NHL trade grades megafile: Report cards for Wennberg, Henrique, Tarasenko, more deals

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He gives the Rangers a two-way option down the middle who lived up to his identity as a consistent forechecker during his time with the Kraken. Wennberg was one of the players who embodied how the Kraken, when they were at their best, aggressively forechecked to regain possession.

Wennberg will give the Rangers a two-way option down the middle who could be used on a line with Will Cuylle and Jimmy Vesey. That would give a pair of wingers, who each have more than 10 goals, a pass-first playmaking center who will frequently look to set up those around him.

He could also play on a Rangers’ penalty kill that entered Wednesday ranked fifth in the NHL with an 83.2% success rate. Wennberg has logged more than 100 short-handed minutes in three of the last four seasons.

And with the Kraken retaining 50 percent of Wennberg’s salary, Cap Friendly projects the Rangers will have a little more than $2.9 million in available deadline cap space to make another move if they desire.

The starting point in analyzing this from the Kraken’s perspective is with the conditions surrounding the 2025 fourth-round pick. The Rangers initially received that pick from the Stars in a deal that saw the Stars receive defenseman Nils Lundkvist at the start of the 2022-23 season. The conditions, which were part of the initial trade, state that it will become a third-round pick should Lundkvist score 55 total points over the 2022-23 and the 2023-24 seasons. Currently, Lundkvist is sitting at 31 points.

Trading Wennberg was thought to be a possibility for a few reasons. He was a pending UFA on a team that has been mercurial when it comes to whether they can find the consistency to reach the playoffs. At the time of the trade, they were six points out of the final Western Conference wild-card spot (as well as the third slot in the Pacific Division).

Being in that position ultimately forced Kraken GM Ron Francis into the position of more seriously considering trades, with the reality that dealing Wennberg would do more for the Kraken in the bigger picture.

Now it’s a matter of determining if Wennberg will be the first of a few players to leave Seattle ahead of a deadline that could prove fruitful for the NHL’s 32nd team. Receiving two draft picks, one of them being a second-rounder, was a solid return for Wennberg. It leads to questions about what they could get for Jordan Eberle, in the event they decide to move on from one of their alternate captains.

The Kraken now have four pending UFAs on their roster between Pierre-Edouard Bellemare, Justin Schultz, Tomas Tatar and Eberle. It leaves Francis and his staff charting their next course of action before a deadline that could possibly see the Kraken enhance their draft cupboard further. Seattle has 24 picks in the next three drafts. — Ryan S. Clark

The trade is one for one! The Colorado Avalanche traded defenseman Bowen Byram to the Buffalo Sabres in exchange for center Casey Mittelstadt.

The Avalanche addressed their most glaring long-term weakness by parlaying one of their greatest strengths.

Over time, they would move on from Graves and Timmins. But they would add Devon Toews to create a partnership with Makar that’s become one of the NHL’s best, while later bringing in Josh Manson in the buildup to winning the franchise’s third Stanley Cup.

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Those factors contributed to Byram’s place being in question over the years. Byram projected as a top-pairing defenseman who could run a first-team power play and log more than 20 minutes per game. That promise is what made him so enticing, but it’s also what made him something of a bizarre fit in Colorado.

Everything he did during the Avalanche’s Stanley Cup run in 2022 reinforced why he was so valuable to title aspirations. But his place within the Avs’ defensive dynamic meant the club would have to face the eventual reality that they’d have to move on from Byram at some point due to salary cap constraints, a lack of opportunity or both.

Getting a deal done for Sean Walker earlier on Wednesday allowed the Avalanche to trade Byram and get the second-line center they’ve coveted in Mittelstadt.

Finding a second-line center has arguably become the biggest challenge facing this iteration of the Avs. That was the case before they traded for Nazem Kadri back in 2019, and it had been the case since he left in free agency more than a year ago.

Adding Mittelstadt gives the Avalanche more than another second-line center. He gives them a 25-year-old second-line center who will be a restricted free agent this offseason (and thus under some team control), a boon for a team that’s always trying to corral cost in a championship window. What also helps the Avs is that trading Byram means they get an additional $3.85 million off the books for next season which should help with re-signing Mittelstadt.

Mittelstadt made progress season, scoring 15 goals and 59 points in 82 games. That trend has continued into this season with 14 goals and 47 points through 62 games. He’s projected to finish with 19 goals and 62 points, although his scoring rate could increase considering Mittelstadt will now play for one of the NHL’s most prolific teams.

Byram has a chance to be a major part of shaping the Sabres’ future in multiple ways.

His arrival adds to a defensive setup that already included Rasmus Dahlin, Owen Power, Mattias Samuelsson, Henri Jokiharju and Ryan Johnson. That’s six defensemen who are under the age of 24, with three of them signed to long-term contracts.

In the short term, Byram provides the Sabres with another top-four option. He can be used on either power-play unit and can be trusted on the penalty kill. A left-handed shot, he has played on his off side before and could be asked to do it again — always a nice bonus.

