We’ve made it to the 2025 NHL trade deadline. The games are finished, decisions have been made on if teams are going to buy, sell, or stand on the sidelines, and it will all unfold in front of us throughout Friday, with the deadline coming at 3 p.m. ET / noon PT.
First, the big fish.
The Mikko Rantanen situation heated up Thursday night as multiple NHL teams were granted permission to gauge his interest in signing a long-term contract with them if they were to acquire him on Friday.
Of course, the Hurricanes would have to then work out a trade with any of the teams Rantanen would be open to, and it has to make sense for a Carolina team that still has designs on going on a playoff run. Teams showing interest Thursday night were Dallas, Toronto and Vegas.
This situation remains fluid and is the main piece of business to monitor on Friday.
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Meanwhile, the Boston Bruins are down to the wire on deciding what to do with their captain Brad Marchand: re-sign him, or trade him away.
Colorado and Vegas seem the most interested in acquiring Marchand.
While there’s every chance Marchand could be traded if there is no extension done by the deadline, there is a sense Boston has made solid ground in their most recent contract negotiations.
Marchand remains unwavering in his stance that he wants to remain a Bruin and retire with the team.
Those are two of the more interesting storylines to watch on trade deadline day, but there is far more action to play out with several players. Here’s our last look at the trade board, with 25 names we’re watching closely.
In 13 games with the Hurricanes, Mikko Rantanen has two goals and six points while Carolina sits 6-6-1, not pulling away from the pack behind them as GM Eric Tulsky may have hoped when he traded for the player in January.
It hasn’t been an easy time for Rantanen to get acclimated to his new surroundings, with seven of those games being on the road and the schedule interrupted by the 4 Nations Face-Off.
Now, Rantanen is being shopped by the Hurricanes, who are exploring the possibility of doing a sign and trade with someone. Teams are willing to give Carolina a much bigger return if there’s a guarantee he won’t walk on July 1. This would give the Hurricanes the option to maximize what they get for a roster that wants to remain competitive for the playoffs.
Can they pull off something bold like that before Friday’s 3:00 p.m. deadline? That’s a very good question.
Whichever team has Rantanen on the roster after the deadline has passed is the only one that can offer him an eight-year deal, but can only do so until the market opens on July 1.
I was so tempted to take Brad Marchand off my trade board because he’s hurt and not expected to play again until after the deadline. He publicly remains adamant that he wants to remain a Bruin, but I keep hearing teams like Vegas and Colorado won’t go away.
Marchand, who doesn’t have a complete no-trade clause, has made it clear around the league he doesn’t want to be traded. Boston also has made it clear that if he does open up to the possibility of being traded, the 36-year-old winger will return GM Don Sweeney some much-needed assets back. This could also leave the door open to Marchand re-signing with the Bruins again in the off-season as a free agent.
It really is a 50/50 chance he gets dealt before the deadline.
After a great performance at the 4 Nations Face-Off, Erik Karlsson has returned to NHL action with seven points in seven games, but a minus-9 rating overall.
Making $10 million against the cap for another two seasons beyond this one, it won’t be too punishing if the Penguins retain a little money, especially if it increases Karlsson’s trade value. Seth Jones, though a younger defenceman, was moved last weekend for a young, future hopeful No. 1 netminder and a first-round pick and the Blackhawks had to retain $2.5 million of his cap hit to get that return.
Could the Penguins take a similar approach with Karlsson? The team has one more salary retention slot remaining, with Reilly Smith and Jeff Petry on the books from previous trades through the end of this season.
Heading into trade deadline day just one point out of a playoff spot with a game in hand of Calgary, it’s believed the Canucks don’t want to wave the white flag on the season and are still trying to find ways to improve their group.
Unfortunately, no new meaningful talks on a contract have happened with Brock Boeser recently, so an $8 million AAV remains out there on a short-term deal from earlier in the season. A 40-goal scorer last season, Boeser has scored just four times in 25 games since the calendar turned to 2025.
