NHL trade grades megafile: Report cards for Hertl, Toffoli, Guentzel, more deals

The first step to this trade was fleecing the Calgary Flames for defenseman Noah Hanifin. They secured his services for just $1,237,500 against the salary cap after double retention from the Flames and the Philadelphia Flyers.

But it was the condition they had on their first-round pick traded to Calgary that made the Hertl trade possible: If Vegas traded their 2025 first-rounder by March 10, 2024, Calgary receives the Golden Knights’ 2026 first-round pick. That allowed the Knights to retain their 2025 first-round pick, which was shipped to San Jose in this blockbuster.

The prospect they gave up was one of their best. Getting Hertl came at a cost. But in the end, they got Hertl.

The Golden Knights are a lot like Vegas itself when it comes to acquisitions. They’re the NHL’s greatest hedonists: Live for the now, figure out the rest later.

Thanks to San Jose’s salary retention, the Knights have Hertl at a $6.75 million cap hit through 2029-30.

Again: 2029-30.

The Knights have Jack Eichel signed at a $10 million cap hit through 2025-26. They have William Karlsson signed at $5.9 million through 2026-27. They love Chandler Stephenson, and he’s an unrestricted free agent after this season. Does Hertl replace him? Do they bring him back and make Hertl a winger? If they do, what does that mean for Jonathan Marchessault, an original misfit who’s an unrestricted free agent this summer?

Again, that’s the beauty of the Golden Knights. They’ll worry about that after what they hope is another Stanley Cup celebration near the Las Vegas Strip.

Owner Bill Foley famously made a “Cup in six” proclamation when the Knights entered the league. Perhaps that’s now shifted to “Cups in perpetuity.”

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Golden Knights set to acquire Tomas Hertl from Sharks

The TSN “TradeCentre” crew breaks down Tomas Hertl being traded to the Vegas Golden Knights.

What was Sharks GM Mike Grier thinking here?

He was thinking about those empty seats at the Shark Tank and being on the hook for nearly $48 million of Tomas Hertl through 2029-30.

He was thinking about being in a stripped-to-the-foundations rebuild and still having Hertl on his roster, a player much too good to serve that end and signed for way too long to make sense for this franchise at the moment.

He was thinking about how to possibly get something close to fair compensation for moving a player of Hertl’s abilities to a team Hertl would be willing to waive his full no-movement clause to join.

Grier settled on this trade with Vegas, which accomplishes what he set out to do in a somewhat bizarre way.

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The Sharks traded two third-round picks, along with Hertl, to the Golden Knights to get their 2025 first-round pick and Edstrom, who was Vegas’s first-round pick in 2023. Apparently, that was the price of doing business to get the Knights’ top prospect (from a shallow pool) in Edstrom, a center with size who projects to be a first- or second-line two-way player.

But it’s a strange move to see a rebuilding team ship out two third-round picks in service of a salary dump, when the player and the salary retention should have been enough.

The other part of this for the Sharks is the retention: $1,387,500 through 2029-30. Between this and the Erik Karlsson trade, the Sharks have two salary cap retention spots spoken for through 2026-27. With the Brent Burns salary retention on their cap through next season, they don’t have the ability to retain salary next season with all three spots spoken for. They still have veterans with big contracts they’d like to ship out, and now they can’t retain on them (which reduces what they’ll get back). They also can’t leverage their cap space to facilitate a trade for a draft pick next season. They slapped a pair of salary cap handcuffs on themselves in order to trade Hertl.

It’s a strange move for a team in a rebuild. But hey, at least it’s only 17% salary retention.

The Sharks did what they wanted to do here. They got out of a contract they needed to, and they got a good prospect and a first-round pick, but they inflicted some short-term pain in the process. — Greg Wyshynski

The Tampa Bay Lightning received defenseman Matt Dumba and a 2025 seventh-round pick from the Arizona Coyotes in exchange for a 2027 fifth-round pick.

Getting a deal done for Dumba within 30 minutes of the deadline was a win for a Lightning team that remained dormant entering Thursday. Since then, they were able to add a top-six/top-nine forward in Anthony Duclair as well as Dumba, who could jump into the top four.

Defensive help had been one of the priorities for the Lightning throughout the season. It’s a need that was further emphasized after Mikhail Sergachev was moved to IR in what’s been a challenging campaign from a goal prevention standpoint.

Entering Friday, the Lightning had less than $3 million in available space to make something happen. Adding Dumba, a pending UFA with a $3.9 million cap hit, allowed them get a right-handed defenseman who could help them in the chase for a playoff spot.

This one is a bit puzzling for the Coyotes. Dumba was thought to be one of those right-handed-shooting defensemen who were capable of garnering quite a bit of interest. While there were other options teams could have pursued, he was still one who made sense for a number of contenders.

That’s what makes the return of a 2027 fifth-round pick — while also giving up a 2025 seventh-round pick — a bit bizarre. Especially when you look at the return that the Coyotes received for Dumba compared to what other teams got for defensemen.

