NHL trade deadline moves: Full analysis of 33 deals from our staff

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With the NHL trade deadline on Friday, Shayna Goldman of The Athletic provided instant analysis on the major moves as they happened.

The Athletic has live coverage of the 2025 NHL trade deadline.

Deadline resources: Trade board | Trade grades

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Panthers get needle-mover in Marchand

Panthers get: F Brad Marchand
Bruins get: 2027 second-round draft pick (becomes 2027 or 2028 first-round pick if conditions are met)

The best way to manage losing a rat king until (at least) the playoffs? Bring in another.

Brad Marchand is more than his antics. His scoring rate has slowly decreased over the last couple of years, but he is still a capable top-six winger. The Bruins’ expected goal generation has been better with Marchand on the ice, and his puck-moving ability is still a strength, with his transition game and playmaking. Marchand is out with an injury now, but upon his return, he should be able to turn that into more consistent production in the Panthers’ top-nine after spending most of the season with a struggling Elias Lindholm in Boston.

This move moves the needle for the Panthers, and Marchand’s contributions should come in clutch if Matthew Tkachuk isn’t at 100 percent when (or if) he returns in the postseason. Marchand can still shoulder matchup minutes, which gives the Panthers options — whether he slots alongside a Selke-caliber center in Aleksandar Barkov, or former rival Sam Bennett. He could even be a boost for the third line with Anton Lundell when needed.

A conditional second-round pick is an underwhelming return, considering what other depth wingers went for. Even if it does upgrade to a first-rounder — if the Panthers win at least two rounds and Marchand plays in at least 25 percent of the playoff games — it would likely be a late first in a somewhat weaker draft year. His injury status may have contributed to that. And while technically, Marchand only had an eight-team no-trade list to navigate, the return could have been limited if the Bruins had let their captain pick his destination.

The decision to move Marchand could not have been easy — he was the Bruins’ captain and franchise cornerstone and made it clear he was willing to stay through a retool. While management is operating with the long-term in mind and seems committed to the retooling process, maybe it would have been worthwhile to just extend Marchand. The Bruins moved out a lot of pieces and should be able to quickly turn this team around without the second-rounder gained in this deal.

Leafs fill final need with Carlo

Maple Leafs get: D Brandon Carlo, 2025 fifth-round pick
Bruins get: C Fraser Minten, 2026 first-round pick
Penguins get: F Connor Dewar, F Conor Timmins

Heading into the deadline, the Maple Leafs had two pressing needs: a third-line center and a top-four defenseman. After adding Scott Laughton from the Flyers, Toronto added a defender in Brandon Carlo.

Carlo has the ceiling to be top-four-caliber — he was that in Boston for some time. But his level has trended down over the last couple of seasons. After thriving in a shutdown capacity for years, he has fallen below break-even in expected goals over the last two years.

The Maple Leafs’ expected goal suppression has slipped at five-on-five and while short-handed, hence the emphasis on defensively sound players at the deadline. Toronto needs Carlo to come in and stabilize the top-four and the penalty kill.

The potential is there, especially on a pair with Morgan Rielly. Rielly has the puck skills to balance out some of the weaknesses in Carlo’s game. The former Bruin should be able to use his size to defend zone entries and retrieve pucks, while Rielly can complement him with his puck-moving ability.

Right-handed defensemen are never cheap. Carlo, who should be a stylistic fit in coach Craig Berube’s system, has another two seasons on his deal — that will only take up $3.5 million on the cap.

The Bruins added another first-rounder and a solid prospect in Fraser Minten to fuel their retooling process. And the Penguins, who have stockpiled draft capital, added depth players in the process.

Zetterlund makes sense for Sens

Senators get: F Fabian Zetterlund, F Tristen Robins, fourth-round draft pick
Sharks get: F Noah Gregor, F Zack Ostapchuk, 2025 second-round pick

Fabian Zetterlund is a shoot-first winger who makes a lot of sense for Ottawa’s middle-six. As much as this team has committed to its defensive structure, the offensive side of the game still needs a lot of work. This trade helps in a low-key way. The Senators moved out Noah Gregor and Zack Ostapchuk, who had the lowest scoring rates among the team’s forwards, in exchange for a shoot-first middle-six winger in Zetterlund.

Zetterlund’s 15.5 all situation shot attempts per 60 sit behind only Brady Tkachuk among the Senators’ forward group. His current scoring rate fits right in the middle-six, too. So this deal could help address one of the team’s biggest weaknesses. And at 25 years old, there is potential there. He is in the right age range for a team trying to turn the corner and start their playoff window.

For the Sharks, this move feels like a step back. Rebuilding teams may have to tear it down, but management has to ensure that there is some talent left to surround their up-and-comers with. After moving on from Mikael Granlund, it would have made sense to keep Zetterlund for the rest of the season.

Johnson brings leadership to Avalanche

Avalanche get: D Erik Johnson
Flyers get: F Givani Smith

By the numbers, Erik Johnson isn’t exactly an ideal trade target. In 22 games this season, his five-on-five numbers are pretty dismal. Johnston earned a 43 percent expected goal rate and was outscored 10-8 in his minutes. And despite not having to play Johnson a heavy workload in his minimal usage, the Flyers were still worse on both ends of the ice when he was deployed.

