an environment where it happens here because the Rangers are weighing the merits of a retool and Panarin is a pending unrestricted free agent who is in line for another big payday. The player would have full control over the process, however, due to a no-movement clause in his contract.
Market value
$11,900,000
Net rating
New York Rangers
Forward
Winger
Position
Winger
Shoots
Right
Contract term
2026 UFA
Current cap hit
$4,750,000
New Sabres general manager Jarmo Kekäläinen has 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. It remains to be seen how the team’s recent stretch of hot play could impact his availability.
Market value
$8,000,000
Net rating
Buffalo Sabres
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 has rebounded from a slow start and is well on pace to eclipse the 30-goal mark this season.
Market value
$6,300,000
Net rating
Nashville Predators
Forward
Winger
Center
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
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
$5,400,000
Net rating
St. Louis Blues
Defenseman
Right-shot defenseman
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
$2,200,000
Net rating
Carolina Hurricanes
Forward
Winger
Center
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
$9,700,000
Net rating
St. Louis Blues
Forward
Center
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
$2,000,000
Net rating
Chicago Blackhawks
Defenseman
Right-shot defenseman
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
$2,000,000
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
$6,100,000
Net rating
Columbus Blue Jackets
Forward
Winger
Center
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
$6,300,000
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
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
$2,000,000
Net rating
New York Rangers
Defenseman
Left-shot defenseman
Position
Goalie
Contract term
2027 UFA
Binnington hit early January with some of the worst numbers among starting NHL goalies, including 11.87 goals saved below expected through Tuesday. 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
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 the biggest question here is how long he can remain patient in a rebuilding program.
Market value
$8,100,000
Net rating
Calgary Flames
Forward
Center
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
$6,500,000
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 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
$2,500,000
Net rating
Pittsburgh Penguins
Defenseman
Left-shot defenseman
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
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
$1,700,000
Net rating
San Jose Sharks
Defenseman
Left-shot defenseman
Position
Defenseman
Shoots
Left
Contract term
2026 UFA
Current cap hit
$4,000,000
A smooth-skating defenseman with extensive playoff experience, Leddy has been in and out of the Sharks lineup this season. He isn’t known for his physicality, but he’s capable of contributing on both sides of specialty teams because of his skating ability and smarts. He profiles as a depth option at this stage of his career, but the acquisition cost won’t be prohibitive.
Market value
$775,000
Net rating
San Jose Sharks
Defenseman
Left-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 impacting 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
$4,100,000
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, 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
$8,300,000
Net rating
Nashville Predators
Forward
Center
Position
Winger
Shoots
Left
Contract term
2026 RFA
Current cap hit
$3,425,000
Maccelli’s play has come on after a steady stream of healthy scratches, but he remains a chip the Leafs would consider playing. He has good vision and no shortage of offensive skill, but his game challenges a coach’s trust. Maccelli is also 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 from Utah for a third-round pick last summer.
Market value
$4,000,000
Net rating
Toronto Maple Leafs
Forward
Winger
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
$3,200,000
Net rating
Vancouver Canucks
Forward
Winger
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 two 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
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
$3,900,000
Net rating
Minnesota Wild
Forward
Winger
Center
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
$3,100,000
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 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
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
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
$7,700,000
Net rating
St. Louis Blues
Forward
Winger