Having that group of talented young defensemen should result in a bright future for Buffalo. But how many of them will be around to see that future? The Sabres now have nine defensemen on their roster under contract, which includes Samuelsson, who is on injured reserve. There’s a belief they could get that number down to eight, with pending UFA Erik Johnson potentially moved before the deadline.

There’s also the fact that Jacob Bryson and Jokiharju, who has been logging top-pairing minutes, are also pending RFAs.

Opportunity is also another theme of this trade. Sure, there’s what it means for Byram, whose time in Buffalo could help him fully tap into what made him a No. 4 overall draft pick. But moving on from Mittelstadt could create chances for other forwards. Plus, it avoids the Sabres from having to find a new contract for Mittelstadt ahead of what could be a busy offseason with several players in need of new deals.

His departure now means there’s an opening on the Sabres’ second line. They could look to move Dylan Cozens into that role, while having Peyton Krebs operate as their third-line center. It could give them a center depth of Cozens, Krebs and Tage Thompson — three players who were each first-round picks. — Ryan S. Clark

The Edmonton Oilers have acquired forwards Adam Henrique and Sam Carrick in a three-way trade with the Anaheim Ducks and the Tampa Bay Lightning.

The Ducks retained 50% of Henrique’s salary in trading him to the Lightning for the reserve rights to goaltender Ty Taylor. The Lightning retained 50% of Henrique’s remaining salary in trading him to the Oilers for a conditional 2025 fourth-round pick, which moves to the 2026 draft if the Oilers win the Stanley Cup this season.

The three-way trade was completed by the Ducks trading Carrick with 50% of his salary retained, Taylor, and a 2024 seventh-round pick to the Oilers for Edmonton’s 2024 first-round pick and a 2025 conditional fifth-round pick, one that becomes a fourth-rounder if the Oilers win the Stanley Cup this season.

With Elias Lindholm and Sean Monahan off the board, Adam Henrique became the top center available with an expiring contract, and kudos to the Oilers for landing him at the right cap price.

At the end of the trade, the Oilers get Henrique with a $1,456,250 cap hit and Carrick with a $425,000 cap hit, thanks to retention by the Ducks and the Oilers.

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The 33-year-old Henrique is an effective player in the middle, but he’s also one of those jack-of-all-trades veterans that a team with championship aspirations covets. He can play on the wing. He can give you power-play or penalty-kill minutes — the latter being more important than the former for the Oilers, as their penalty kill is 14th in the NHL and their power play has Connor McDavid and Leon Draisaitl. He can win faceoffs. He’s both a 200-foot player and someone that can be effective at the net front.

Henrique’s playoff experience is quality over quantity: Only 28 games, but 24 of them were a run to the Stanley Cup Final with the New Jersey Devils in 2012 that included his series-clinching overtime goal against the New York Rangers in the conference final.

Giving up the first-rounder was expected given the market, and even more so when a decent depth forward like Carrick comes with him. He’s a tenacious forechecker who can create loose pucks for the Oilers’ skill players and he’s not afraid to drop the gloves when necessary.

GM Ken Holland indicated that with the Oilers playing as well as they have been, he was looking for tweaks rather than monster moves at the deadline. He declared he wasn’t in the goalie market. He opted not to trade a first-rounder to boost the team’s back end, but the trade did leave Edmonton with the flexibility to do so — especially if they’re willing to trade a roster player. As it stands, PuckPedia believes the Oilers will have $1.22 million in open space on Friday.

Henrique is very much a welcome edition, but the trade is a double that could be legged into a triple rather than a home run. He was the best center available, and an Oilers team with its eyes squarely on the ultimate prize landed him and kept him away from potential opponents in the process.

The assignment was to get a first-round pick for Adam Henrique. GM Pat Verbeek aced it.

He wasn’t getting the return Calgary received for Elias Lindholm. He may have gotten more from Edmonton than Montreal received for Monahan, which was a first-round pick in 2024 and a conditional 2027 third-round pick that only manifests if the Jets win the Stanley Cup this season. At least the Ducks know they’re getting a second pick from Edmonton.

With the Monahan trade having set the market, Verbeek did well on this return, as more than a few teams were chasing Henrique.

When the Devils retained salary to facilitate the Chris Tanev trade between Calgary and Dallas and received a fourth-rounder for the effort, we gave them an A-minus. They had the space to do so thanks to defenseman Dougie Hamilton going on long-term injured reserve.

Well, the Lightning are in a similar circumstance with defenseman Mikhail Sergachev done through the end of the regular season. They utilized his cap space accordingly, getting a fourth-rounder from Edmonton for retaining on Henrique.

The trade even included an inconsequential goaltender: The Devils traded Cole Brady in the Tanev retention, while the Lightning traded the rights to Ty Taylor, currently playing in the Southern Professional Hockey League.