Can a return to Colorado fix that? At this point in his career, it may be unlikely, considering where his game has trended over the last few years. Maybe the team can shelter him enough on the third pair when he is in the lineup, because he probably is not a top-six mainstay anymore.

This trade is bigger than the Xs and Os, and is more about the vibes. He was an integral part of the Avalanche, so the return of his leadership and veteran experience in the locker room could help give this team a boost off the ice.

Blue Jackets get depth forward in Kunin

Blue Jackets get: F Luke Kunin
Sharks get: 2025 fourth-round draft pick

Luke Kunin, at best, is forward depth for a team that has dealt with a number of injuries this year. In 63 games with the Sharks, he fell below the 40-percent mark in expected goals, and was outscored 47-25. He isn’t in the midst of just one bad season, though. Last year, he earned a 36 percent expected goal rate and the team was outscored by an even bigger margin of 47-20. Playing in San Jose may be difficult, but Kunin contributed to the team’s struggles. This could be addition by subtraction for the Sharks, so a fourth-rounder is a fine return.

Blackhawks deal Mrazek, solve goalie issue

Red Wings get: G Petr Mrazek, F Craig Smith
Blackhawks get: F Joe Veleno

Adding Spencer Knight created a three-goalie system in Chicago that benefitted no one. So moving Petr Mrazek out had to be a top priority for the Blackhawks. After saving 14.4 goals above expected in 56 games, behind an awful defense, Mrazek regressed this year. In 33 games this season, he has given up 9.5 more goals than expected and has a lowly .890 save percentage.

Getting out of Mrazek’s contract, which has another year on it, is a good bit of business for the Blackhawks. Adding Joe Veleno brings another NHL-caliber forward to the fold, which this team needs.

Craig Smith could help in Detroit’s bottom-six, but taking on Mrazek’s deal is a choice. Maybe he can find his game outside of Chicago, but the games are too meaningful for the Red Wings to test that out.

Avalanche upgrade at center with Coyle

Avalanche get: F Charlie Coyle, 2026 fifth-round draft pick
Bruins get: F Casey Mittelstadt, F Will Zellers, 2025 conditional second-round draft pick

A year after bringing Casey Mittelstadt in at the 2024 deadline, the Avalanche shipped him to Boston.

As well as Mittelstadt fit in with the Avs last spring, his five-on-five completely deteriorated this year. His five-on-five scoring slowed and his playmaking trailed off, and now the offense couldn’t outweigh his defensive flaws. And a reduced role at 3C probably wouldn’t have gotten him back on track, either — Mittelstadt already played with Ross Colton and Logan O’Connor this season, and struggled alongside those wingers.

Charlie Coyle’s contract may not be perfect, but he is an upgrade at 3C. He can shoulder a tougher workload than Mittelstadt, win puck battles and contribute some secondary scoring.

The Bruins did what needed to be done with Coyle. As much as he meant to this team, moving out a 32-year-old for younger players and future assets is a key part of retooling. In return, the Bruins get a reclamation project in Mittelstadt — and while this is a down year, the 26-year-old could help address their weakness down the middle. Will Zellers and a second-rounder replenish a weak pipeline in Boston, and add some upside in case Mittelstadt can’t get back on track.

Stars go all-in for Rantanen

Stars get: F Mikko Rantanen
Hurricanes get: F Logan Stankoven, first-round draft picks in 2026 and 2027, two third-round draft picks

The Mikko Rantanen saga is one of the most intriguing storylines of the season. Rantanen is a true difference-maker who really threads the needle for Dallas. Yes, playing with Cale Makar and Nathan MacKinnon in Colorado helped him reach new heights, and sure, his scoring wasn’t as hot in his stint with the Hurricanes (even though there were positive signs below the surface). But sometimes even the best players need an adjustment period.

The Stars’ depth has been a real strength over the last couple of years, but the team needed more from its leading forwards — especially this season. Wyatt Johnston is developing into a star, but Rantanen is the kind of elite winger who can help elevate this entire group.

Bringing in Rantanen was never going to be cheap, but the Stars didn’t pay for a rental — the team signed him to an eight-year extension and kept him below the $14 million threshold. Losing Logan Stankoven hurts on the ice and on the books, as a sub-$1 million player who helped balance out the Stars’ big contracts. But Dallas is in the right window to go all-in when a player of Rantanen’s caliber becomes available. Management shouldn’t be betting on what those first-rounders could amount to. The focus needs to be on the certainty of what Rantanen does for them right now.

Acquiring Rantanen in the first place was a risk for Carolina, because there was no extension in place. But teams can’t get anywhere without taking a risk. The Hurricanes deserve credit for going for it in the first place. And while the team could have pushed its chips in and bet on Rantanen to help take this team all the way this season, leaving this situation unsettled could have complicated things in the locker room, too.

The Hurricanes never would have brought back this caliber return for Martin Necas.

Stankoven is a disruptive forward who should fit in pretty perfectly with the Hurricanes’ playing style. He could develop into a key part of the Canes’ top-six for years to come. Those first-rounders should also help the team swing another deal before the deadline expires. Until that happens, this feels somewhat unfinished for Carolina.

