NHL trade board 6.0: Could we get a blockbuster before the Olympic freeze?
Robert Thomas, Artemi Panarin and Jesper Wallstedt are among the top names on the Big Board. Will Tullos / The Athletic, with photos by Michael Reaves, Claus Anderson and David Berding / Getty Images
Feb. 4, 2026 6:00 am EST
Will Artemi Panarin find a new home before the Olympic break?
That was certainly the New York Rangers' intention when they started holding him out of their lineup for "roster management purposes" last week.
However, this isn’t a straightforward transaction. The superstar forward holds all of the cards with a no-movement clause and a desire to sign a lucrative contract extension as part of any trade. That all needs to fall into place before the Rangers figure out what kind of return they’ll get back in the deal itself.
The clock is now ticking loudly on those talks — and any others happening around the NHL — with an Olympic trade freeze set to take effect at 3 p.m. ET on Wednesday.
It runs through 11:59 p.m. on Feb. 22.
There’s expected to be an avalanche of transactions on the other side of the Milan Cortina Games, with the trade deadline looming on March 6, but it remains to be seen how much business will get done in the final hours before the freeze.
Here’s our latest Big Board, featuring 11 new targets to bring us to a total of 50.
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 Feb. 2. Goals saved above expected (GSAx) are via Evolving-Hockey, also through Feb. 2. Contract info is via PuckPedia.
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Profile
Position
Winger
Shoots
Right
Age
34
Contract term
2026 UFA
Current cap hit
$11,642,857
While the interest in Panarin is described by league sources as significant, there’s not a long list of seamless fits given the dynamics at play. Basically, it’s no coincidence that players of this quality are rarely traded in-season, given everything that needs to be taken into consideration in a hard-cap league. Panarin is believed to be interested in a move to Florida, but neither the Lightning nor the Panthers are swimming in available space. Other suitors remain involved, too. Panarin has been New York’s leading point producer in all seven seasons since arriving on Broadway and remains one of the NHL’s elite playmakers. He is also a serious threat to score, as evidenced by recent seasons of 37 and 49 goals. He’s got game-breaking offensive ability, plain and simple.
Market value
$12,000,000
Net rating
New York Rangers
Forward
Winger
Profile
Position
Center
Shoots
Right
Age
32
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
$7,500,000
Net rating
New York Rangers
Forward
Center
Profile
Position
Winger
Shoots
Left
Age
34
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 Cup titles 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 who can raise the bar for a contender. While he was held out of Calgary’s lineup with a minor injury before the Olympic break, it’s not viewed as something that will impact his trade availability.
Market value
$5,500,000
Net rating
Calgary Flames
Forward
Winger
Profile
Position
Center
Shoots
Right
Age
22
Contract term
2027 RFA
Current cap hit
$886,667
Rival scouts started hearing Wright’s name in the rumor mill during World Juniors earlier this month. The 2022 No. 4 pick is still in a developmental phase but has seen his offensive production dip from last season's 19-goal, 44-point campaign. Wright profiles as an intriguing two-way center and will likely only be moved in a trade that sees a player with similar upside going back to Seattle. The Kraken like their organizational depth down the middle and are looking for a game-breaking winger.
Market value
$3,200,000
Net rating
Seattle Kraken
Forward
Center
Winger
Profile
Position
Center
Shoots
Right
Age
26
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
$9,300,000
Net rating
St. Louis Blues
Forward
Center
Profile
Position
Defenseman
Shoots
Right
Age
32
Contract term
2028 UFA
Current cap hit
$9,000,000
Trade talk has cooled off since Hamilton returned to the Devils lineup following a healthy scratch earlier this month, but he’s still very much available. New Jersey would like to clear up cap space for other moves, and Hamilton no longer has a full no-trade clause in his contract. He’s 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 owed on Hamilton’s contract are less than the cap hit attached to the deal.
Market value
$7,900,000
Net rating
New Jersey Devils
Defenseman
Right-shot defenseman
Profile
Position
Defenseman
Shoots
Right
Age
36
Contract term
2026 UFA
Current cap hit
$2,750,000
As the Jets continue to scrape along near the bottom of the NHL standings, Schenn should be one of their easiest pieces to move. While the sturdy right-shot defenseman may not return the same value Winnipeg gave up for him at last year’s deadline — they dealt second- and fourth-round picks to Pittsburgh — he still has plenty of utility as a depth defender. Schenn is 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
Profile
Position
Winger
Shoots
Left
Age
34
Contract term
2026 UFA
Current cap hit
$5,125,000
Kane has been snakebitten since an offseason move to his hometown team, and the Canucks are trying to expedite his exit. Playoff-bound teams have the most interest in Kane’s physical brand of play, and a number of them are poking around on him. He remains an intimidating presence who is unafraid to go to the hard areas of the ice, albeit one who comes with some baggage. He played in the past two Stanley Cup Finals with the Oilers before the summer trade to Vancouver.