For example, the Sabres got a fourth-round pick for Erik Johnson while the Capitals received two draft picks for Joel Edmundson. It shows that there was a market in which defenseman could have commanded a return greater than a swap of late-round picks. Perhaps Arizona should have retained salary to sweeten the deal? — Ryan S. Clark

The New Jersey Devils acquire goaltender Jake Allen from the Montreal Canadiens in exchange for a conditional 2025 third-round pick. The Canadiens retain 50% of Allen’s salary.

If there’s a criticism of the Devils’ front office this season, it’s how slow they’ve been to react to the team’s problems.

It wasn’t for a lack of trying, of course, as the Devils went far down the road on Jacob Markstrom of the Calgary Flames before the Flames decided not to complete the deal. But it took weeks before they moved to Plan B.

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That established, there are some things to like about the Allen trade and some things that are a little specious.

What to like: The retained salary. Getting an established goalie — and a former starter — for a $1.9 million cap hit is a win, especially when he’s signed through next season. This doesn’t take them out of seeking a blockbuster solution in goal this summer, like the object of their obsession, Markstrom. Markstrom and Jake Allen as your goaltending battery next season is demonstrably better than any internal solution. Getting Allen now releases the pressure on Akira Schmid and Nico Daws in the short term, and could give them a full 2024-25 season to continue to develop.

What not to like: Are we sure Allen’s good? His traditional stats have been mediocre for two years running, including a .892 save percentage and a 3.65 goals-against average in 21 games this season. That’s about as good as what New Jersey currently has on the roster. Analytically, he’s been a below replacement goaltender (minus-1.03 goals saved above expected), although those fancy stats make him look like a Vezina Trophy finalist compared to what’s on the roster.

So it’s a bit too little, a bit too late, but an improvement over what the Devils had as they continue their Hail Mary run for a playoff seed. And thanks to the retention, it sets them up for an intriguing summer to more fully address their crease.

The Habs were dealing from a position of strength, having Sam Montembeault and Cayden Primeau as the other heads of their goaltending hydra. They held onto Allen through the season and until deadline day, and found a nice return from a desperate team: The third-round pick will be elevated from a second-round pick based on games played.

This trade predates the current regime, but the Canadiens acquired Allen in 2020 for two seventh-round picks. Four years later, the return is significantly better; and in between, Allen gave Montreal some quality goaltending and mentorship. — Greg Wyshynski

The Philadelphia Flyers receive defenseman Erik Johnson from the Buffalo Sabres in exchange for a 2024 fourth-round pick.

Having a right-handed shot like Johnson fills a need because of the current state of the Flyers’ blue line. Three of the Flyers right-handed shots — Jamie Drysdale, Ryan Ellis and Rasmus Ristolainen — are all on IR. It left Ronnie Attard, who has 17 NHL games, as the only healthy right-handed option on the Flyers’ defense.

Johnson, a pending UFA with a $3.25 million cap hit, gives them a right-handed shot who would likely be used in a third-pairing role. At present, Attard and Adam Ginning are currently the Flyers’ bottom pair, with Ginning having only one game of NHL experience.

Not only does Johnson provide depth on the right side, but gives the Flyers a veteran with 55 games of playoff experience, including the 20 he had in 2022 when he was part of the Avalanche team that won a Stanley Cup. Having someone that venerable could help the Flyers as they seek to remain in a playoff spot.

Trading Johnson allowed the Sabres to accomplish two things: They were able to create a bit of a solution with their defensive logjam, while also getting even more draft capital without having to give up one of their salary retention spots.

Acquiring Bowen Byram earlier in the week left the Sabres with several options but only six spots. Trading Johnson now gives the Sabres seven defensemen on their active roster. It also provides more playing time for a defense with an average age of less than 25.

Between Johnson and Okposo, the Sabres were able to get two picks for this year’s draft, with the idea they could get more before the deadline. Keeping those three retention slots available could allow the Sabres to use them in a deal for one of their players or to serve as a third-party broker should it come to that. — Ryan S. Clark

The Nashville Predators acquired forward Jason Zucker from the Arizona Coyotes in exchange for Dallas’ 2024 sixth-round draft pick.

Nashville understood the assignment in picking up Jason Zucker, a player built for Music City. The 32-year-old is a solid middle-six addition who projects to excel in the Predators’ patented transition game.

The change of scenery from Arizona to Nashville could also be a catalyst in boosting Zucker’s production. He had a terrific season in 2022-23 — with 27 goals and 48 points in 78 games — playing with Evgeni Malkin in Pittsburgh, but that success hasn’t translated to the desert. (Zucker has just nine goals and 25 points in 51 games this season.) Depending on where Andrew Brunette slots Zucker into the Predators’ lineup, there’s great potential there for Zucker to shine more than he has with the Coyotes.

The Predators will need everything Zucker has to offer as they lean into a playoff push. Nashville holds the Western Conference’s first wild-card spot, but it’ll be a wild race to the end, and depth scoring is key. To date, the Predators have just five skaters with 15 or more goals, and it makes sense GM Barry Trotz wants to infuse more scoring to the mix as Nashville prepares to hold its ground.