Maple Leafs address big need with Laughton

Maple Leafs get: F Scott Laughton (Flyers retain 50 percent), fourth-round pick, sixth-round pick
Flyers get: F Nikita Grebenkin, 2027 first-round pick (top-10 protected)

The Maple Leafs finally enter the chat, and address one of their biggest needs. As well as John Tavares has played this season, management needed to find a center to help alleviate his defensive burden. Max Domi and a rotating cast of depth forwards weren’t cutting it at 3C.

After a tough 2023-24, Laughton bounced back with a 55 percent expected goal rate with the Flyers this season. The team suppressed more offense in his minutes, and created a higher rate of quality looks. But despite that uptick in his underlying numbers, his impact on the scoresheet is unchanged. So, Toronto shouldn’t expect a lot of scoring from Laughton, but his defensive strengths should help stabilize the third line.

Laughton doesn’t have the two-way impact of an elite 2C such as Brock Nelson, but Toronto at least gets two playoff runs at a very cost-effective price with 50 percent salary retention. And it didn’t require moving out either of their top prospects to make a trade happen. The Flyers used their last retention slot to make this trade happen, and only free up one this summer when Andrei Kuzmenko’s deal expires. That’s less than ideal, but the return does thread the needle for the rebuilding team.

Tanev gives need depth to Jets

Jets get: F Brandon Tanev
Kraken get: 2027 second-round pick

Brandon Tanev was having a rough year in Seattle. His defensive game suffered, and the team generated little in his minutes, which added up to a 42 percent expected goal rate. A low on-ice shooting percentage and some iffy goaltending dragged down his results even more, with the team getting outscored 33-19 in his minutes.

A move to one of the best teams in the league could help revitalize Tanev’s game. He’s a solid bottom-six winger who can retrieve pucks, chip play into the offensive zone and disrupt play. Depth wingers are going at a pretty high price today, so a second-rounder fits with that trend. Again, it’s a little rich for someone who is likely to play fourth-line minutes. But the fit is there, cost aside. This just can’t be the only forward move the Jets make today — that 2C position still needs a boost.

Penguins get good return on Luke Schenn

Jets get: D Luke Schenn
Penguins get: 2026 second-round pick, 2027 fourth-round pick

Now that bizarre trade between the Penguins and Predators makes a lot of sense. Adding Tommy Novak clicked for Pittsburgh, but the Luke Schenn aspect of the deal was more perplexing, considering his age and this team’s current trajectory. Flipping him for a second-rounder and a fourth-rounder is good work for Kyle Dubas and the Penguins. The 2025 draft class is considered weak and the Jets have a good chance of going deep in the playoffs, so a 2026 pick could be a bit more valuable.

The Jets could use some reinforcements on the back end, and Schenn is that on paper. He earned a 53 percent expected goal rate in Nashville this year, and had a positive impact on the Predators’ defense relative to his teammates. He brings experience to the Jets’ blue line and playoff experience, but he isn’t built to take on a heavy workload anymore. His foot speed could get exposed, too, especially if the Jets play Colorado again this year in the playoffs.

Flyers flip Kuzmenko to Kings

Kings get: F Andrei Kuzmenko (50 percent retained by Flyers), 2025 seventh-round pick
Flyers get: 2027 third-round pick

At this point, Andrei Kuzmenko’s 38-goal campaign in 2022-23 looks like an aberration. Shooting almost 27 percent was never going to be sustainable, but his offensive drop-off has been crushing. The problem with Kuzmenko is that he’s a pretty limited forward who doesn’t bring a lot of dimension to a lineup. He isn’t a play-driver and he struggles back in his own zone. But he isn’t built for a bottom-six role either — Kuzmenko needs high-end players to help elevate his game.

But in the right setting, there is a way to maximize that. Los Angeles may be an ideal fit for Kuzmenko. The Kings have a lot of substance and two-way talent, but need a bit more oomph to take that offensive creation to the next level. The team has failed to convert on about 21 goals below expected based on their shot quality, the eighth-worst in the league. A third-rounder is a bit rich for a player who is a complete gamble, even with salary retention, but that is where the market is going right now.

Senators bet on Cozens’ potential

Senators get: F Dylan Cozens, D Dennis Gilbert, 2026 second-round pick
Sabres get: F Josh Norris, D Jacob Bernard-Docker

Progression may not be a straight line, but the last couple of seasons have been challenging for Dylan Cozens. His scoring rate plummeted from 3.05 points per 60 in a breakout year in 2022-23 to 1.77, and concerning trends developed below the surface. Cozens’ play-driving has suffered, and while he is still entering the zone often and efficiently, those entries aren’t turning into scoring chances anymore. Pair that with some suspect defense, and he turned into an ideal change-of-scenery target.

Cozens may not be a $7.1 million player now, or in a growing cap world, but there is potential here if the Senators can get his game back on track. At this point, he doesn’t look like a fit in Buffalo anymore, and an overemphasis on toughness seems to be weighing on his true strengths. Maybe the Senators can turn that around — it’s a good bet, especially in exchange for Josh Norris.