Vancouver remains open to any avenue with Boeser, whether to re-sign him by Friday, trade him as a rental, or possibly even move ahead with him on the roster unsigned.
With the Canucks not setting up to be an outright seller, I’ve taken Elias Pettersson back off the trade board this time, though he will remain a player to watch after the season ends. They did move Carson Soucy on Thursday for a draft pick.
The Sabres are set up to sell again, but with so many options of how to approach this week in front of him, the question is how big and bold will GM Kevyn Adams get in the trade market?
Dylan Cozens remains a name to watch, two seasons removed from a 31-goal output, making $7.1 million against the cap through 2029-30, still just 24 years old and with big upside as a top-six centre. But his value is perhaps not as high as it should be right now, facing back-to-back seasons of declining production.
It’s a situation for the Sabres to be cautious about. They’ve extended a rebuild before when they traded Jack Eichel and have seen several players moved go on to have much more success elsewhere. Making the same mistake again with such a young player at an important position is a risk the Sabres would be taking by trading Cozens.
Bowen Byram will be an RFA at the end of the season and a valued asset — he’s equalled his career high in points already and is tied for 14th among all NHL blueliners with 27 even strength points, tied with John Carlson
As the Sabres explore their options, they’re listening to teams on the 23-year-old Byram, but also on 24-year-old blueliner Mattias Samuelsson who is already under contract at a $4.285 million cap hit through 2029-30. It’s unlikely the Sabres would trade both of these players, but one could be in play.
Alex Tuch could be another option for the Sabres to move, a 28-year-old power winger who’s second on the team in goal scoring and tied for 15th among all NHL forwards with 20 even strength goals. He has the size (6-foot-4, 220 pounds), goal scoring acumen, penalty killing ability and willingness to block shots that will all be valued by rival GMs.
As Adams considers his options, trading Tuch may not be as eyebrow-raising as a Cozens or Byram move, but it surely would make for an exciting hockey trade. Tuch is not a rental, still under contract for one more season at $4.75 million and in his prime at 28 years of age.
The Blues have got themselves back in the race and GM Doug Armstrong always says he lets his players decide how he should approach something like the trade deadline. Now just one point back of Vancouver and two back of Calgary, the Blues are 5-1-1 since returning from the 4 Nations and aren’t likely to be as much a seller as they were tracking to be before that tournament.
Still, Armstrong does want to shed some money and turn over some of this roster before next season, so some possibilities are on the table. Brayden Schenn, 33, is making $6.5 million for another three seasons and though he’s the captain of this team, might be a candidate for the GM to attain that change if he gets the sort of haul he’s looking for.
Schenn is having a down season overall in 2024-25, but has been something of a leader in this charge back into the playoff race for St. Louis, with six points in his past six games. That may yet convince Armstrong to keep his captain around, but if many teams get involved and drum up a competitive market, St. Louis may be presented with an offer they can’t refuse. The Leafs are still in on this player.
With Brock Nelson going to Colorado late Thursday night, the Islanders are moving towards being a seller, though it remains to be seen how much they’ll lean into that. Like Nelson, Kyle Palmieri is on an expiring contract and a productive scorer who would help teams looking for a winger who can find the back of the net.
Palmieri scored 30 times last season and has another 20 so far in 2024-25.
Colorado got the weekend off and then reeled off a couple wins this week, solidifying themselves as buyers if they hadn’t already. The Avs have already traded for Martin Necas and Jack Drury earlier this season, then acquired defenceman Ryan Lindgren from the Rangers over the weekend, but may not be done yet.
Colorado has $3.286 million in projected deadline day cap space, per PuckPedia, but may also explore moving Casey Mittelstadt one year after acquiring him from the Sabres. Mittelstadt, a 26-year-old centre, makes $5.75 million on the cap for another two seasons, but hasn’t been the seamless answer as Colorado’s second line pivot, a role they had been trying to fill since Nazem Kadri left in free agency.