Overall, the Predators look to have knocked this one out of the park. Zucker could be a true difference-maker for Nashville, and they got him for a song (shoutout to one playoff hopeful with actual salary cap space to use). Plus, Zucker is a pending UFA the Predators can use in the present and even potentially re-sign over the summer if something clicks. If not, this is a perfect opportunity for Zucker to show his next potential team he’s still able to contribute for a contending club.

Arizona’s big flex on this deal was not retaining any of Zucker’s $5.3 million cap hit.

That’s about all you can say on the extent of their return. Considering Arizona already had 30-plus picks in the next three drafts, accumulating one more sixth-round selection doesn’t really move the needle. But then, Zucker hadn’t been doing much of that lately in Arizona’s lineup, either — he has just one point in the past 12 games — so the Coyotes rightly shipped Zucker off to where he might be a superior fit.

It’s certainly not the ending Arizona imagined when they brought Zucker in over the summer. Them’s the breaks. Arizona’s eye is keenly on the future anyway. And the Coyotes have a number of young talents in their ranks who will light the way there. — Kristen Shilton

The Boston Bruins get three-time Stanley Cup champ Pat Maroon from the Minnesota Wild in exchange for a conditional 2026 sixth-round pick.

Having limited cap space meant the Bruins had to be creative to make any sort of addition going into the deadline. CapFriendly projected they had less than $62,000 in cap space entering Friday.

That’s what makes the decision to get Maroon multifaceted. Because he is on LTIR, it means they could acquire him and his $800,000 cap hit, which then allows the Bruins to have an additional $800,000 in cap space. To make the numbers work, the Bruins had to send forward Marc McLaughlin and his $775,000 cap hit to the AHL.

Maroon is still around three weeks away from the returning to the lineup after having back surgery. The Bruins know what Maroon can provide having gone against him when they lost the 2019 Stanley Cup Final to the St. Louis Blues, which ignited a run of Maroon winning three straight Stanley Cups.

His arrival gives the Bruins a physical bottom-six forward who can also offer additional production at times. Maroon had four goals and 16 points in 49 games before his injury.

Trading Maroon to the Bruins means the Wild could be done making moves, beyond being a third-party broker. They have four pending UFAs on their roster with the expectation that their most prominent one, Marc-Andre Fleury, is slated to stay with the club to the end of the season.

As for Maroon, his postseason exploits meant there was a likelihood he could be moved ahead of the deadline. The Wild being seven points behind the Vegas Golden Knights in the Western Conference wild-card race only increased those chances.

The pick itself gives the Wild a total of 10 draft picks for the 2026 draft, which is the most they have out of the next three cycles. But it also comes with the understanding that they could add more, considering they have all three of their retention spots and could use those to gain capital via being a third-party broker. — Ryan S. Clark

The New Jersey Devils trade winger Tyler Toffoli to the Winnipeg Jets for a 2024 third-round pick and a 2025 second-round pick.

This was the second time the Jets have jumped on the Plan B player at the deadline. They were in on Elias Lindholm before he was traded to the Vancouver Canucks, then traded for Montreal Canadiens center Sean Monahan.

The Jets weren’t one of the teams that were mentioned in the Jake Guentzel derby, but after he went to the Carolina Hurricanes on Thursday night, Toffoli became the next-best option on the wing for a veteran scorer with an expiring contract. Once again, they snagged the next man up, and in doing so added a very impactful player to what has become an all-in season.

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Winnipeg needed scoring on the wing, and Toffoli can provide it. The 31-year-old has 26 goals in 61 games this season for the Devils, including eight tallies on the power play. He brings 88 games of Stanley Cup playoffs experience, including a Cup win with the Los Angeles Kings in 2014. He has 44 points in the playoffs.

One could see him sliding onto a line with Nikolaj Ehlers and Monahan, giving the Jets another potent offensive trio behind the Mark Scheifele and Kyle Connor line.

It’s pretty impressive that Winnipeg was able to land Toffoli without giving up a first-round pick in 2025 or its second-round pick this season, which belonged to the Canadiens and would have been a de facto low first-rounder.

Even more impressive: The Jets kept Toffoli away from the rest of the competition in the Western Conference, as Vegas, Vancouver and Los Angeles were all rumored to be in the running for him.

Winnipeg’s defensive prowess has positioned it as a serious contender in the West. In Toffoli, the Jes have smartly bolstered their offensive group with a deadline coup who fits well into their culture.

New Jersey GM Tom Fitzgerald told me earlier this week that he wasn’t shopping Toffoli, the team’s leading goal scorer. After all, the Devils fired coach Lindy Ruff as a Hail Mary to make the playoffs this season. Doing so without Toffoli would seem to make that a much more difficult path than it already was. In fact, Fitzgerald admitted that trading Toffoli would be seen as “throwing in the towel” on the season by his players.

But Fitzgerald was listening on Toffoli, as he should have. The Devils have a less than 10% chance of making the playoffs, per Stathletes. While the team and Toffoli had contract extension talks, they were light-years apart on money and especially term — one source indicated that New Jersey was going only as high as two years.