Market value
$2,300,000
Net rating
Vancouver Canucks
Forward
Winger
Profile
Position
Center
Shoots
Left
Age
35
Contract term
2029 UFA
Current cap hit
$7,000,000
Kadri's game hasn’t been at its usual level in recent weeks as speculation has kicked up around him. However, his body of work still demands attention. A fierce competitor with a Stanley Cup ring already in his collection, he 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. The biggest potential deterrent to a move at this deadline is the three years remaining on Kadri’s contract beyond this season.
Market value
$6,300,000
Net rating
Calgary Flames
Forward
Center
Profile
Position
Goalie
Age
23
Contract term
2027 RFA
The 23-year-old is having a superb season as part of the tandem in Minnesota but finds himself on this list because of the tremendous value he could potentially bring back in a trade. The Wild have Filip Gustavsson under contract through 2031 and will at least listen to interest in Wallstedt, according to The Athletic’s Michael Russo. Minnesota is going to need to get a front-line player back in order to make this work. But after parting with their other A-plus assets in order to land Quinn Hughes in December, the Wild are willing to take another big swing before the deadline.
Market value
Not available for goalies
Goalie stats
Minnesota Wild
Goalie
Profile
Position
Center
Shoots
Left
Age
34
Contract term
2028 UFA
Current cap hit
$6,500,000
There was plenty of interest in Schenn ahead of last year’s deadline, and the Blues now appear more inclined to move the veteran center amid a disappointing season. What was once a full no-trade clause in Schenn’s contract is now a 15-team no-trade list, giving him less control of the process. He’s had a difficult season that mirrors what his team has endured, as evidenced by some concerning defensive metrics, but Schenn should still carry value as a reliable center capable of impacting the game at both ends of the ice. He’s scored at a 22-goal, 54-point pace across a 17-year NHL career.
Market value
$4,700,000
Net rating
St. Louis Blues
Forward
Winger
Center
Profile
Position
Defenseman
Shoots
Right
Age
33
Contract term
2027 UFA
Current cap hit
$6,500,000
The kind of low-maintenance veteran that contenders typically covet at the deadline, Faulk remains a consistent and durable player and is logging more than 22 minutes per night in his 15th NHL season. Known as a stout five-on-five defender who chips in a bit offensively, he generally keeps things steady. Faulk is also a right shot capable of playing both sides of the ice. As an added bonus, his contract was front-loaded, which means that he’s owed less in actual cash than his 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
Profile
Position
Defenseman
Shoots
Right
Age
32
Contract term
2026 UFA
Current cap hit
$4,400,000
Right-shot defensemen are always in demand and Murphy is at a stage in his career when he’d like to play for a more competitive team. Rangy and strong, the pending unrestricted free agent has posted strong defensive results under less-than-favorable conditions with the Blackhawks in recent years. His contract should be fairly easy to move, particularly in light of how few options are likely to be available in free agency this summer. Chicago also has two remaining retention spots and could use one to boost the return.
Market value
$2,500,000
Net rating
Chicago Blackhawks
Defenseman
Right-shot defenseman
Profile
Position
Defenseman
Shoots
Left
Age
27
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 Winnipeg with a decision to make: Does it want to be the team offering that deal, or is it time to cash in on its investment by putting him on the trade market? The Jets haven’t gone too far down the road yet on contract discussions.
Market value
$775,000
Net rating
Winnipeg Jets
Defenseman
Left-shot defenseman
Profile
Position
Center
Shoots
Right
Age
33
Contract term
2026 UFA
Current cap hit
$5,250,000
A big center who recently hit the 1,000-game milestone, Coyle has had a nice bounce-back season in Columbus. A return to the kind of production that’s in line with his best years in Boston has helped fuel a fair amount of interest in the pending unrestricted free agent. Coyle is a matchup center who can handle difficult assignments and brings plenty of Stanley Cup playoff experience. There’s already been expressions of interest.
Market value
$7,300,00