Avs GM Chris MacFarland did acquire Brock Nelson late Thursday night, who is fully capable of taking on that second lien centre role. That could soften the need to move Mittelstadt, though it’s still possible he’s flipped.
Seven points out of the playoffs, the Ducks’ charge may not be enough to finish the job this season, but they’re starting to make progress. Still, GM Pat Verbeek will be looking for ways to set his team up to take another step next season, and Trevor Zegras‘ name remains out there.
No longer a highly productive player on the rise, Zegras has dealt with various injuries the past two seasons, which have slowed him to 32 points in his past 67 games played. There is no chance the Ducks will be able to get the same return in trade on Zegras today than if they had decided to move him two years ago, but Verbeek has been looking into finding the player a new home all season.
Still just 24 years old next week, making $5.75 million through next season, someone may yet be willing to step up and take the chance on Zegras while he can be had. He returned from a three-game suspension this week, and put up one assist in two games.
When John Gibson was forced to leave a game early last week, the first question was ‘what did that mean for his trade candidacy?’ With so few quality netminders available in trade, Gibson was seen as an attractive target having a bounce back season — .911 save percentage, 2.76 GAA, and eighth in the league in Goals Saved Above Expected, per MoneyPuck.
Fears of an injury dissipated soon after, however, and Gibson returned to Anaheim’s net Saturday, though in a rough 6-3 loss to Chicago in which the netminder made just 18 saves on 24 shots.
When he started again on Wednesday, Gibson was once again forced to leave the game early. This is the risk that comes with Gibson.
The Ducks acquired another goalie, Ville Husso, last week, which gives them organizational depth and an option behind Lukas Dostal if Gibson is traded, but the move itself doesn’t indicate something is definitively coming down the pipe.
Gibson is signed at $6.4 million for another two years and will turn 32 in July.
Ryan Donato continues to appeal to contending teams and scoring twice in Saturday’s win over Anaheim, getting another against Los Angeles Monday, and scoring again against Ottawa Wednesday.
Donato is having a career season, now with 23 goals and 23 assists and the team leader in even strength goals and points. If there is one thing to be aware of, it’s that Donato’s shooting percentage is also at a career high, so this level of production may yet slow down, but he’s a feisty player and one of Chicago’s team leaders in hits. He wins just over 45 per cent of his draws, but also can be used on the wing.
By trading Seth Jones to Florida last weekend for Spencer Knight and a first-round pick, Blackhawks GM Kyle Davidson signalled that this team was still in the thick of a rebuild and was able to get a good return for a player seeking a way out. While Donato could be a useful player for the Hawks going forward, the fact is he’s a pending UFA making just $2 million against the cap, so the team will likely sell high on him in this moment.
The Blackhawks have now used up all three of their retention slots, however, meaning a buyer will have to take on Donato at full value or else find a third team to get involved.
Sharks GM Mike Grier is still seeking the right return for Mario Ferraro, a left shot blueliner under contract for $3.25 million and signed for another season at that attractive number.
Ferraro can play physical and is not shy about blocking shots. He can kill penalties (third on the Sharks in PK ice time per game) and play reliable minutes in the top four. Ferraro does a good job tipping the ice more than most other San Jose defencemen and has gotten a lower percentage of offensive zone starts than any of them as well. He’s drawn tough assignments and has done well enough with them, considering the Sharks are the NHL’s worst team with a horrendous minus-68 goal differential.
Still just 26 years old, he’s on the fringe of being young enough that he could be a useful piece for the Sharks when they come out of this rebuild, so it’s still possible the team keeps him and looks at re-signing him before he hits the open market in a year. But by moving him now, a year before he becomes UFA eligible, the Sharks may try and acquire more future assets instead.
After getting points in five straight games (and winning four of them) the Flyers dropped two games in regulation at home this week and are now five points back of the wild card with six teams to climb over. Management may be cautious in how it approaches the deadline overall, not wanting to give up on the roster yet and making sure to not sell low on any players under contract.