Like the Sabres with Cozens, the Senators signed Norris to a big second contract worth an average of $7.95 million a year over eight years. He hasn’t lived up to the hype either, and a number of injuries over the years have contributed to that.

At his best, Norris can be a dangerous shooter who doesn’t need as many puck touches as Cozens to excel. It’s a total stylistic shift at 2C for both teams. Aside from his durability, the one red flag is that his numbers below the surface have been suspect over the last couple of seasons. It’s worth noting that the Senators played Norris in tough minutes against top offensive competition. Still, it’s a bit concerning that the team has generated less in his minutes this season, allowed more back, and only mustered 38 percent of the expected goal share.

Jacob Bernard-Docker is a nice addition to this deal for Buffalo. He is somewhat raw and his puck skills need work, but he checks off an important box as a right-handed defenseman for a team with a lot of lefties.

Capitals hope for a Beauvillier rebound

Capitals get: F Anthony Beauvillier
Sharks get: 2025 second-round pick

After an active offseason, the Capitals don’t need to make significant changes at the deadline. Washington bet on internal growth, bounce-back performances and reclamation projects, which have paid off in a big way. The Capitals’ top-six has a lot of chemistry this year, and there’s a concern that any major swings could unnecessarily disrupt that chemistry. But there is room for improvement lower in the lineup, especially on the third line. The Capitals have mixed and matched combinations throughout the season, and none have thrived.

Is Anthony Beauvillier the answer to that? His scoring has picked up over the last couple of seasons, and he earned a 51 percent expected goal rate this season. The problem is that while he can help recover pucks to extend plays, the rest of his tracking numbers are bleak. Maybe Spencer Carbery can find a way to maximize his game — the team has a knack for helping players rebound. The price of a second-rounder for a player who has struggled on numerous teams is just a bit too steep.

Walman could shine with the Oilers

Oilers get: D Jake Walman
Sharks get: Conditional first-round pick in 2026, F Carl Berglund

Walman is a strong addition to the Oilers. He handled playing a difficult role in San Jose really well this season. The Sharks deployed him as their number one against top competition, with little support around him. Somehow, he managed to stay around break-even in expected and actual goals at five-on-five.

The Oilers likely envision Walman as a bottom-four defenseman, and he should crush that assignment. But it helps that he can jump into a more meaningful role if necessary this spring, or next season, with Mattias Ekholm’s recent play and age in mind. Edmonton’s blue line is somewhat rigid in terms of deployment, so the defense gains some versatility with Walman in the mix.

The Sharks, once again, managed to turn a player who was once a salary dump into a first-round pick. The Red Wings gave San Jose a second to take him on last summer, in a really perplexing and lopsided deal. Moving on from Walman should help the rebuilding process, especially since he isn’t a long-term fit for this team’s next contention window. The one risk is that the team takes a massive step back after the deadline and struggles to claw out of a bad situation. After moving Walman and Mikael Granlund, the Sharks should find more ways to leverage their cap space to add NHL-caliber players who can provide support around their young talent.

Avalanche pay big price for Nelson

To Avalanche: F Brock Nelson (50 percent retained), F William Dufour
To Islanders: First-round pick in 2026 or 2027, conditional third-round pick in 2028, F Calum Ritchie, D Oliver Kylington (then traded to Anaheim Ducks for future considerations)

Years of buying or standing pat at the deadline wore on the Islanders, who have been in the mushy middle for far too long. And the team seemed destined to finish there once again this season, because the Islanders are too good to finish in the basement of the standings but have too many injuries to make a real playoff push.

The decision to move on from a franchise cornerstone is never easy. But the Islanders did what was necessary and got an absolute haul back for Brock Nelson. Adding a first-rounder and Calum Ritchie is a really strong start to a much-needed retool.

Centers are never cheap this time of year, and Colorado wasn’t the only team in need of help down the middle. But Nelson is worth every penny. He is an elite 2C and was the best option on the trade market this year. His scoring has trended down this season on Long Island but there really aren’t any red flags under the hood (except for the Islanders’ power play). Nelson is a clutch goal-scorer, an excellent puck-mover and a reliable forechecker. And unlike the Av’s current 2C, Casey Mittelstadt, he is sound in his own zone and can be counted on to retrieve pucks and break the puck out.

This is the upgrade the Avalanche needed in order to contend with top contenders in the West — and in the process, management stopped some of their rivals, such as the Winnipeg Jets, from adding someone of Nelson’s caliber.

Wild, Bruins swap forwards

To Wild: F Justin Brazeau
To Bruins: F Marat Khusnutdinov, F Jakub Lauko, 2026 sixth-round pick

Justin Brazeau started to make a name for himself last year in Boston. He was an efficient scorer in a limited role late in the regular season. And then in the playoffs, he stood out a bit more at five-on-five with a 58 percent expected goal rate and 3-2 scoring edge in his five-on-five minutes. But he didn’t carry enough of that level into this season, which spelled the end of his tenure with the Bruins. The team needs a quick retool, which means moving out any expendable pending unrestricted free agents.

The Wild add size and a much-needed right-handed shot to their lineup with Brazeau. And their prospect pool is pretty deep, which gives management some leeway to move out Marat Khusnutdinov.