At this point, we’ll note that Verbeek worked in the Lightning front office with Tampa Bay GM Julien BriseBois and under Edmonton GM Ken Holland as a scout when they were both with the Detroit Red Wings. Like most NHL transactions, it’s all about whom you’re comfortable dealing with. — Greg Wyshynski

The Colorado Avalanche acquired defenseman Sean Walker and a 2026 fifth-round pick, sending forward Ryan Johansen and a 2025 first-round pick to the Philadelphia Flyers. The first-round pick is top-10 protected.

This is an early favorite for the best deal ahead of the deadline, and it turns out it was just the start for the Avalanche. It initially looked like they were getting another top-four defenseman in Walker who would have been used either on the second or third pairing. That changed with the Avalanche subsequently trading Bowen Byram to the Buffalo Sabres for Casey Mittelstadt.

Adding Walker, who was one of the most attractive defensemen on the market, gives the Avalanche three right-handed shots on the back end that they can use throughout all their pairings.

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Part of the Avalanche’s success has been the ability to control possession and facilitate play. Walker gives them another puck-mover who can do just that, and is also an option on their penalty kill. Walker was among the leaders of a Flyers penalty kill that ranked first in the league and will now seek to provide similar results to an Avs kill that is ranked 11th.

This gives the Avalanche a D group that features Cale Makar, Devon Toews, Samuel Girard, Josh Manson, Jack Johnson and Walker. That gives the Avalanche several options in a variety of situations, with the notion that controlling possession will remain at the heart of how they operate.

Yet the part of this trade that might exceed getting Walker and adding another layer to their defense was getting Johansen’s contract off the books. Avalanche general manager Chris McFarland and his front office staff traded for Johansen in the offseason and got him for 50% of his salary for this season and next. The thought was Johansen would be their second-line center, but he struggled for consistency and was overtaken by Ross Colton in that spot.

Finding a second-line center was the biggest priority facing the Avalanche. One of the obstacles facing them was cap space, and if they could work out a deal that would allow them to get a second-line center at all.

Spoiler alert: They did (in the later trade for Mittelstadt), and moving on from Johansen along with his salary made that happen.

Getting another defenseman along with a second-line center took the Avalanche from being a team that was already in contention to one that appears ready to battle in what is expected to be a grueling Western Conference playoff race.

Getting a first-round pick is the dream for front offices at the trade deadline, and the Flyers were able to get one in exchange for Walker. The first-rounder they’re receiving from the Avalanche means they’ll have two first-round picks in 2024 (from the Florida Panthers, via the Claude Giroux trade) and again in 2025.

It now means the Flyers have 20 draft picks over the next two seasons to strengthen a farm system that has recently graduated Bobby Brink, Noah Cates, Joel Farabee, Tyson Foerster and Cam York, among others.

Daily Faceoff reported Tuesday that it seemed “increasingly unlikely” that the Flyers would be able to re-sign Walker and Nick Seeler, who is also a pending free agent, with the notion that one of them would be traded. It was ultimately Walker who was moved.

Knowing they had to trade one of them meant the Flyers had to find what they felt was the strongest deal — or risk getting nothing in return this summer. They were able to get a conditional first-round pick, providing more draft capital for a team that’s retooling while simultaneously in a playoff position.

But that’s not to say there aren’t questions.

The first: What does trading Walker mean for their playoff chances?

The Flyers entered Wednesday third in the Metropolitan Division and were trailing the Carolina Hurricanes by six points. They have the same number of points as the Detroit Red Wings and the Tampa Bay Lightning — the two teams occupying the Eastern Conference wild-card spots. But the Flyers also have a four-point advantage over the New York Islanders in the division.

Walker was such an integral part of the Flyers with how he performed in 5-on-5 situations and on the penalty kill. It’s going to create more opportunities for others in lineup, with the reality that those chances could play a pivotal role in the Flyers getting to the playoffs.

The second: What are the Flyers going to do with Johansen?

Johansen was placed on waivers just minutes after he was traded to the Flyers. Placing him on waivers effectively allows the Flyers to create more cap space in the event they seek to make another trade to strengthen their playoff bid.

As for Johansen? If he goes unclaimed, it’s likely he will report to the AHL until the Flyers can figure out the next step for him. — Ryan S. Clark

Two Atlantic Division teams consummated a deal Wednesday, with right wing Vladimir Tarasenko heading from the Ottawa Senators to the Florida Panthers. Florida is sending Ottawa a conditional 2024 fourth-round pick and a 2025 third-round pick; if the Panthers win the Stanley Cup this season, the 2024 fourth-round pick becomes a 2026 third-round pick. Ottawa is retaining 50% of Tarasenko’s salary.

Tarasenko is a legitimate top-six winger with significant playoff experience and production: He has 44 goals and 64 points in 97 career postseason games. He helped the St. Louis Blues win the Stanley Cup in 2019 with 11 goals during their run.