That brings us to Rasmus Ristolainen, who is enjoying something of a bounceback season with 19 points, 91 hits, 92 blocked shots and an important presence on Philadelphia’s penalty kill. Big, right shot, physical defencemen are common targets this time of year and the Flyers could be enticed to move him for the right price.
But Ristolainen still has another season remaining on his deal, so the Flyers won’t be rushed into making a move if the price isn’t right.
Scott Laughton stirred the trade rumour mill last weekend with a ‘last supper’ photo that made it seem like he knew something was up. It turns out that Laughton, a mainstay on trade lists for the past year, was trying to have fun with the ongoing speculation.
“We were joking around, I think you kinda got to keep it light at this time of year,” he said Saturday. “Joking around that it was my last time (with the Flyers) on the road. (Teammate Erik Johnson) was kind of poking fun at me, so we re-created a little picture.
“I think when you’re in (trade) rumours for five years straight, it’s nice to get some people back with a little bit of trolling.”
Like Ristolainen, Laughton is not in a situation where he has to be traded now but if it is a sellers’ market for centres, the Flyers might entertain a move if someone meets their price, which is thought to be for at least a first-round pick. The way the market is unfolding for centres, it seems a reasonable ask.
Making just $3 million against the cap for another season, Laughton leads all Flyers forwards in penalty kill time per game, wins just shy of 50 per cent of his draws, and is one of the more physical players on the roster. He has the ability to play centre or wing, so allows a coach some flexibility with how he lines up the players. Laughton is a best fit in a bottom-six role.
Laughton was in a similar situation a year ago. But he’s well-liked in the dressing room and by head coach John Tortorella, who certainly won’t be satisfied to give up on the season.
A 4-7-1 run ended Seattle’s outside hopes of making a late-season charge, and they sprang into seller mode this week by trading Yanni Gourde and Oliver Bjorkstrand to Tampa Bay. Brandon Tanev is highly likely to be next and was held out of Thursday’s game.
Tanev could bring Seattle back a sneaky good return. He’s one of their more physical players and also leads all Kraken forwards in shot blocks.
Tanev is the Kraken’s PK minutes leader per game and plays with the sort of intensity that translates to playoff hockey and is targeted by GMs around the deadline. He’s not a big point scorer, though does have nine goals this season, so will be a load to handle in a depth winger role. A playoff rental type, through and through.
Saturday’s loss to New Jersey ended a three-game winning streak for Utah, but they responded with a win on Thursday that keeps them within three points of the playoffs. While they could look to leverage some assets to find improvement and upgrade the roster, it’s still believed Utah’s bigger trades will come in the off-season.
The fact is GM Bill Armstrong has lots to consider on this roster. Nick Bjugstad is a big forward on an expiring contract who could be sent out as a rental player. It’s also been suggested that Utah thinks it needs to size up its forwards, meaning some smaller players such as Matias Maccelli (scratched since Feb. 8, one year removed from recording 57 points) could also be had. They did re-sign Alexander Kerfoot this week, as well as goalie Karel Vejmelka — both were fringe trade candidates.
If the Hockey Club seeks out a more intriguing return, Lawson Crouse will draw interest from around the league. Though Crouse, 27, is having a down season on offence (14 points in 61 games), he’s a unique sort of player who can be used in all situations, and play physically (130 hits) at 6-foot-4, 214 pounds. Prior to this season, he scored at least 20 goals three years in a row.
Crouse is also under contract for another two years at $4.3 million, a reasonable number that someone might want to jump all over.
With 29 goals and 53 points in 63 games, Rickard Rakell is having one of the better offensive seasons of his career at age 31. And, if traded, it wouldn’t be as a rental — he is signed through the 2027-28 season at a $5 million AAV. He has only partial no-trade protection.