While Khusnutdinov isn’t a game-breaking prospect — Scott Wheeler ranked him No. 7 in the Wild’s pipeline and projects him to be a third-liner — there is untapped potential. A 22-year-old with third-line potential is what the Bruins should be targeting in exchange for a 27-year-old bottom-six forward, considering how much this team needs an infusion of youth. While he is a restricted free agent this summer, he will probably be a cost-effective signing. There is a familiarity factor with Jakub Lauko, who can help fill out the lineup with the Bruins moving on from a couple of roster mainstays up front.

Rangers flip pick for Soucy

To Rangers: D Carson Soucy
To Canucks: 2025 third-round pick (initially from Sharks)

It’s not surprising the Rangers were in the market for defense after trading Ryan Lindgren. New York acquired Calvin de Haan in that trade, but there is a pretty big gap in usage between the two. With the Avalanche, de Haan averaged less than 15 minutes a game, which has increased by about a minute in New York. Lindgren, on the other hand, averaged almost 20 minutes per game with the Rangers. Instead of putting more on the plate of K’Andre Miller or Urho Vaakanainen, management looked elsewhere for some top-four help.

Soucy’s size and experience likely attracted the Rangers, and since he is signed through next season, he isn’t a rental. But the real question is whether he can rebound outside of Vancouver. After handing a difficult role well with the Canucks in 2023-24, his game deteriorated this year. The Rangers might hope that reuniting him with Will Borgen, his primary partner in 2022-23 with the Kraken, will get him back on track.

Soucy’s decline and Marcus Pettersson’s arrival made Soucy expendable in Vancouver. Moving him opened up $3.25 million in cap space. And the return, the Sharks’ 2025 third-rounder, could help this team start reloading for next year.

Smith returns to Golden Knights

To Golden Knights: F Reilly Smith (50 percent retained by Rangers)
To Rangers: F Brendan Brisson, 2025 third-round pick (initially from Sharks)

The Golden Knights reacquiring Reilly Smith makes a ton of sense. Vegas already knows what he brings to the table and where best to deploy him (likely alongside another original “Golden Misfit” in William Karlsson, who should return from injury soon) — and maybe that will help reignite his transition game, which trended down a bit over the last couple of seasons. Smith isn’t a prolific scorer, but he can create some scoring chances off the rush and be a reliable forechecker for a team’s middle-six. He is solid defensively and disruptive on the penalty kill, and can be trusted in tough minutes.

Vegas doesn’t need to do a ton this deadline. The team has strength down the middle and on the back end. But their winger depth has dwindled over the last couple of seasons, so this low-key add should help solidify the position.

The Golden Knights have no issue sending out future assets. Will it bite them eventually? Maybe, but that’s a later problem for a team that prioritizes its current window above all else. It’s not like Vegas’ past high picks have been home runs, anyway.

The Rangers, on the other hand, could use more up-and-coming talent like Brendan Brisson. The Sharks’ third-round pick has some value, too, whether used as a pick or trade asset. This should help New York reload for next year.

Panthers add depth with Sturm

To Panthers: F Nico Sturm, 2027 seventh-round pick
To Sharks: 2026 fourth-round pick

The Florida Panthers have a knack for spotting low-key supporting talent that can help accent their star-studded core. Nico Sturm is exactly that. He isn’t a flashy name or a needle-mover in his own right, but he is a really good depth addition. He hits many of the notes most playoff teams look for — he is solid defensively, physical, has playoff experience and brings an element of versatility to the lineup as a center. He can play a gritty game and chip in goals here and there. This all checks out for the Panthers for the price of a fourth-rounder. As for the Sharks, moving out pending unrestricted free agents for future assets is the name of the game.

Devils acquire Dumoulin from Ducks

To Devils: D Brian Dumoulin (50 percent retained by Ducks)
To Ducks: 2025 second-round pick, F Herman Träff

Brian Dumoulin is the kind of depth defensemen contenders generally look for to shore up their blue line. He fits on a third pair, is fine defensively and can help move play out of his own zone. He was overexposed in Anaheim in tougher minutes than he should be tasked with, without much two-way support around him. So, getting out of that environment should help stabilize his game. But if the Devils want to maximize him, the coaches should shelter him away from top competition.

A second-round pick for Dumoulin at 50 percent retention is a good return for Anaheim. It’s just a little steep for the Devils, especially considering their current situation. With injuries to Jonas Siegenthaler and Dougie Hamilton, New Jersey needs a stopgap on the back end until the team gets healthier. But with the Jack Hughes situation in mind, should management have spent this much on a stopgap? The focus should be on either bargain-bin rentals or longer-term fits.

Predators swap Novak, Schenn for Bunting

To Predators: F Michael Bunting, 2026 fourth-round pick
To Penguins: F Tommy Novak, D Luke Schenn

This is the most puzzling trade so far, especially from the Nashville Predators’ perspective. Michael Bunting has had a positive impact on the Pittsburgh Penguins’ expected goal generation at five-on-five relative to his teammates, and his zone entries and forechecking contribute to that. He has also been a reliable power-play scorer for Pittsburgh this season.