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The Panthers get high marks here because of the package going back to Ottawa.

Panthers general manager Bill Zito was aggressive ahead of the 2022 deadline. The Panthers moved on from Frank Vatrano and Owen Tippett along with two first-round picks (and more) to add Ben Chiarot and Claude Giroux. The Panthers won in the first round but were ultimately swept in the second round that postseason. Getting bounced in the second round created questions of whether Zito was a bit too aggressive.

The Panthers entered the 2022-23 season extremely limited by their salary cap situation. It’s why they couldn’t do much ahead of the 2023 deadline … before going on a postseason run that started with narrowly winning the final Eastern Conference wild-card spot, beating the top-seeded Boston Bruins (who had the best regular-season record in NHL history) and reaching the Stanley Cup Final.

Having such contrasting deadlines over the past two years is what makes the deal for Tarasenko a balanced approach. The Panthers were able to get a player they feel can put them over the edge, have Ottawa retain 50% of his salary, and part with the sort of draft capital that appears to come with less risk. Cap Friendly projects the Panthers will have slightly more than $3 million in available deadline cap space, so they can still make another move before the deadline.

The biggest challenge the Senators were facing with moving Tarasenko was always going to be what they could get in return. Even though they had a player several teams coveted, the reality was Tarasenko was not the only option for contending teams needing a top-six winger. Moreover, his no-trade clause limited the teams bidding for his services.

Negotiations are about trying to find the right deal. The Panthers did that and the Senators did (to a degree) given the parameters. What makes this particular deal complicated is that Tarasenko was presumably the player who could have not only commanded the most in return, but he’s also one of two pending unrestricted free agents on the Senators’ roster.

Granted, none of this might matter in the end. There’s always the possibility they could get back a sizable return in the event they trade Jakob Chychrun, who will have one more year left on his deal at $4.6 million annually. It’s also possible that the Senators could receive more draft capital should someone come along with an offer for Dominik Kubalik, another pending UFA who has a $2.5 million cap hit.

Moving on from Tarasenko also represents how much an organization can change over the course of several months. In the fall, the decision to sign Tarasenko helped build up the belief that the Senators could return to the playoffs after a long hiatus. But a slow start, the situation with Shane Pinto, firing their coach and moving on from their GM culminated in this being a lost season for the Senators instead of one in which they’d be preparing for the playoffs. — Ryan S. Clark

The Vegas Golden Knights landed Anthony Mantha, sending a 2024 second-round pick and a 2026 fourth-round pick to the Washington Capitals. The Capitals are retaining 50% of Mantha’s salary.

It’s possible that trading for Mantha in 2024 will go down as one of Kelly McCrimmon’s most strategic moves during his time as the general manager of the Golden Knights.

McCrimmon and the Golden Knights front office have dealt with this exact situation before. A year ago, Mark Stone was moved to long-term injured reserve after having a second back surgery in 12 months. They took advantage of the cap space that came with moving Stone to LTIR to trade for a pending UFA in Ivan Barbashev. Barbashev would play a key role in helping Vegas to its first Stanley Cup. It also paved the way for Vegas and Barbashev to subsequently agree to a five-year contract worth $5 million annually.

Fast forward to Monday when they had to move Stone to LTIR because he sustained an upper-body injury. That freed up more than $7.2 million in cap space that allowed the Golden Knights to go in a number of directions.

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They decided on Mantha, which could prove to be a rather prudent decision.

Vegas is banking on the notion that Mantha can be a success similar to what they found in Barbashev. It’s entirely possible, considering the Golden Knights have seen it before with Adin Hill, Jack Eichel, Alex Pietrangelo, Barbashev and Stone, among others; these outsiders all assimilated and carved a place within the lineup.

Mantha also fits within the Golden Knights’ premise that the sum is greater than the whole of its parts. He’ll be the ninth player on their roster who has more than 10 goals this season, and the 12th player who has more than 20 points. Remember, Mantha’s third 20-goal season came while playing for a team that was last in the Eastern Conference in goals.

While Mantha fills a need, an argument can be had that the strongest part of this deal for the Golden Knights is the price tag. Having the Capitals retain 50% of Mantha’s salary means they’ll have $4.426 million in deadline cap space left, according to Cap Friendly.

Then there’s this: The Golden Knights didn’t have to part with any of their first-round picks to get this one over the finish line. Between that and the cap space they have available, it leaves the Golden Knights with the ability to create an attractive package should they seek to add more help between now and Friday’s deadline.

Being seven points out of the wild-card race with more than 20 games left in their season meant the Capitals were at a crossroads, with the trade deadline quickly approaching.

Do they decide to hold firm with the hope of getting back to the playoffs after missing last season? Or would it make more sense for them to parlay their pending UFAs into draft capital rather than risk losing them for nothing?

The Capitals chose the latter, with the full understanding that this deadline gives them the chance to restock what was once one of the amplest farm systems in the NHL.