Did the Devils maximize the market for Toffoli? They did pretty well here, all things considered.

They retained 50% of Toffoli’s salary — and got a better return than what Seattle got back for Alex Wennberg, more than Ottawa got back for Vladimir Tarasenko, and more than the Capitals got back for Anthony Mantha, despite all of those teams retaining 50% and having already set the market.

There doesn’t appear to be any salary retention from the Devils here, and they still net out with a better return for a player who was no longer in their plans.

There are going to be some who look at the Devils having given up winger Yegor Sharangovich and a third-round pick for Toffoli last summer and compare that with this return. That’s understandable, given that Sharangovich is a 25-year-old with 25 goals this season in Calgary. But it’s not as if Toffoli didn’t perform for the Devils. It’s just that the Devils didn’t perform well enough around him, turning a team with playoff aspirations into one unloading at the deadline. — Greg Wyshynski

The Florida Panthers receive winger Kyle Okposo from the Buffalo Sabres for defenseman Calle Sjalin and a conditional 2024 seventh-round pick that will be a fifth-round pick if the Panthers win the 2024 Stanley Cup.

The Panthers already made their big move by getting Vladimir Tarasenko. This move was about finding ways to strengthen their roster down the lineup.

He gives them another offensive-minded option who has 12 goals and 22 points in 61 games. Plus, he has a physical element to his game.

His $2.5 million cap hit was something the Panthers could take on in full while still having what Cap Friendly projected to be around $1.4 million in space.

One of the issues that plagued the Panthers during their run to the 2023 Stanley Cup Final was the injuries that ate into their depth. Having Okposo — who can slide between a middle-six or a bottom-six role — adds to what the Panthers already have with Nick Cousins, Ryan Lomberg, Eetu Luostarinen and Evan Rodrigues.

Okposo being a pending UFA meant any deal for him was about acquiring some sort of capital for the future. The Sabres got that capital in the form of a conditional pick plus a prospect defenseman in Sjalin, who has spent the last two seasons in the AHL after coming over from Sweden.

Another benefit for Buffalo is that it did not have to retain any salary, which could prove useful in future moves. The Sabres have four pending UFAs on their roster, and it’s possible that a deal for one of them could involve using one of their three retention spots.

For example, defenseman Erik Johnson has a $3.25 million cap hit. It’s possible that getting a deal done for Johnson could mean eating some of that salary. Or, even if it doesn’t come to that for the Sabres, they would have the retention spots to serve as a third-party broker and possibly add more draft capital if they’re interested in going that route. — Ryan S. Clark

The Carolina Hurricanes received Evgeny Kuznetsov from the Washington Capitals for a 2025 third-round draft pick. The Capitals are also retaining 50% of Kuznetsov’s salary in the deal; he has one year remaining beyond this one, at $7.8 million.

Carolina already landed the trade deadline’s big fish — that would be Jake Guentzel — so acquiring Kuznetsov for some added forward depth is really just extra credit for the Hurricanes. More than that, it’s a terrific opportunity for Kuznetsov to prove he’s not yet done being a legitimate contributor on a top team.

Because make no mistake — Carolina is all in. If it wasn’t clear after Thursday’s Guentzel transaction, it’s obvious now the Hurricanes are loading up in win-now mode.

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How much Kuznetsov will be able to help with that remains to be seen. Heading to Carolina is the fresh start he needed, though. The 31-year-old was once an elite, play-driving center and was Washington’s playoff points leader en route to their Stanley Cup in 2018. The years since have exposed Kuznetsov’s inconsistencies, and this season has been particularly rough. He’s scored just six goals and 17 points in 43 games, missed time while entering the NHL/NHLPA player assistance program and, upon exiting treatment, was placed on waivers by Washington and reassigned to the American Hockey League.

Kuznetsov has some history with Hurricanes coach Rod Brind’Amour from the 2022 All-Star Game, during which Kuznetsov showed more passion than what one might expect at the event.

“The guy that kind of shocked me the most was Kuznetsov,” Brind’Amour said at the time. “He’s a happy-go-lucky guy. But he said he was going to go out and score on the first shift, and he did. And then the next game, he did. I was like, ‘This is pretty impressive, to call your own shot.’ But he worked hard. He was chirping on the guys. They wanted to win.”

Capitals GM Brian MacLellan said at the time that the organization was eyeing a new beginning for Kuznetsov elsewhere, and Carolina could be the ideal landing spot. Kuznetsov won’t have to be a star for the Hurricanes — they have enough top-end talent on hand — so he can be a complementary player saddled with less pressure than he was under in Washington. And the fact that the Capitals have retained a good portion of his salary makes the deal even smarter and more palatable for Carolina, who previously cleared the decks to bring on Guentzel.

There’s risk here for the Hurricanes, in that Kuznetsov simply may not be able to touch anything close to the production he once could. But the combination of a motivated player and a team looking for experienced veterans to boost their playoff chances was too good to pass up.

Washington wanted Kuznetsov to try his hand elsewhere, and MacLellan made that happen with a tidy transaction.