It just seems like an odd choice to sell low on Tommy Novak in exchange for that. Novak unquestionably took a step back this season — his scoring is down and so is his zone entry rate and his efficiency. While he hasn’t been as active in the rush this season, he still has had a positive impact on the Predators’ expected goal creation this season, thanks to his puck retrievals, zone exits and forechecking.

On the flip side, it’s a solid addition for the Penguins, who should target any reclamation projects in their 20s. Novak’s cap hit is pretty reasonable, and there is real bounce-back potential.

The Luke Schenn part of this deal is more perplexing unless the Penguins intend to flip him again before the deadline. Playoff teams generally are interested in veteran defensive defensemen such as Schenn, so there could be a market for him with salary retention. Until that happens, this trade feels unfinished for Pittsburgh.

Lightning swing big for Gourde, Bjorkstrand

To Lightning: F Yanni Gourde (50 percent retained by Kraken, 25 percent retained by Red Wings), RW Oliver Bjorkstrand, D Kyle Aucoin, 2026 fifth-round pick
To Kraken: F Michael Eyssimont, 2026 first-round pick (Lightning), 2027 first-round pick (Lightning), 2026 fifth-round pick
To Red Wings: 2025 conditional fourth-round pick

The Lightning came into deadline week with one clear need: forward depth. There is a hole on the right side of the second line, and around Nick Paul on the third line. Enter Yanni Gourde and Oliver Bjorkstrand.

Gourde’s defensive strengths and disruptive play are exactly what the Lightning’s third line needs. As a center, he adds more positional flexibility to the lineup if needed. Bjorkstrand’s two-way game — from his ability to retrieve pucks and transition up the ice, to his shot volume in the offensive zone — will fit anywhere in the top-nine. The most perfect landing spot may be the second line alongside Anthony Cirelli and Brandon Hagel.

Draft picks are more valuable to the Lightning as assets than actual picks, considering where this team is in its contention cycle. The Lightning have an elite core that is firing on all cylinders and also some really high-end supporting talent, so the focus should be on maximizing that group while they still can to extend the window. Getting top-10 protection is key here, too.

Collecting future assets makes sense for the Kraken, and those first-rounders may be more valuable in 2026 and 2027. Seattle leveraged their cap space to better the return, and can start planning for next season after falling short this year. The Red Wings, on the other hand, add a fourth-rounder for some salary retention. It doesn’t necessarily have to be a sign of the team selling — it’s just a way to gain another asset, since so many non-playoff teams are already without retention slots.

Vanecek gives Panthers their backup

To Panthers: G Vitek Vanecek
To Sharks: F Patrick Giles

After moving Spencer Knight, the Panthers needed more support in net. While Sergei Bobrovsky is undoubtedly the No. 1 goaltender in Florida, goaltending is volatile and injuries happen, so it helps to have a reliable backup in Vitek Vanecek. Knight was exactly that this year, with nine goals saved above expectations in 23 appearances.

His departure made Chris Driedger the new No. 2 behind Bobrovsky. While he showed promise in Florida in 2021, injuries derailed his career. He got back on track with the Coachella Valley Firebirds in the AHL last year, but has struggled with a .878 save percentage in 20 games with the Charlotte Checkers this season. That isn’t close to Knight’s caliber, which helped balance out some up-and-down play from Bobrovsky this year.

So it makes sense why the Panthers wanted another goalie in the system. The Panthers have the defensive structure to support Vanecek, and the acquisition cost was reasonable since they could absorb his entire cap hit. But Vanecek comes with question marks. Considering his environment in San Jose, it’s hard to hold this season against him, but he also regressed in New Jersey in 2023-24 after an impressive 2022-23 season. And his short playoff history is another concern. There is definitely some risk here, but the Panthers should be able to manage it in what will likely be a somewhat limited role.

Oilers address depth need with Frederic

To Oilers: F Trent Frederic (50 percent retained by Devils), F Max Jones, F Petr Hauser
To Bruins: 2025 second-round pick, 2026 fourth-round pick, D Max Wenner
To Devils: F Shane LaChance

While there is a path to the Boston Bruins making the playoffs, management has to be realistic about their trajectory. The Bruins have to take a step back out of the playoff picture and start preparing for next season. Trading Trent Frederic was a step in the right direction. It can’t be their only move, but it’s a fine start. The return wasn’t incredible but it was never going to be for Frederic, especially with his injury status.

Frederic should help the Oilers address their most pressing area of need. Yes, their goaltending is pretty chaotic and unreliable. But this team needs to upgrade their forward depth to give their goalies more goal support, and add on defense first.

Frederic brings some snarl, size and forechecking to Edmonton. He adds an element of versatility to the bottom-six, and the team could always experiment with him higher in the lineup if they need a spark. It would help to get him up to speed in the regular season, but the worst-case scenario sees him staying on LTIR until the playoffs and buying the team a bit more cap flexibility. The cap situation, and the fact that the Oilers didn’t give up a lot here, gives them leeway to add more.

The Devils leveraged their cap space well to gain an asset in Shane Lachance — other playoff teams should take note since the Blackhawks, Sharks and Predators don’t have any retention slots to offer.