Moving on from Mantha was about getting the strongest possible return — with the caveat that they’re not the only team that has a top-six/top-nine forward that could be enticing for a Cup contender. This year’s market is expected to see players such as Pavel Buchnevich, Jake Guentzel and Reilly Smith all get traded to contenders.

What they received for Mantha allowed them to jump back into the second round of this summer’s draft, having previously traded their original second-rounder. But it also means the Capitals have quite a bit of draft capital over the next three years.

They now have 23 draft picks over the next three years, and could add more. The Capitals have pending UFAs such as Nic Dowd, Joel Edmundson and Max Pacioretty that could lead to them receiving even more draft picks that could help with building a stronger future. — Ryan S. Clark

The Toronto Maple Leafs acquired Ilya Lyubushkin from the Anaheim Ducks in a three-team trade that also involved the Carolina Hurricanes. The Leafs received Lyubushkin and the rights to prospect forward Kirill Slepets, with the Ducks receiving the Leafs’ 2025 third-round pick while retaining 50% of Lyubushkin’s $2.75 million salary.

As for the Hurricanes, they received the Leafs’ 2024 sixth-round pick for serving as a third-party broker that will pay 25% of Lyubushkin’s salary.

Then there are the more recent developments related to the health of the Leafs’ blue line. Timothy Liljegren missed a second straight game with an undisclosed injury while Mark Giordano left the Leafs’ 4-2 win Thursday with a head injury in the first period. That led to winger Mitch Marner filing in on defense — which was an option that Leafs coach Sheldon Keefe said he even thought about before puck drop.

What Leafs GM Brad Treliving accomplished was getting reinforcements in the form of a sizable right-handed shot who not only strengthens their depth but provides them a more defensive-minded option — at 25% of his salary. Cap Friendly projects the Leafs will have $2.134 million deadline cap space. It’s enough room for them to think about another move before next Friday’s deadline.

It also helps that there’s a familiarity with Lyubushkin and the Leafs. He gives them another option for a penalty kill that has struggled this season with a 77.6% success rate, which ranks 24th. His 31-game stint with the Leafs saw him finish with six points in the regular season. Lyubushkin had a rocky postseason experience, as he was seventh among Leafs defensemen in ice time, yet he was on the ice for four goals at 5-on-5 which was tied for the second most on the team, according to Natural Stat Trick.

Could the Leafs have gone after other right-handed options? Sean Walker continues to be mentioned in the right-handed defenseman market. But the Philadelphia Flyers remain in the hunt for a playoff spot, currently third in the Metropolitan Division.

Matt Dumba, Alexandre Carrier or Tyson Barrie, the latter of whom also played for the Leafs, could have been potential targets. But Dumba has a $3.9 million cap hit. Carrier is slightly lower at $2.5 million, while Barrie checks in at $4.5 million. So getting Lyubushkin at his rate was a clear win.

The Leafs were also able to get the rights to 24-year-old Slepets, who has eight goals and 19 points in 53 games for Amur Khabarovsk in the KHL.

In sum, the Leafs were able to fill a need here, and struck quickly in a right-handed defenseman market that now has one fewer name. And they did it without having to use up much cap space.

This was a solid move. But where it gets tricky for the Ducks is that they could have sought one more draft pick because of the premium they face with retention slots at this year’s trade deadline.

The Ducks have a chance to use this deadline to make one for the NHL’s most promising farm systems even stronger. Adam Henrique is the most attractive option in the second-line center market. Frank Vatrano is one of the more sought-after top-six/top-nine wingers, while Sam Carrick provides contenders seeking a bottom-six option on a team-friendly contract.

Henrique is a pending UFA with a $5.825 million cap hit while Vatrano has two years left at $3.65 million per season. Carrick is also a pending UFA, with a budget-friendly $850,00 cap hit. The expectation is the Ducks will likely have to retain salary should they trade Henrique and Vatrano. Carrick’s cap hit should hypothetically be an easier one to manage, but it’s possible that it could prove challenging depending upon a team’s specific situation.

But here’s what pushes the grade to a B for the Ducks: While they were able to get a draft pick, they could have gone after more just because of the value retention spots have for teams seeking to add more draft capital this time of year.

Then again, it might not matter considering the haul they can likely get for Henrique and Vatrano.

Being a third-party broker is emblematic of two tenets that have become hallmarks of the Don Waddell era: Gaining draft capital and having quite a bit of cap space at an opportune time.

A three-year draft cycle generally means having 21 picks — seven in each year — assuming a team does not trade those picks. The Hurricanes have had a total of 30 draft picks over the past three years. This trade now gives them 10 picks in this summer’s draft, and another chance to add more depth to their farm system. Or they’ll package some of those picks to make additions of their own.

