Revisiting some of the biggest NHL trades in the salary cap era

What started out as a relatively quiet Friday night in the NHL last week quickly turned into anything but. 

It began with social media buzzing over reports that Taylor Hall was being traded from the Chicago Blackhawks to the Carolina Hurricanes — a notable move but hardly a blockbuster. Then, seemingly out of nowhere, the real bomb dropped: Colorado Avalanche star Mikko Rantanen was also reportedly heading to Carolina.

As everyone frantically refreshed feeds for the latest updates, insiders scrambled to piece together the details. Eventually, a three-team trade involving the Blackhawks, Hurricanes and Avalanche was revealed. Carolina landed Rantanen and Hall; Colorado received Martin Necas, Jack Drury, a 2025 second-round pick and a 2026 fourth-round pick; and Chicago picked up a 2025 third-round pick while retaining 50 per cent of Rantanen’s salary.

Now that’s a blockbuster.

It’s safe to say the deal caught nearly everyone off guard — including its centrepiece. Following his debut with his new team, Rantanen told reporters he was shocked and hadn’t seen it coming. A day later, the 28-year-old pending UFA told The Athletic’s Peter Baugh he had been “willing to take a significant discount” on a contract extension to stay with Colorado, the team that drafted him 10th overall in 2015 and with whom he won a Stanley Cup in 2022.

Given all the factors involved, the trade sparked discussions about whether it could be the biggest in the salary cap era. First and foremost, Rantanen is a bona fide star — with two 100-plus-point seasons and ranking sixth in league points at the time of the trade (64 in 49 games), his credentials speak for themselves. Then there’s the package he commanded which included Necas, who was tied for 11th leaguewide in points with 55 in 49 games at the time. 

The shock factor adds another layer, from the timing of the trade to the fact that Rantanen had been with the Avalanche for 10 seasons and was expected to remain there for the foreseeable future. Lastly, and crucially, two of the teams involved are contenders, with the Hurricanes currently sitting second in the Metropolitan and the Avalanche occupying the first wild-card spot in the West. The addition of Rantanen should significantly impact the Hurricanes’ season, including their division title and Stanley Cup aspirations, as well as their long-term success if they re-sign him.

The deal undoubtedly ranks near the top of the salary-cap era rankings, but recency bias may play a role in that perception. Let’s take a trip down memory lane and revisit some other blockbuster contenders potentially worthy of that distinction.

Jack Eichel

Date: Nov. 4, 2021

Full deal: The Vegas Golden Knights acquired Eichel and a 2023 third-round pick (Mathieu Cataford) from the Buffalo Sabres in exchange for Alex Tuch, Peyton Krebs, a top-10 protected 2022 first-round pick (Noah Östlund) and a 2023 second-round pick (Riley Heidt).

The Jack Eichel saga dominated headlines for months, stemming from a deteriorating relationship between him and the Buffalo Sabres. At the heart of the dispute was how to treat a herniated disc in his neck — Eichel wanted artificial disc replacement surgery, a procedure never before performed on an NHL player, while the Sabres insisted on disc fusion.

Following the 2020-21 season, Eichel publicly revealed the rift and questioned his future in Buffalo. When training camp for the following season opened, he failed his physical and was stripped of his captaincy. Less than two months later, the centre was traded to Vegas and underwent his desired surgery a week later. 

Eichel made his Golden Knights debut 10 months after the procedure, in February 2022. It took time for him to return to form, as he recorded just 25 points in 34 games that season. He bounced back in 2022-23, producing at nearly a point-per-game pace before leading the Golden Knights to their first-ever Stanley Cup in just their sixth NHL season, tallying 26 points in 22 playoff games.

Vegas has remained a contender since, currently sitting second in the Pacific, while Eichel has continued to solidify himself as an impact player with 64 points in 50 games. Buffalo, on the other hand, was a struggling team before the trade and still remains one. It’s set to miss the playoffs again this year, extending its drought since 2010-11. As for the Sabres’ trade haul: Tuch has become a key piece, Krebs has produced at a bottom-six rate and Östlund is currently developing in the AHL.

P.K. Subban for Shea Weber

Date: June 29, 2016

Full deal: It was one-for-one, with Subban to the Nashville Predators and Weber to the Montreal Canadiens.

When this swap of defencemen took place between two teams that had drafted and developed their respective players, the entire league was stunned. The Canadiens fanbase had mixed reactions, especially given that Subban was a fan favourite and a former Norris Trophy winner. The deal was made just two days before the 27-year-old’s no-trade clause was set to take effect. Meanwhile Weber was 30 and known for his physical style, which led to concerns about his future durability and whether his best hockey was behind him.

Both players had successful campaigns in the first season following the trade, leading their teams to the post-season. The Predators reached the Stanley Cup Final, ultimately falling to the Pittsburgh Penguins. The following season, Weber suffered a broken toe requiring surgery, causing him to be shut down for the rest of the year. The Canadiens missed the playoffs, while Subban had another strong year with Nashville, playing all 82 regular-season games and recording 59 points, plus nine more in 13 playoff games. 