Jones dealt to Panthers

To Panthers: D Seth Jones (26 percent retained by Blackhawks), 2026 fourth-round pick
To Blackhawks: 2026 or 2027 first-round pick, G Spencer Knight

Two things can be true. Seth Jones can be a capable defender on a contender, outside of Chicago. And he may never be worth what the Blackhawks spent to acquire him, or signed him for. It’s hard to separate the player from the contract.

In Chicago, he was over-leveraged as a No. 1 with very little support around him. And he is in the wrong age range for a rebuilding team like the Blackhawks; Jones will likely be in his mid-to-late 30s by the time this team is a contender again.

A 2026 first-rounder is valuable to the Blackhawks as draft capital or a trade asset. In Spencer Knight, the team may have found its goalie of the future. Playing in Chicago will be a wake-up call for Knight, who has benefited from the Panthers’ defensive structure. But it’s an opportunity to be the No. 1, which he wouldn’t have been in Florida anytime soon.

As for Jones, his move to the Panthers is a chance to show what he has in a more stable environment. Despite all of the challenges in Chicago, he still showed a lot of skill with the puck, from his puck retrievals and breakouts to his ability to jump into the rush. That is exactly what the Panthers need to kick their top-four up a notch. The rising cap helps make his cap hit, which the Blackhawks retained a bit of, more manageable. If Jones can play at the caliber of a No. 2 or No. 3, it should age better over the next couple of seasons.

Wild hope to unlock Nyquist

To Wild: F Gustav Nyquist (50 percent retained by Predators)
To Predators: 2026 second-round pick

Last year, Gustav Nyquist scored 75 points at a rate of 3.13 points per 60. This year, his pace had dropped down to 1.25. After helping facilitate play on a hot top line with Filip Forsberg and Ryan O’Reilly, Nyquist’s offensive value has plummeted in Nashville.

While the scoring numbers represent a red flag, there are some positive signs below the surface — from his effectiveness in all three zones, as tracked by Corey Sznajder, to a lowly 6.15 on-ice shooting percentage.

While the Wild should not expect to unlock last year’s scoring heights from Nashville, there is more left in the tank than this season shows. He should provide some support to a forward group weakened by injury. But maybe the best value he can bring is stability on the penalty kill.

The Predators leveraged their cap space well to get a second-rounder for Nyquist — the fact that it’s in 2026, considering some of the weaknesses in this year’s class, is another win.

Lindgren dealt to Avalanche

To Avalanche: D Ryan Lindgren (50 percent retained by Rangers), F Jimmy Vesey, D Hank Kampf
To Rangers: 2025 second-round pick, 2025 fourth-round pick, D Calvin de Haan, F Juuso Parssinen

Ryan Lindgren’s game declined in New York over the last couple of seasons, despite having the support of Adam Fox on his right. Injuries weighed him down, and he wasn’t a fit for Peter Laviolette’s taxing system.

With that in mind, it makes sense why the Rangers hesitated to commit to Lindgren long-term last summer. And it makes even more sense for management to reclaim some value on the heart-and-soul defender before he hit unrestricted free agency, especially with their playoff odds (and Fox’s injury) in mind.

Considering some of the risk the Avalanche are taking on, the price for Lindgren is a bit high. But Colorado should be able to maximize his value here. Unlike in New York, he won’t have to play first-pair minutes or against top competition. If the Avs can help Lindgren simplify his game to play to his strengths, he should be a stable bottom-four option.

Jimmy Vesey is a hard-working forward who can add some jump to the Avs’ bottom-six, which could use reinforcements. Juuso Parssinen, on the other hand, is a reclamation project worth betting on down the stretch.

Sharks flip Granlund, Ceci to Stars

To Stars: F Mikael Granlund, D Cody Ceci
To Sharks: 2025 first-round pick, 2025 conditional third-round pick

After a disastrous experience in Pittsburgh, Mikael Granlund completely rebuilt his value in San Jose. He played big minutes with the Sharks, including on the power play, which helped get his offensive game back on track. There are still some weaknesses, including his defense. Still, it’s tricky to isolate how much of that falls on the player or the environment, considering the team around him and his usage against top offensive talent. The Stars have a lot more structure and support to mask those weaknesses. So as long as his game doesn’t diminish in lesser minutes, the Stars added a versatile forward to bolster the middle-six in Tyler Seguin’s absence.

The Cody Ceci acquisition is a lot more suspect. Like with Granlund, the environment and workload have to be accounted for this year’s defensive struggles. Then again, he has a longer history of them — including on a contender last year in Edmonton. The Stars’ blue line, especially with Miro Heiskanen sidelined, is an area of weakness, and Ceci only adds to it. While he likely won’t play as meaningful a role when Heiskanen returns, the Stars still have to hope he won’t burn them in the playoffs.

Granlund and Ceci both came to San Jose as reclamation projects, and they managed to move them in exchange for a first-rounder without any salary retention. That is a home run for the rebuilding Sharks.

Pettersson moves to Canucks

To Canucks: D Marcus Pettersson, F Drew O’Connor
To Penguins: 2025 conditional first-round pick, F Danton Heinen, D Vincent Desharnais, F Melvin Fernstrom

In a surprising turn of events, the Canucks quickly moved the most valuable part of the J.T. Miller return within hours of the initial trade. Vancouver had the right idea, because that pick was more valuable to them as a trade asset. But using it to add a pending UFA defensemen was a choice (even with management’s plans to extend him in mind).