The Capitals pocket another decent pick to use — or flip — on assets projected to help them build a foundation for future success. Washington now wields 14 picks in the first three rounds of the next three drafts, and 26 selections overall in that span (tied for fourth most among NHL clubs). Holding on to 50% of Kuznetsov’s salary is fine business as well, given what it would have cost to pay his full salary next season.

If Kuznetsov wasn’t going to be a part of Washington’s plans from here, it’s better to cut ties and keep chugging along toward whatever this Capitals team will look like more permanently in seasons to come. — Kristen Shilton

The Pittsburgh Penguins traded winger Jake Guentzel and defenseman Ty Smith to Carolina in exchange for winger Michael Bunting, forward Ville Koivunen, forward Vasily Ponomarev, winger Cruz Lucius, the Hurricanes’ conditional first-round pick in 2024 and conditional fifth-round pick in 2024. Pittsburgh retained 25% of Guentzel’s $6 million salary cap hit.

The Penguins will receive Carolina’s first-round pick if the Hurricanes make the Stanley Cup Final this season. If they don’t, the first-rounder becomes the Philadelphia Flyers’ second-round pick, which was previously acquired by the Hurricanes in the Tony DeAngelo trade in 2022. Pittsburgh will receive Carolina’s fifth-round pick if the Hurricanes win the Stanley Cup this season.

The Hurricanes made the Eastern Conference Final last season. The reason they did not advance to the Stanley Cup Final is because they lost four straight one-goal games to the Florida Panthers. Matthew Tkachuk scored the game-winning goal in three of them. Sam Reinhart had the other. When Florida needed that one goal to win, they found players to score it.

This has been a systemic problem for the Hurricanes: Not having that one player who could score that critical goal to win a playoff game or turn the tide in a series. They’ve sought them internally. They’ve tried to find them externally in past seasons with players like Max Pacioretty.

Jake Guentzel is as close to a solution to that problem as coach Rod Brind’Amour has had in his tenure with the Hurricanes. He’s the biggest needle-mover at the deadline and a player who can elevate Carolina to championship status.

Guentzel was basically created in a lab for the Hurricanes. He passes the analytics test as a play-driving forward who goes to the dirty areas and generates a ton of chances. According to Stathletes, Guentzel ranks third this season in shot attempts from the slot per game with 3.94, trailing only Auston Matthews and Zach Hyman.

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Does he play exemplary defense? Not really. But that’s OK. Not everyone needs to be Sebastian Aho. To put it in “Barbie” terms, his job is goals.

Most importantly, Guentzel addresses the fundamental problem with the Hurricanes as a playoff contender. Since 2016-17, Guentzel is tied for ninth among all NHL players in points per playoff game (minimum 50 games). He has 58 points in 58 games, including 34 goals. He’s that guy to get the goal the Hurricanes need to get over the postseason hump.

In theory, at least.

There are some questions about Guentzel. He has been out since Feb. 14 with an upper-body injury. His finishing this season hasn’t been up to his standards; in fact, his 11.9 shooting percentage would be the lowest of his career.

This is a world-rocking moment in his career. Yeah, trades are a part of NHL life — until they happen to you. Guentzel has played 503 games and eight seasons with the Penguins. They drafted him and developed him. He wanted to stay. This acclimation to Raleigh might take a minute.

Then there’s the Crosby question. It’s a fair one. Guentzel has played the majority of his time with one of the greatest playmakers in NHL history. But he earned that time. He produced. He made Crosby better. It was symbiotic. Players who have the ability to hang with elite talent is a talent in itself. And Guentzel’s numbers were respectable away from Crosby.

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Penguins agree in principle to trade Jake Guentzel to the Hurricanes

Emily Kaplan explains how Jake Guentzel could boost the Carolina Hurricanes in the playoffs.

Meanwhile, GM Don Waddell seemed to treat Smith as something more than a throw-in: “Ty is a young, offensive-minded defenseman who will provide us with another reliable option on the blue line.”

Many of those words are true, although I’d challenge “reliable.” Smith played 114 games for the New Jersey Devils before they flipped him to Pittsburgh in the 2022 John Marino trade. He played only nine games for the Penguins, all last season, and spent the majority of his time with the Penguins’ AHL affiliate. He has offensive upside, but just hasn’t been able to put things together on a consistent basis in the NHL.

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Smith is a restricted free agent who is arbitration-eligible this summer. Guentzel is an unrestricted free agent, which brings us to the crux of the grade: The Hurricanes have traded for what might end up being a pure deadline rental, and that’s a significant philosophical shift by the franchise.

They didn’t request the chance to talk contract with him before the trade. There’s hope that once Guentzel gets acclimated with the franchise perhaps something could be worked out. But more than a few sources have indicated they believe this is a pure rental, and that the return to the Penguins is indicative of that.

The prospects the Hurricanes surrendered have NHL potential. Koivunen, in particular, was one the team really liked. But they didn’t give up any of their true blue-chippers in defensemen Scott Morrow or Alexander Nikishin, or in forwards Jackson Blake or Felix Unger Sorum.

