Ahead of Wednesday's NHL Olympic roster freeze, the New York Rangers finally dealt forward Artemi Panarin to the Los Angeles Kings in exchange for a conditional 2026 third-round draft pick and prospect Liam Greentree.
Following the deal, Panarin and the Kings agreed to a two-year, $22 million extension, according to ESPN's Emily Kaplan. The 34-year-old could have been an unrestricted free agent this summer and it had been reported that he sought to be moved to a team that would be interested in extending him.
The Rangers are also retaining 50% of Panarin's remaining salary for this season. The conditional third-round draft pick will turn into a 2026 second-rounder if the Kings win at least one playoff round. Should LA win two playoff rounds this spring, New York will also receive a 2028 fourth-round pick.
After months of speculation about Panarin's future in New York, once it became clear the two sides would be parting ways Panarin was held out of the lineup, missing the Rangers' past three games in a case of asset protection.
Panarin held a no-trade clause in his contract, giving him full control of his destination. A number of teams, including the Washington Capitals, Florida Panthers, Tampa Bay Lightning, and Carolina Hurricanes were interested, but Panarin reportedly only wanted to go to LA.
The Rangers, currently last in the Eastern Conference with 50 points, will be busy before the March 6 NHL trade deadline. General manager Chris Drury told fans in a letter in January that the team will "retool," not "rebuild" as the franchise begins a "new strategic plan."
That same day Drury informed Panarin that the team would not be offering him an extension.
In the Western Conference, the Kings currently sit one point out of a wild-card spot and three points behind the Anaheim Ducks for third place in the Pacific Division. They have not won a playoff round since losing the Rangers in the 2014 Stanley Cup Final and have four consecutive first-round exits at the hands of the Edmonton Oilers.