Insider on Possible Artemi Panarin to the Capitals Trade Return

The New York Rangers have officially entered a retool. After sending a letter to their fan base outlining their plan to sell off assets and reset the roster, it’s now time to follow through. If the goal is to get this team back into playoff contention, real moves have to come next. And, it starts with finding a new home for star forward Artemi Panarin.

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Just hours after the letter went out, reports surfaced that the Rangers will not offer Panarin a contract extension. That immediately shifted the focus to the biggest challenge ahead, finding a team willing to pay a premium price and commit long-term. According to Elliotte Friedman, the Washington Capitals are one of the most aggressive teams in the Panarin sweepstakes. They’ve shown interest and are open to extending the timeline, making them a natural fit to explore further. Because of that, it’s worth taking a closer look at what a realistic deal could look like.

Potential Return for Panarin

Pinning down Panarin’s exact trade value isn’t easy, but the framework is fairly clear. If the Rangers are serious about rebuilding, they will want a first-round pick as the foundation of any deal, plus additional assets. They’ll also look for one or two NHL-calibre players who can step into the lineup immediately and help stabilize the roster. Reports have suggested the comparable return could be similar to the Brock Nelson trade last season. Using that as a reference point, here’s a package that feels fair for both sides.

Rangers receive: 2026 first-round pick, 2027 second-round pick, Connor McMichael, Ivan Miroshnichenko
Capitals receive: Artemi Panarin (50 percent retained) plus a four or five-year contract extension worth $50 million

From the Rangers’ perspective, this deal checks several boxes. McMichael gives them a young NHL forward who can play right away and grow into a larger role. Miroshnichenko adds another high-upside piece who looks capable of becoming an everyday NHL player. That’s two forwards who can realistically be part of the solution in New York.

On top of that, the Rangers would add two valuable draft picks. A first in 2026 and a second in 2027 help restock the prospect pool and give them flexibility as the rebuild takes shape. If New York prefers help on the blue line instead, Martin Fehervary could also be a target. He’s another young NHL defenceman who would fit well within the Rangers’ system.

For the Capitals, this move brings in an elite scoring winger who can immediately elevate their top six. And as history has shown, once a team gets into the playoffs, anything can happen. The extension would also provide Washington with cost certainty, with a four- or five-year deal carrying an average annual value in the $10 to $12.5 million range.

Next: NHL Trade Watch: Maple Leafs Selling, Panarin Interest, Wright On The Move?