They also put conditions on the draft picks to where the Penguins get a first-rounder only if the Hurricanes play for the Stanley Cup — and if it happens because of Guentzel, one assumes they’d gladly pay the toll. Otherwise, it’s only a second-rounder, one of two the Hurricanes owned.

I was borderline B-plus for the grade, but that draft asset management keeps this thing at an A-minus.

They haven’t played for the Stanley Cup since 2006, when they lifted the chalice for the only time in franchise history. They’ve been on the cusp of another one for a few seasons but have fallen short. So this is the new gambit: dropping their trade deadline timidity to go “all-in” with a rental like Guentzel.

It’s not what they wanted do, but might be what they needed to do, and ultimately could be what turns them from a glamour pick to play for the Cup to a team that actually does so.

I’m actually stunned how much I like this return for the Penguins.

The 2024 NHL trade deadline has been, for the most part, a buyers’ market. Only three 2024 first-round picks have been traded unconditionally this season; and only Edmonton traded theirs within the week leading up to the deadline.

Otherwise, it’s been a lot of lower picks and middling prospects for the big-name rentals.

I expected more of the same for Pittsburgh, but GM Kyle Dubas wasn’t interested in a Craig Conroy-esque draft pick haul. Heck, the picks he did get from Carolina only manifest if they play for and/or win the Stanley Cup. Dubas didn’t want picks. He wanted players. And he got some for Guentzel.

Please recall that Dubas has a unique task as general manager of the Penguins: He’s trying to build a competitive team around his veteran core, while also building toward the next phase of the franchise. “We have to find a way to continue to have those solid veteran guys but continue to get younger at the same time,” Dubas said recently.

Guentzel is the best linemate Sidney Crosby ever had, and the captain sounded melancholy in his absence. “He did everything he possibly could in his time here,” Crosby said on Thursday night after a blowout loss to the Capitals. “Just a privilege to play with him for the course of that time. Great memories and that’s all I can say.”

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Getting Bunting, 28, in this trade is the “help now” part of the equation. He’s the kind of veteran player a lot of the other Guentzel suitors might not have been able to ante up in a trade. Dubas knows him well, in a relationship that spans back to Bunting’s junior hockey days in Sault Ste. Marie, through Dubas having signed him as a free agent with the Maple Leafs.

There’s no telling if Bunting will play with Crosby, but history shows that he potentially could: Remember, he put up 63 points in 79 games skating with Auston Matthews in 2021-22. He can play with elite talent.

Bunting’s numbers in Carolina were decent (36 points in 60 games) but he couldn’t match his goal-scoring output with Toronto in the previous two seasons. He doesn’t drive play, but he does create a lot of chances and his forechecking is a specialty. If he clicks with Crosby or Evgeni Malkin, it’s possible that $4.5 million AAV on a contract that runs through 2025-26 could look like a mild bargain.

The prospects the Penguins got back for Guentzel as a rental all have NHL potential and, critically, are closer to joining Pittsburgh than a teenager taken in the 2024 or 2025 draft would be for Dubas.

Ponomarev has shown enough in the AHL and his NHL cameo this season that he could end up as a decent middle-six center. He’s a relentless puck-battler who can make plays.

Lucius has put together back-to-back solid seasons with Wisconsin and is a bit of a playmaker. NCAA hockey analyst Chris Peters of Flo Hockey sees him topping out as a third-line scorer in the NHL, but “his postdraft development has been encouraging.”

Many believe Koivunen has the highest upside of the three and, again, Carolina wasn’t thrilled with having to include him here. He had a breakout campaign in Finland with 55 points in 57 games this season. Many have praised his work ethic and drive to be a game-breaker. There’s no guarantee his skills will translate to the NHL, but he’s got considerable ones.

I don’t love the Penguins needing a Carolina Stanley Cup Final appearance to get a first-rounder for Guentzel. One assumes that would be a mandatory part of this, but again, it wasn’t necessarily what Dubas was focused on.

I also don’t love the Penguins not getting a Hurricanes blue-chipper like Morrow, but that’s a lament we seem to have on many high-profile rental trades every season. The top prospects rarely move in these situations, no matter how we try to manifest it.

Instead, Dubas follows his own mantra: The Penguins added a solid veteran while getting younger at the same time. If even two of those prospects make the NHL, it will have been a successful return; and if one really pops, it’s an entirely different conversation. Meanwhile, he adds a left wing in Bunting who could become a Kirkland Signature version of Guentzel for Crosby.

Dubas knows the Penguins’ prospect pool is an empty cement hole at the moment. He’s filling with a few known quantity mid-level prospects, which is better than getting back some middling draft picks for Guentzel. In Bunting, Dubas landed a legit top-six winger in the process.

He was always going to lose this trade on paper. It’s just not nearly the fleecing some are labeling it. — Greg Wyshynski

The Tampa Bay Lightning received forward Anthony Duclair and a 2025 seventh-round pick from the San Jose Sharks for a 2024 third-round pick and prospect defenseman Jack Thompson.

Identifying a winger wasn’t the problem. There has been no shortage of them ahead of this season’s deadline. It’s just that Lightning GM Julien BriseBois and his front office staff had to work around the lack of draft capital.