Cap Friendly projects the Hurricanes will have a little more than $5.8 million in deadline cap space. That leaves them with quite a bit of room to take an active role at the deadline should they seek to add help as they seek to reach the Eastern Conference finals for a second-consecutive season — and advance to the Stanley Cup Final this time around. — Ryan S. Clark

The Dallas Stars landed defenseman Chris Tanev from the Calgary Flames, in exchange for defenseman Artem Grushnikov, the Stars’ 2024 second-round pick and a conditional 2026 third-round pick (the pick changes hands if the Stars make the 2024 Stanley Cup Final). The Stars also received the rights to University of Massachusetts goaltender Cole Brady.

In order to facilitate the deal, the New Jersey Devils will pick up 50% of Tanev’s salary, and were sent Dallas’ fourth-round pick in the 2026 draft as compensation for doing so.

The salary cap inherently discourages transactions because of its fiscal constrictions. At the same time, it encourages some managerial ingenuity.

That was on full display Wednesday night when Stars GM Jim Nill used a three-team trade to acquire the best defenseman at the deadline with an expiring contract, for a miniscule cap hit and without having to sacrifice a first-round pick. It’s a trade that sets up Dallas for a Stanley Cup run and protects the Stars’ cap space and assets for further roster augmentation before next week’s NHL trade deadline.

It’s a major W for Big D.

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Tanev, 34, is the quintessential “last piece of the puzzle” player for the 2024 deadline. He’s a 14-year veteran who plays on the right side. He’s a rugged throwback who is considered one of the NHL’s most effective defensemen, but one who can also break out the puck offensively. He ranks second overall in the NHL in blocked shots (171). He’s played his entire career in the Western Conference, so he knows the Stars’ playoff competition quite well.

It’ll be fascinating to see where coach Pete DeBoer ends up using Tanev on his back end, because he has options. Among the natural left side defensemen on the roster are Esa Lindell, Ryan Suter and 22-year-old Thomas Harley, who is second on Dallas in average ice time this season and has been playing with star defenseman Miro Heiskanen.

Also a natural left side defenseman: Heiskanen, who has been playing on his off side with a number of teammates this season. Pairing Tanev with Heiskanen would allow Dallas’s best defenseman to move back to the left side and go full throttle offensively, knowing that Tanev has the back end covered. It’s a role Tanev has played for defensemen ranging from Quinn Hughes to Noah Hanifin.

Thanks to the salary retention by the Flames and Devils, Tanev has a cap hit of just $1.125 million, which is lower than that of defenseman Jani Hakanpää, and Chris Tanev is slightly better than Hakanpää.

The Stars essentially traded a 2024 second-round pick, a 2026 fourth-round pick and Grushnikov for Tanev. They could afford to trade Grushnikov, as defense is an organizational position of strength. The 2026 third-round pick is conditional: Calgary receives it if the Stars make the Stanley Cup Final, which they’ll gladly ante up.

The Stars also snagged a goalie prospect in Cole Brady from the Devils. More on him in a bit.

The reason we can’t go all the way to ‘A+’ or ‘A’ on this one is that Tanev is 34 years old, he has played 773 games over 14 years and he’s played 70 games in a season only twice in his career. He’s got some miles on him. But that’s why the Stars wanted him: His experience, his savvy and his will to win his first Stanley Cup.

Overall, a tremendous trade for the Stars.

We praised GM Craig Conroy for the return he received in the Elias Lindholm trade with Vancouver, and hence were interested in seeing what he could pull at the trade deadline for Tanev, Noah Hanifin and potentially Jacob Markstrom. Looking at this trade … well, he still has Hanifin and potentially Jacob Markstrom.

Conroy told Fan 960 in Calgary that there was “lots and lots” of interest in Tanev from playoff contenders and teams outside the playoff picture. Whatever the market was for him, Conroy didn’t leverage it enough.

For 50% salary retention, Calgary acquired a 2024 second-round pick that could be low enough to essentially be a third-rounder given how good Dallas is this season; defenseman Artem Grushnikov, whom we will discuss in a moment; and a conditional 2026 third-round pick that only manifests if Dallas makes the Stanley Cup Final this season. There is a possible future reality in the NHL multiverse in which the Flames and Stars meet in the first round, in which Calgary will attempt to cost itself a third-round draft pick.

In Grushnikov, the Flames have acquired someone they hope becomes Chris Tanev, basically. They’re around the same size. They’re both defensive defensemen, with Conroy calling out Grushnikov’s penalty killing prowess and his work in the defensive zone. He has a high compete level and has fared well in his first AHL season. But he doesn’t have the puck movement skills of Tanev and there hasn’t been much evidence that he’s anything more than a big hitting defender who’s solid in his own end. Conroy seems fine with that one-dimensional play and the fact that he’s got proof of concept rather than the mystery of a draft pick.

Grushnikov’s development is the key to the deal. Otherwise, the Flames acquired a pick that might not be within the first 50 in the draft, and another pick that won’t exist if the Stars fall short of the Stanley Cup Final. That was for allegedly the most coveted defensive defenseman at the deadline who generated “lots and lots” of interest.