In 2018-19, Subban struggled, and the Predators experienced an early post-season exit. Weber, still recovering from surgery, missed part of the season, but he continued to perform well in his return for the Canadiens despite the team missing the playoffs for a second consecutive year. In June 2019, Subban was dealt to the New Jersey Devils, which, for many, answered the question of who won the initial trade. Weber, meanwhile, remained a Canadien and enjoyed a Cinderella run during the 2020-21 COVID-impacted season, making it to the Stanley Cup Final before losing to the Tampa Bay Lightning. 

“In the bigger picture, I wish Shea had never been traded. I’m being very honest with you when I say that,” former Predators general manager David Poile said on Nashville’s Robby & Rexrode radio show last year.

Joe Thornton

Date: Nov. 30, 2005

Full deal: The San Jose Sharks acquired Thornton from the Boston Bruins in exchange for Brad Stuart, Wayne Primeau and Marco Sturm. 

This deal earns significant consideration as one of the biggest trades in the salary cap era. Nearly 20 years ago, the Bruins traded their captain to the Sharks in a move that would have lasting impacts on both franchises. San Jose was already a strong team, having had made the playoffs in seven of eight seasons after Patrick Marleau was drafted second overall in 1997 — right after Thornton — and reaching the conference finals for the first time in 2003-04.

But the Sharks reached new heights with Jumbo Joe. Thornton was an instant success, recording 92 points in 58 games with San Jose after having already accumulated 33 points with the Bruins before the trade. He went on to win both the Art Ross Trophy and the Hart Memorial Trophy that year. Over the course of his career with the Sharks, Thornton played 1,104 games and recorded 1,055 points. The Sharks led the NHL in points from the day he joined until his final game in 2019-20, reaching the conference finals four times and advancing to the Stanley Cup Final in 2016.

Former Sharks general manager Doug Wilson explained how the trade came together in an interview with The Athletic‘s Corey Masisak two years ago. 

“Their GM was a good friend of mine, Mike O’Connell. We had played together in Chicago… I was talking to a lot of different teams because we weren’t playing very well and something was needed… when Joe’s name was mentioned, I said, ‘OK, what are you looking for?’… It was one of those deals when a player like that is available, you go full speed ahead.”

The return for Thornton didn’t pan out as well for Boston, aside from Marco Sturm, who played 302 games over five seasons, recording a respectable 193 points. It may have seemed like a losing trade for the Bruins, but some argue it was the catalyst for their 2011 Stanley Cup win. O’Connell was fired four months after the trade, and his eventual replacement, Peter Chiarelli, hired Claude Julien as coach. With Thornton gone, Patrice Bergeron and David Krejci took on larger roles, and with the added cap space, Boston signed Zdeno Chara.

Jeff Carter

Date: June 23, 2011

Full deal: The Columbus Blue Jackets acquired Jeff Carter from the Philadelphia Flyers in exchange for Jakub Voracek, a 2011 first-round pick (Sean Couturier) and a 2011 third-round pick (Nick Cousins).

Carter spent six seasons in Philadelphia after being drafted 11th overall by the Flyers in 2003, recording 343 points in 461 regular-season games. During this span, the Flyers made the playoffs five times, with Carter contributing 21 points in 47 post-season games. In November 2010, he signed an 11-year, $58 million contract extension with a limited no-trade clause to stay in Philadelphia — but before the deal took effect, the Flyers traded Carter to the Blue Jackets in a move he did not anticipate.

Carter’s time with the Blue Jackets in the 2011-12 season was short and troubled. He struggled with injuries and reported attitude issues. After just 39 games, in which he recorded 25 points, Columbus shipped him to the Los Angeles Kings. It was a regrettable situation for Columbus; they had acquired Carter at a high price, only to sell him off low. Carter went on to win a Stanley Cup with the Kings that season and again in 2013-14.

The clear winner was the Flyers. They received three assets for a player who only played a fraction of a season with his new team. Philadelphia acquired a 22-year-old Voracek, who recorded 604 points in 727 regular-season games over 10 seasons before being traded back to the Blue Jackets in 2021. They also used their two 2011 draft picks to select Couturier and Cousins.

Couturier is still with the Flyers and serves as their captain. He has 522 points in 843 career games over 13 seasons with the team and is currently in the midst of an eight-year, $62 million contract, ensuring he’ll be with the Flyers for the foreseeable future. Cousins played with the Flyers until 2017 when he was traded to the Arizona Coyotes for a prospect and a 2018 fifth-round pick.

Matthew Tkachuk

Date: July 11, 2022

Full deal: The Florida Panthers acquired Tkachuk and a conditional 2025 fourth-round pick from the Calgary Flames in exchange for Jonathan Huberdeau, MacKenzie Weegar, Cole Schwindt and a lottery-protected 2025 first-round pick.