I have to think he’s really the only one that could bring back a nice package for Kyle Dubas to really start working on building something for the future in Pittsburgh. But it’s not such an easy trade to make. The dilemma is this: Dubas cannot simply hang Sidney Crosby out to dry here. Rakell plays on Crosby’s win, he’s a good player and Crosby likes him.
If Rakell is traded, you’re not sure where that could leave Crosby and Dubas’ relationship.
I do believe the Islanders have to sell. And while moving Brock Nelson to the Avalanche is a start, there’s more to come here.
Jean-Gabriel Pageau would be an interesting player for other teams, making $5 million against the cap for one additional season past 2024-25. And I could see the Islanders eating a little of that on retention to make a trade work.
Pageau is a good penalty-killer, averaging more shorthanded minutes than any other Islanders forward. He’s feisty, second on the team in hits, and he’s good on the draw, winning nealry 60 per cent of his face-offs. He’s a good depth player who has added 11 goals this season, already equalling what he put up in 82 games last season.
With higher end centres at a premium now, some teams may have interest in Charlie Coyle, a 33-year-old centre who could also be used as a winger.
The 6-foot-3, 213-pounder is one of the more physical Bruins forwards, one year beyond a 60-point season. That point production hasn’t been there this season, but Coyle does have 15 goals in 2024-25 and brings 119 games of playoff experience. He averages 17:38 of ice time per game and plays both special teams units.
The Toronto Maple Leafs and Montreal Canadiens would both have tremendous interest in this player, but would Don Sweeney trade within the Atlantic Division?
As the Winnipeg Jets look to buy pieces for their roster, they may also consider moving at least one out. Alex Iafallo is soon to be a free agent, in the last year of a contract paying $4 million against the salary cap. The 31-year-old has eight goals and 20 points in 63 games, has contributed to both special teams units at times and has been a fit in Winnipeg’s bottom six.
Iafallo spent six years in Los Angeles before they traded him in the Pierre-Luc Dubois deal, but they always liked the player.
Making $4.4 million for both this season and next, Connor Murphy has a decent contract that will be of interest to various teams who aren’t so keen on going the rental route, but are seeking help on the back end. Right handed defencemen are also at a premium.
Murphy, 31, has 16 points in 49 games, but is a more defensive player who can munch minutes. He has been playing on Chicago’s second pair, but on the first PK unit and leads all Blackhawks defencemen in hits and blocked shots. He has only nine games of playoff experience, all with the Blackhawks back in 2020.
Chicago, of course, has no more salary retention slots, so unless another team is brought in as a salary broker, a buyer would have to take on his full AAV. I could see the Leafs and Devils looking at him.
With $9.5 million committed to Charlie McAvoy, $6.5 million committed to Hampus Lindholm and $5 million to Nikita Zadorov already, all on long-term contracts, the Bruins are heavily invested on the back end already and as they turn into sellers at this trade deadline, Brandon Carlo is likely the odd man out.
Carlo leads the Bruins in blocked shots, plays a healthy amount of penalty kill minutes and is a big right shot defender. Carlo makes $4.1 million for another two seasons beyond this one, and as the cap rises that becomes a much more palatable rate for what he brings. Still 28 years old, Carlo is in his prime years.
While more than a few Sabres players have been floundering through another bottom-of-the-standings season, 23-year-old J.J. Peterka is stepping up and into a breakout season, already surpassing his point totals from a year ago.
Peterka is second on the team in even strength points, just two behind Tage Thompson, and is second on the team in assists behind Rasmus Dahlin. Peterka is coming to the end of his entry-level contract and will be an RFA this summer who could be a potential target for an offer sheet.
TRADED OFF REAL KYPER’S LIST: Seth Jones, Ryan Lindgren, Alexandre Carrier, Cam Fowler, Taylor Hall, Martin Necas, J.T. Miller, Marcus Pettersson, Drew O’Connor, Trent Frederic, Yanni Gourde, Reilly Smith, Carson Soucy, Brock Nelson