Until the Duclair trade, they had only one pick in the first four rounds of this year’s draft, and don’t own their 2025 first-round pick.

That’s what made the trade for Duclair something of a seamless fit. The Lightning were able to get a top-nine winger, who could slide into a top-six role, at a cost they could afford on several levels.

Duclair, who is a pending UFA, has a $3 million cap hit that didn’t require the Sharks to retain salary because the Lightning had the space created by some recent injury losses.

Cap Friendly projects the Lightning will have a little more than $2.9 million left in cap space entering the deadline. It’s the sort of space that could have them in play for one of several wingers still available, with the idea that there’s a chance their lack of draft capital could force them to get creative in other areas.

Maybe the most important thing the Sharks were able to do here was trading Duclair to a team without needing to use a salary retention spot. The Sharks already have two retention spots tied up with the Brent Burns and Erik Karlsson contracts. It’ll be that way until after the 2024-25 season when Burns’ deal is off their books.

Until then, the Sharks have the challenge of trying to find deals with teams that can afford to take on their players — unless that deal is so enticing that it’s worth using that final retention spot. They were able to avoid that with the Lightning here.

The Sharks have five UFAs on their roster, including Alexander Barabanov, Mike Hoffman and Kevin Labanc. Barabanov was held out Thursday for trade-related reasons. His $2.5 million cap hit should be an easier number to manage when compared to Hoffman and Labanc, who each make more than $4 million.

That’s why holding on to that final retention spot even more valuable after the Duclair trade, so they can use it to retain salary in another deal.

Having the Lightning’s third-round pick gives the Sharks five picks in the first three rounds of this year’s draft, and they could add more before the final bell rings Friday. They were also able to add a player who could help them soon in Thompson, who has five goals and 32 points in the AHL this season. — Ryan S. Clark

The Toronto Maple Leafs received defenseman Joel Edmundson from the Washington Capitals for a 2024 third-round pick (via the New York Islanders) and a 2025 fifth-round pick (via the Chicago Blackhawks).

The Capitals are retaining 50% of Edmundson’s remaining salary; the Montreal Canadiens are already retaining 50% of Edmundson’s original salary.

Edmundson, who is a pending UFA, is someone who fits a few needs for the Leafs. Perhaps the most important being cost. The Canadiens had already retained $1.75 million of his salary from a previous trade. Getting the Capitals to retain $875,000 so the Leafs could afford to take on the remaining $875,000 meant they had to move Conor Timmins to LTIR.

What Edmundson provides the Leafs is a 6-foot-5 physical defenseman who, as a left-handed shot, can play on either side. He’ll likely slot into the second pairing alongside Morgan Rielly; if that happens, it would see another recent acquisition in Ilya Lyubushkin slide to the third pairing.

His arrival also comes at a time in which the Leafs are starting to get healthy on the back end. There was a concern that Lyubushkin would miss time after sustaining a head injury shortly after his arrival, but he has remained in the lineup while Mark Giordano is on injured reserve. Edmundson also brings playoff experience. His contributions helped the Blues win the Stanley Cup in 2019 and he was part of the Canadiens’ team that reached the 2021 Cup Final.

From the size, the cost, the depth to the postseason experience, there is a reason why Edmundson was a name in play for teams seeking a defensive option at a team-friendly price. The Leafs made a solid move here.

Much like the Anthony Mantha trade to the Vegas Golden Knights, this deal was about adding draft capital. Edmundson’s status as a pending UFA with a Cup on his resume made his impending departure an opportunity for the Capitals to cash in on those circumstances.

They now have eight picks for the 2024 draft, nine picks in 2025 and eight more picks in 2026. Fourteen of those picks will be in the first three rounds.

Retaining salary on both Edmundson and Mantha now means the Capitals have only one of their three salary retention spots remaining. It’s possible that they could be saving that spot for whoever shows interest in Max Pacioretty. The veteran forward is also a pending UFA carrying a $2 million cap hit. Keeping that final spot open would the Capitals a chance to strike a potential deal for Pacioretty while having another opportunity to attain capital. — Ryan S. Clark

The Vegas Golden Knights receive defenseman Noah Hanifin in a three-team trade with the Calgary Flames and the Philadelphia Flyers. The Flames received a conditional 2025 first-round pick, a conditional 2025 third-round pick and Daniil Miromanov, while retaining 50% of Hanifin’s salary. The Flyers received a 2024 fifth-round pick and retained 25% of Hanifin’s salary.

The conditions are that the Flames would receive the Golden Knights’ 2026 first-round pick if the Golden Knights traded the 2025 first-round pick during this deadline, or if the pick is in the top 10. The 2025 third-round pick becomes a second-round pick if the Golden Knights win one playoff round.

How the Golden Knights pulled off a trade for Hanifin, one of the most coveted players ahead of the trade deadline, goes back to what they did around 24 hours earlier. Their trade with the Washington Capitals to get Anthony Mantha saw the Caps retain 50% of Mantha’s salary.