Well, this wasn’t the New Jersey-Calgary trade involving a goalie we thought we’d see at the deadline. But then again we also didn’t anticipate the Devils would be a salary cap retention intermediary at the deadline, either.

The Devils took on $1.125 million in dead cap space for a 2026 fourth-round pick from Dallas. They had the space to do so, with Dougie Hamilton on long-term injured reserve, taking more than $8.3 million off their cap.

The Devils had to trade a player rather than “future considerations” in the deal, so they sent unsigned goalie prospect Cole Brady to the Flames for Tanev, and then the Flames traded Brady to the Stars to complete the three-way deal.

Brady has played nine games at UMass this season with an .886 save percentage. He transferred there in 2022 after two seasons at Arizona State. The Devils took him in the fifth round in 2019. That New Jersey is punting on a goalie prospect should tell you all you need to know about their relationship with Brady and where he fits in their future plans. His rights expire this summer, making this just a name to satisfy a requirement and probably not much more. — Greg Wyshynski

This trade saw veteran center Sean Monahan dealt to the Winnipeg Jets in exchange for a 2024 first-round draft pick and a 2027 conditional third-round pick going back to the Montreal Canadiens.

This is going to go down as one of the greatest examples of asset management in the salary cap era.

In August 2022, the Canadiens and Calgary Flames made a trade. Montreal acquired Monahan in the final year of his contract, which carried a $6.375 million cap hit. Monahan’s star had dimmed after being one of the top centers in the league for the Flames from 2017-19. He has had two hip surgeries, a groin surgery and wrist surgery in the last few seasons.

The Flames wanted his salary off their roster, so they traded a conditional 2025 first-round pick to the Canadiens, who had plenty of cap room for Monahan.

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He played only 25 games in his first season in Montreal, which were enough to inspire some hope that he was on the road back to effectiveness; the Habs signed him to a one-year, $1.985 million deal heading into 2023-24. Thanks to his point production, his minuscule cap hit and his expiring contract, Monahan became one of the most coveted centers ahead of the trade deadline.

The Canadiens traded Monahan to the Jets for another first-round pick.

It’s possible that even at the peak of his NHL production that Monahan would not have garnered two first-round picks in a trade. That he basically did through the Canadiens’ two trades — for a 29-year-old reclamation project with an expiring contract and a specious health history — is one of the best uses of salary cap space and value inflation in recent memory.

Kudos to GM Kent Hughes for a master class in asset management, aided by a trade market that was friendly to Monahan.

It’s difficult to talk about Monahan without talking about what might have been.

An NHL source confirms that the Jets were in pursuit of center Elias Lindholm before the Vancouver Canucks’ aggressive courtship landed the Flames forward on Wednesday for a first-rounder, a conditional pick, a roster player and two prospects.

Lindholm is the better, more complete player, even if it could be argued that Monahan is having the better season. In an odd way, these two trades are mirror images of each other: Vancouver going big to get Lindholm based on everything he did before this season and Winnipeg trading a first-rounder based on everything Monahan did this season.

Monahan is a playmaking center and a power-play asset, although goal-scoring in either situation isn’t anywhere near his early-career efficiency. Coach Rick Bowness told me on Friday that he expects Monahan to start on a line with Cole Perfetti and Nikolaj Ehlers, two players that can find the back of the net for the Jets.

He should also provide a boost to their power play, which ranks 24th in the NHL (15.7%) this season.

Last month, I predicted the Jets would go all-in for a center. They’ve been a pleasant surprise this season — especially with their team defense — but still had a significant hole in their lineup behind Mark Scheifele, thanks to last summer’s trade of Pierre-Luc Dubois to the Los Angeles Kings.

They had Vladislav Namestnikov and Adam Lowry in the middle, with Perfetti and Gabriel Vilardi also available in the pivot. But Monahan gives them a legit No. 2 center, and one that Bowness believes also passes important character tests for the Jets off the ice.

I was thinking B-minus overall here, but bumped it to a B because of Monahan’s incredible cap value, a point of demarcation with Lindholm ($4.85 million). Overall, a solid pickup for a surprising contender, snagging one the trade board’s top remaining centers on an expiring contract. — Greg Wyshynski

The Vancouver Canucks acquired center Elias Lindholm from the Calgary Flames in exchange for forward Andrei Kuzmenko, defensemen Hunter Brzustewicz and Joni Jurmo, a 2024 first-round pick and a conditional 2024 fourth-round pick.

“He’s a team guy who gives it everything, every shift.”

That’s Canucks president of hockey operations Jim Rutherford’s assessment of Elias Lindholm … from the 2013 NHL draft. That’s when then-Carolina Hurricanes GM Rutherford selected him fifth overall, right before center Sean Monahan was taken by the Flames.