Tkachuk informed the Flames during the 2022 off-season he had no interest in signing a long-term deal with the team, prompting both sides to work to find a trade destination where he would commit to an extension. It was a significant blow for Calgary, which had already lost Johnny Gaudreau to the Columbus Blue Jackets in free agency. At the time of his trade request, Tkachuk was coming off a career-best 104-point season, and the Flames had just won a division title.

Over 431 games across seven seasons in Calgary, Tkachuk scored 382 points, ranking second in his draft class behind Auston Matthews. Once a deal was struck between the Flames and Panthers, Tkachuk immediately signed an eight-year, $76 million contract extension. In his first season with the Panthers, the feisty winger registered 109 points in 79 games, adding 24 points in 20 playoff games as Florida reached the Stanley Cup Final, where it fell to the Vegas Golden Knights.

Tkachuk’s offensive numbers dipped slightly the following season, with 88 points in 80 games. The Panthers again reached the Stanley Cup Final, this time winning their first championship in franchise history by defeating the Edmonton Oilers. Tkachuk contributed 22 points in 24 playoff contests.

Huberdeau, coming off a career-high 115-point season, was originally viewed as the biggest piece of the deal for Calgary. But since joining the Flames, he has yet to replicate that success, posting 55- and 62-point seasons in his first two full years. Weegar, meanwhile, has arguably emerged as the best part of the trade for Calgary, establishing himself as a top-tier blueliner and posting a career-best 52 points last season.

Schwindt, the prospect included in the deal, spent two seasons with the Flames’ AHL affiliate and appeared in four NHL games in 2023-24. The Flames re-signed him to a one-year, two-way contract in September 2024, but he was claimed off waivers by the Golden Knights a month later. While then-Flames general manager Brad Treliving did well in salvaging a difficult situation and acquiring valuable assets, the Panthers are the clear winners of this trade to date.

Chris Pronger x 2

Dates: Aug. 2, 2005 and July 3, 2006
Full deals: The Edmonton Oilers acquired Pronger from the St. Louis Blues in exchange for Eric Brewer, Doug Lynch and Jeff Woywitka. Then, the Anaheim Ducks acquired Pronger from the Oilers in exchange for Joffrey Lupul, Ladislav Smid, a 2007 first-round pick (Nick Ross), a 2008 second-round pick (Travis Hamonic) and a 2008 conditional first-round pick (Jordan Eberle).

The Oilers made a bold move, landing Pronger in a three-for-one trade following the 2004-05 lockout — a game-changer for a small-market team that historically struggled to keep star players. The introduction of a salary cap created additional opportunities when big-market clubs like the Blues were forced to shed contracts.

Pronger was a coveted defenceman, having won the Hart and Norris in 2000 after posting 62 points in 79 games with the Blues. Edmonton quickly signed him to a five-year, $31.25 million deal — one of the largest contracts in league history at the time. Pronger maintained his high level of play in his season with the Oilers, recording 56 points in 80 games. He was also a key figure in Edmonton Stanley Cup Final run, where it fell to the Carolina Hurricanes. His 21 points in 24 playoff games marked the best post-season of his career. Meanwhile, the Blues — reeling from Pronger’s departure — missed the playoffs for the first time in 25 years.

Edmonton’s hopes of building around Pronger quickly unravelled when he requested a trade that same summer, citing personal reasons. His departure had an immediate and lasting impact on the Oilers, who fell to sixth-last in the standings in 2006-07 and finished with the fewest goals in the league. It marked the beginning of a painful stretch where Edmonton missed the playoffs for 10 consecutive seasons.

While some considered the price Anaheim paid for Pronger risky, the future Hall of Famer made an immediate impact, helping the Ducks win the Stanley Cup in his first season. The return for the Oilers, who did their best in a tough situation, turned out to be hit-and-miss. The most notable pieces were Smid, a stay-at-home defenceman who played 474 games with Edmonton, and the 2008 first-round pick used to select Eberle, who recorded 382 points over seven seasons with the Oilers.

Honourable mentions: The Golden Knights acquiring Mark Stone (Feb. 2019); the Senators trading Erik Karlsson to the Sharks (Sept. 2018); the Sabres sending Ryan O’Reilly to the Blues (July 2018); the one-for-one swap of Taylor Hall for Adam Larsson (June 2016); the Panthers bringing back Roberto Luongo (March 2014); the Flames trading Jarome Iginla to the Penguins (March 2013); the Thrashers sending Ilya Kovalchuk to the Devils (Feb. 2010); the Penguins landing Marian Hossa (Feb. 2008); the Lightning moving Martin St. Louis to the Rangers (March 2015); and the Maple Leafs dealing Phil Kessel to the Penguins (July 2015).

More from Sportsnet

From builders to buyers? Teams that have changed their trade outlook

Possible replacements for Canada’s 4 Nations Face-Off team