This meant the Golden Knights had what Cap Friendly projected to be $4.426 million in deadline cap space. The fact that the Golden Knights also had all their first-round picks over the next three seasons meant they could explore several possibilities prior to the deadline.

Trading for Hanifin was one of those possibilities. They made it happen by providing the Flames with an extremely attractive package. And the scary part is that the Golden Knights can still do more.

It’s the sort of outcome that leads one to ask: What was more interesting from the Golden Knights’ perspective, getting Hanifin or the methods through which they got him?

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And this may not just be a rental situation. TSN reports that the Golden Knights have already began working on a contract extension for the pending UFA. Trading for Hanifin now rather than waiting until free agency means the Golden Knights could sign him for eight years rather than seven.

Then there are the logistics of this trade itself.

Championship teams — or those that believe they can win one — know first-round picks are a massive bargaining chip. The Golden Knights had three in the upcoming three drafts, yet were able to work out a deal with the Flames to make one of them conditional if they can swing another deal this deadline.

It leaves the Golden Knights with two first-round picks and what Cap Friendly projects to be $3.8 million in deadline cap space.

Even though they already added Mantha, there’s a belief that the Golden Knights could add a top-six winger — and they have the assets and cap space to facilitate a trade.

But there is one question: What will the Golden Knights’ defense look like once Alec Martinez is off IR?

Martinez played key minutes in last season’s title run. As did Nic Hague, Brayden McNabb, Shea Theodore, and Zach Whitecloud. It’s a good problem to have.

The Flame are eight points out of the final wild-card spot with 21 games left in the regular season. More than half of those games are coming against teams in a playoff spot, which only adds to the discussion about challenging for the final wild-card place.

Figuring out what to do with Hanifin was part of a journey that saw them land a first-round pick as the centerpiece of the trade.

Hanifin’s future in Calgary had been in doubt. There was a belief that he was not going to re-sign in free agency because he preferred to play in an American market. It left Flames GM Craig Conroy needing to do something or risk losing Hanifin for nothing if he stayed beyond the deadline.

Getting a first-round pick for their most enticing player ahead of the deadline is the goal for any team in the Flames’ situation. They managed to get one, and while the actual year of the pick itself could change, they now have two first-round picks in two of the next three draft cycles.

Questions have been raised about the return the Flames received for Hanifin. The most prominent: Did the Flames get enough?

So far, this year’s deadline has seen contenders who are willing to part with a first-round pick to push a deal through. The Flames got a first-round pick, among other assets, in the Elias Lindholm trade. The Canadiens, Ducks and Flyers were also able to get a first-round pick in their respective deals.

Conroy didn’t get a first-round pick when the Flames traded Chris Tanev to Dallas, but the first-rounder they got for Hanifin means they have come away with two opening-round picks in one deadline.

Polarizing as the return might be for some, the deal allowed the Flames’ front office to finally answer questions that needed answers all season. They entered the campaign with seemingly half of their roster signed to multiyear deals while the rest were going to be pending UFAs. Once they reached a conclusion about this season, they started moving on from players and receiving draft capital rather than letting them walk for nothing.

Moving on from Hanifin, Lindholm, Tanev and Nikita Zadorov are why they have a combined 16 picks over the next two drafts, and are guaranteed to have two first-round picks in two of the next three.

And with one retention slot left, it leaves the Flames with some room to either trade someone else to strengthen a deal, or serve as a third-party broker to gain more draft capital for the future.

What makes assessing the Flyers’ role in this trade challenging is the fact they could turn a third-rounder into a second-rounder.

But even with what the Golden Knights did Wednesday, there is no guarantee they will get out of the first round. The Avalanche were defending champions last season, and they were ousted in the first round. And while the Bruins were not defending champions, they had the best regular-season record in NHL history only to get taken out in the opening round.

As of late, the Golden Knights have struggled due to injuries. They’ve lost eight of their last 10 games, and are now an active participant in the wild-card race although they could still capture a Pacific Division spot.

If the playoffs started Wednesday, they would have opened against the Western Conference-leading Dallas Stars in a rematch of last year’s conference final.

Either way, the Flyers are still getting more draft capital. But they’ll be rooting for the Golden Knights to improve their return in the process. — Ryan S. Clark

The New York Rangers received forward Alex Wennberg from the Seattle Kraken for a 2024 second-round pick and a conditional 2025 fourth-round pick via the Dallas Stars that will become a third-round pick if Nils Lundkvist has 55 total points between the 2022-23 and the 2023-24 seasons. The Kraken are retaining 50% of Wennberg’s salary.

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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.

Anthony Mantha getting traded Tuesday to the Vegas Golden Knights signaled that the market for top-six/top-nine wingers was open in earnest. Thus, it was vital for contenders to get their work done early — which is exactly what the Panthers did by getting Tarasenko.

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.

He wasn’t the only winger believed to be available who provided similar credentials. The Panthers, along with others contending for a Cup, could have gone after the Pittsburgh Penguins’ Jake Guentzel or Reilly Smith. Both of them are expected to get moved before Friday for the same reasons as Tarasenko: They played major roles in why their teams won championships.

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