In acquiring Lindholm, the Canucks remove one of the biggest names from the NHL trade deadline board. (Ironically, Monahan, now with Montreal, might currently be the top center available at the deadline.) Lindholm was coveted by teams trying to add an elite two-way player on an expiring contract to their top six. The Colorado Avalanche had inquired about him. There was speculation that Boston was in the mix. But the Canucks jumped the line with an offer the Flames couldn’t refuse.

What does Lindholm bring to the Canucks? Versatility, for one. There’s been a years-long trend in the NHL in which traditional centers are also adept at producing on the wing. Lindholm certainly fits that template. He wins 55.5% of his faceoffs. As a team, Vancouver is 16th in the NHL (50%) in faceoff proficiency. Most importantly, Lindholm gives the Canucks the right-handed faceoff guy they sorely lacked on their depth chart.

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Seriously, it’s like Lindholm was made in a lab for this Vancouver team. He can play on a power play that’s already in the top 10 (25%) in the NHL. He can bolster a penalty kill that’s middle of the pack (80%). He’s a tremendous 5-on-5 defender, in particular in puck recovery. He was second for the Selke Trophy in 2021-22, although that might be because he scored 42 goals along with playing stellar defensively. The Selke is funny like that.

He’s also insurance against the Canucks losing one of their vital players to injury at any point down the stretch. The most important number for Vancouver this season is 49, or the number of games J.T. Miller, Elias Pettersson, Quinn Hughes and Brock Boeser have played — in other words, all of them.

What do the Canucks bring to Lindholm? A chance to get back to the offensive force he was two years ago. One of the most desirable attributes in an NHL player is to thrive with high-end talent. Lindholm’s offensive apex came while playing on a line with Matthew Tkachuk and Johnny Gaudreau. His scoring dropped by 18 points after they left Calgary, propped up by his chemistry with Tyler Toffoli. Then Toffoli was traded to New Jersey, and Lindholm’s productivity fell off a cliff this season to under two points per 60 minutes (1.9) in all situations.

Vancouver can slot Lindholm with Miller, who had 67 points through 49 games. Or on a line with Pettersson and Boeser. He can play on their first power-play unit. It’s like going from an offensive boxed lunch in Calgary to a veritable buffet in Vancouver.

Given the Canucks’ cap situation next season, one assumes Lindholm is a rental. If that’s the case, fine: Lindholm is an outstanding acquisition, a nitro boost to a team already cruising at the top of the conference. But it did come at a cost.

There were two trades last season that might have informed this one.

When the Canucks traded center Bo Horvat to the Islanders, they received a roster player (Anthony Beauvillier), a top prospect (Aatu Raty) and a conditional first-round pick in 2023 that they flipped for defenseman Filip Hronek. Horvat ended up signing an eight-year extension with the Islanders a few days later.

The Blues traded center Ryan O’Reilly to the Maple Leafs last season in a complicated three-way trade with Minnesota that included salary retention. In the end, the Leafs gave up two prospects, a first-rounder, a second-rounder, a third-rounder and a fourth-rounder. O’Reilly left as a free agent for Nashville.

So how did the Flames do within that context? Pretty good, actually, especially considering they didn’t retain any salary.

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Andrei Kuzmenko needed to get away from coach Rick Tocchet, who wanted him to play “the right way” and wasn’t going to give ice time to a player he believed was a defensive liability during this outstanding season for the Canucks. It didn’t matter that he had 39 goals as a 26-year-old rookie last season. He had to earn his time with the team’s top players and Tocchet felt he hadn’t.

So it’s off to Calgary, where he’s signed through next season at a $5.5 million average annual value. He had the Flames on his no-trade list. GM Craig Conroy and coach Ryan Huska sold him on the promise that Kuzmenko would be placed in offensively advantageous situations. Perhaps he and Jonathan Huberdeau could find some mutually beneficial chemistry.

It would be absolutely shocking if the name Yegor Sharangovich didn’t come up. The Flames acquired him from the Devils in the Toffoli trade, gave him almost three minutes more ice time a game, and watching his offense blossom to the point where Sharangovich (20) has one fewer goal than Toffoli (21) this season.

If Kuzmenko can’t recapture the magic, he’s a free agent in the summer of 2025.

Of the two prospects, Brzustewicz is more intriguing than Jurmo, although the latter defenseman has improved this season while playing in Finland. Brzustewicz is a puck-moving blue-liner who could top out at 100 points this season with the OHL Kitchener Rangers. There have been lingering questions about his ability to be an all-around player at the NHL level, but it’s hard to ignore that kind of offensive spark.

The Flames pulled a first-rounder for Lindholm too, albeit one that could practically be a high second-rounder given how good the Canucks are. That fourth-rounder turns into a third-rounder if the Canucks make the Western Conference final.

It’s a potentially impressive haul for (yet another) free agent who wasn’t signing back in Calgary. For a franchise that’s still reeling from those defections, it’s another strong step toward whatever the next phase of the Flames ends up being. — Greg Wyshynski