As trade deadline speculation continues to swirl around the New York Rangers, one name dominates virtually every conversation. Artemi Panarin’s contract status and the organization’s public stance have turned the star winger into the most discussed asset on the roster. With no extension expected, attention has shifted from whether the Rangers will move Panarin to where he could realistically end up.
The New York Rangers most-talked about trade chip is impending UFA Artemi Panarin. The organization has made it clear that Panarin will not be offered a contract extension for next season or beyond, fueling widespread belief that a trade is inevitable. Much of the league-wide discussion now centers on potential landing spots for the Russian star rather than the likelihood of a deal itself.
One intriguing possibility is a move within the division to the Washington Capitals. As Vincent Mercogliano and Peter Baugh noted in The Athletic, Washington has both the financial flexibility and roster assets necessary to complete a deal of this magnitude.
Capitals general manager Chris Patrick has also been transparent about his desire to add another elite winger, a comment that aligns almost too neatly with the Rangers’ situation involving Panarin.
Despite the divisional rivalry, there is little reason for the Rangers to rule out a deal with Washington. If the return meets expectations, general manager Chris Drury should be willing to make a move that maximizes value.
So, here’s what a potential trade could look like:
Rangers get:
2026 first-round pick
2027 second-round pick
Hendrix Lapierre, F
Declan Chisholm, D
Capitals get:
Artemi Panarin, F
From New York’s perspective, this is a reasonable return. Washington is well positioned to absorb Panarin’s contract without significant cap complications, making the logistics relatively clean.
The Rangers would come away with two valuable draft selections. According to Tankathon projections, the Capitals are currently slotted 11th overall in the 2026 first round, though that position could shift if Washington pushes back into the playoff picture.
The 2027 second-round pick adds further flexibility. It could be used in a future trade or retained to help replenish the organization’s prospect depth.
Rangers Get Solid Prospects Back
The player portion of the return also offers some intrigue. Hendrix Lapierre has settled into a bottom-six role with the Capitals, primarily centering the fourth line. While his current usage is limited, there is still some belief that he could grow into a middle-six contributor, particularly given his shooting ability.
On defense, Declan Chisholm has been skating on Washington’s third pairing alongside Rasmus Sandin. He has shown flashes of reliability and upside, even though he has occasionally found himself scratched.
While neither player is a headline-grabbing prospect, both could contribute at the NHL level sooner rather than later. That immediate usefulness carries value for a Rangers team looking to stay competitive while reshaping its roster.
Blueshirts May Ask for Capitals’ Top Prospects
There is also a scenario in which New York aims higher. Instead of Chisholm, Drury could push for top defensive prospect Cole Hutson. Hutson has drawn comparisons to his brother Lane and could project as a major piece on the Rangers’ blue line for years to come.
Similarly, the Rangers could choose to bypass Lapierre in favor of Ryan Leonard. The right winger has been widely coveted around the league, and the Capitals have been reluctant to include him in trade talks.
However, opportunities to acquire a player of Panarin’s caliber do not come often. A package featuring Leonard and Chisholm, along with the two draft picks, may be enough to finalize a blockbuster that benefits both sides.