Marcus Pettersson isn’t a flashy defenseman, or even a play-driver. But he is a stabilizer in his own zone who can help push play out of the defensive zone. That makes him a fit for the Canucks, just at a high cost before the market was even set.

In the process, the Canucks added cheaper depth in Drew O’Connor and moved out Vincent Desharnais’ contract, which were solid bits of business.

The Penguins, on the other hand, maximized the value of a pending unrestricted free agent in exchange for a first-rounder. That should help this team in the long run.

Miller to Rangers solves a problem

To Rangers: F J.T. Miller, D Erik Brannstrom, D Jackson Dorrington
To Canucks: 2025 conditional first-round pick, F Filip Chytil, D Victor Mancini

More than anything, the Canucks needed to find a way to stop the noise in Vancouver. Management felt that moving J.T. Miller would accomplish that, even if the return was underwhelming.

Miller’s 2024-25 play didn’t help his trade value — he wasn’t producing at the rate of monster 2023-24, making some poor reappearing defensive habits even more glaring. His no-movement clause made the situation even more challenging to navigate.

There are elements to like for Vancouver — Filip Chytil brings an up-tempo game to the lineup, and he has looked ready to take on 2C minutes for some time. Victor Mancini has a lot of two-way potential in a second- or third-pair capacity. And the conditional first-rounder has value, especially as a trade asset. It isn’t quite the caliber of return that management could have wanted for someone as important to their team as Miller.

With Miller, the Rangers have a range of possible outcomes. Miller can be the engaged top-six center who makes life miserable for opponents, but he can also reflect his environment when things go poorly and drag down the team around him. In the middle of two extremes are an empty-calorie scorer who over-relies on power-play points to mask his defensive shortcomings. That uncertainty adds risk to this deal, but the acquisition cost helps mitigate some of it — even with his age and contract in mind. The rising cap also helps smooth out some of that.

Frost, Farabee to Flames in low-risk deal

To Flyers: F Andrei Kuzmenko, F Jakob Pelletier, 2025 second-round pick, 2028 seventh-round pick
To Flames: F Morgan Frost, F Joel Farabee

If the Flames need help anywhere, it’s up front. Calgary took a step back last year at the deadline, but have gone into a full rebuilding mode. Dustin Wolf’s excellence has kept them in the playoff picture, but he needs more goal support. The Flames aren’t buying up rentals or overpriced veterans — management took a low-risk bet on Morgan Frost and Joel Farabee, who are in the perfect age range for this retooling team.

Frost and Farabee were not game-breakers in Philadelphia, so it makes sense why management would want to make some changes up front. But the return is pretty underwhelming. A second-rounder fits the profile of a rebuilding team (and the Flames can afford to move it with two first-rounders in 2025 and 2026), but that pick is only so worth so much in a weaker draft class. Jakob Pelletier has potential, but his AHL success has yet to translate to the NHL level. And while there is a familiarity factor with Andrei Kuzmenko for Matvei Michkov, his contributions are somewhat limited. Kuzmenko is a creative goal-scorer, but the consistency isn’t there — and the production hasn’t been either since his shooting percentage came back to earth. And there isn’t a ton of dimension to his game behind that. He doesn’t drive play and he struggles back in his own zone.

Hurricanes swing big for Rantanen

To Hurricanes: F Mikko Rantanen (50 percent retained by Blackhawks), F Taylor Hall, F Nils Juntorp
To Avalanche: F Martin Necas, F Jack Drury, 2025 second-round pick (Hurricanes), 2026 fourth-round pick (Hurricanes)
To Blackhawks: 2025 third-round pick (Hurricanes)

The Hurricanes are one of the best regular-season teams year after year. But Carolina needs to make more of an impact in the playoffs, and Mikko Rantanen thrives in high-pressure environments.

Without an extension in place, acquiring Rantanen carries risk — but the Canes need to take swings to move forward if they are going to go on a deeper playoff run. Rantanen not only brings the oomph the Hurricanes always crave but also impacts the depth chart by knocking everyone into more fitting positions. It takes some pressure off Andrei Svechnikov, who has never been The Guy the Hurricanes have needed.

Taylor Hall’s play in transition and ability to set up scoring chances — even on a bad Blackhawks team — makes him a fit for Carolina’s middle-six, too. Even though his value trended down this year, Chicago should have pressured for more in this trade, if not for Hall then to retain Rantanen’s cap space. A deal probably wouldn’t have broken down because the Blackhawks asked for more in return for leveraging their cap space, especially when the team doesn’t have many retention slots to work with.

As for Colorado, it was a gutsy move to flip Rantanen, even with his contract situation in mind. But Martin Necas’ skill and speed are a perfect fit for the Avalanche, and Jack Drury’s penalty-killing addressed another area. Despite losing the best player in the trade, the Avs positioned themselves well to make more change leading up to the deadline.

Data via Dom Luszczyszyn, Evolving-Hockey, HockeyViz, HockeyStatCards, All Three Zones and Natural Stat Trick. This story relies on shot-based metrics; here is a primer on these numbers

(Top photo of Brad Marchand: Bob DeChiara / Imagn Images)