Insider Reveals the Cost for Oilers to Acquire Oliver Ekman-Larsson

When reports recently emerged that the Edmonton Oilers and Toronto Maple Leafs were discussing a trade ahead of the NHL roster freeze—and it wasn’t about Bobby McMann—many were surprised.

Most of the speculation linking the two teams had centered on McMann, but insider David Pagnotta revealed that Nicolas Roy and Oliver Ekman-Larsson were the real points of discussion. Chatter around those two has, of course, heated up in the aftermath, and Pagnotta has since shared what it would cost Edmonton to acquire Ekman-Larsson specifically—and it’s a lot.

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The ask reportedly starts with top prospect Isaac Howard, as simply dumping Andrew Mangiapane’s $3.6 million with a draft pick or two wouldn’t get it done.

Pagnotta said:

“The Leafs aren’t trading him for Mangiapane and a pick. So, sorry, that’s not going to happen. You’re probably looking at something like an Isaac Howard in a deal to get OEL out of Toronto. It’s going to be a high price. Because it’s a combination of his cap hit, the term remaining, and the fact that he’s really good—or at least has been really good this season. If it gets to that point, expect it to be a larger type of deal. You’re not just pawning off Mangiapane to Toronto because the kids are from there. I don’t see that aligning.”

The 34-year-old Ekman-Larsson is in year two of the four-year, $14 million deal signed to join the Maple Leafs as a UFA in 2024. As Pagnotta noted, he’s been tremendous in 2025-26, having recorded 34 points (eight goals, 26 assists) in 57 games, pacing for the second-most productive season of his career.

Should the Oilers Pay Up For Oliver Ekman-Larsson?

Edmonton’s interest in Ekman-Larsson makes a lot of sense, though it’s fair to wonder whether they’ll be able to pull a deal off—unless GM Brad Treliving lowers his asking price for the veteran defenseman.

That’s not to say Howard should be viewed as untouchable, but giving up on him after just seven months would have to mean the Oilers are getting a player who will not only make an immediate impact but also contribute for years to come.

Ekman-Larsson would undoubtedly improve the blueline this season, but he’ll turn 35 in July and has played a lot of hockey in recent years, so there’s plenty of risk beyond 2025-26, especially if surrendering a top prospect to get him.

For that reason, it seems unlikely that Ekman-Larsson will end up in Edmonton. That said, if Treliving is willing to budge on price—or expand the deal to include a player like McMann—GM Stan Bowman would have reason to give it more serious consideration.

Next: Do the Oilers Have What It Takes to Land a “Perfect Fit” from the Senators?