Trade Grades: Rangers send Artemi Panarin to Kings before roster freeze
Artemi Panarin’s storied New York Rangers career came to an end Wednesday afternoon. The Rangers shipped Panarin to the Los Angeles Kings for 2024 first-round pick Liam Greentree (No. 26 overall), a conditional 2026 third-round pick and a conditional fourth-rounder in 2028. The trade came just before the 3 p.m. ET NHL roster freeze for the Olympic break.
The Rangers retained 50 percent of Panarin’s pro-rated $11.642 million average annual value (AAV) contract. The Kings extended the 34-year-old forward on a two-year, $11 million AAV deal through the 2027-28 season, per PuckPedia.
Los Angeles’ 2026 third-round pick can become a second-rounder if the Kings win a playoff round this spring. If Los Angeles advances to the Western Conference Final this season, New York also receives the 2028 fourth-round pick.
Panarin became the second Rangers player moved ahead of the NHL Trade Deadline on March 6; they sent defenseman Carson Soucy to the New York Islanders on Jan. 26.
The Breadman racked up 205 goals and 607 points in 482 games after signing with the Rangers on July 1, 2019. He finished his tenure on Broadway ninth on the Rangers’ all-time scoring list; his 1.26 points per game rank first all-time among all skaters in the franchise’s 100 seasons.
Grading the Artemi Panarin trade between Rangers and Kings
New York Rangers: D
The elephant in the room is that Rangers general manager Chris Drury didn’t have much leverage in making the Panarin trade. Armed with a no-movement clause and set on also receiving a contract extension before signing off on any trade, Panarin drove the bus here. Drury confirmed that Panarin’s agent informed him Wednesday morning, hours before the roster freeze went into effect, that his client had an extension in place with the Kings, and that’s the only team he’d waive the no-movement clause for.
Even with the Rangers retaining half of his salary, Panarin handpicked his destination, which no doubt affected their ability to maximize his value.
That context explains the return, but it doesn’t make it any less underwhelming.
It’s a hard pill to swallow that one of the most talented players in Rangers history — and their best free-agent signing — failed to bring back even a conditional first-round pick.
Elliotte Friedman reported that the Rangers were using last year’s Brock Nelson trade as a starting point for negotiations. The Islanders netted a first-round pick, a conditional third-round pick, and a former first-rounder in Calum Ritchie (No. 27 overall) for Nelson, a center who was 33 at the time and had a modified no-trade clause.
It’s safe to say that the Rangers didn’t quite get the same value for Panarin.
Greentree is the most intriguing piece of the return as a 20-year-old power forward with a strong frame (6-foot-2, 207 pounds). He was widely considered the top prospect in the Kings system, although The Athletic’s Corey Pronman did not have him ranked in his Top 100 players under 23.
“We valued him, a prospect like him, higher than a ’26 or ’27 first-round pick. He’s an ’06 birth year and ready to turn pro and wrapping up on his junior career,” Drury explained.
Greentree scored 49 goals and finished with 119 points in 64 games last season with the Windsor Spitfires of the OHL, playing on a line with lauded Washington Capitals prospect Ilya Protas, who paced the squad with 50 goals and 124 points. Greentree’s OHL production is down in 2025-26 (23 goals, 45 points in 34 games), coinciding with Protas moving to the American Hockey League.
In addition, Greentree was a spare forward for Canada at the 2026 World Junior Championship, where he had one assist in three games.
Prospect trends aren’t one-size-fits-all, but it’s worth noting that Brennan Othmann, the Rangers’ first-round pick in 2021 (No. 16 overall) experienced a similar stat regression in his final OHL season before turning pro. Considering Othmann’s struggles in the NHL (one goal, three points in 41 games), the hope is that Greentree doesn’t follow in his footsteps.
Greentree, who is Windsor’s captain, has tools that can translate to a regular top-nine role in the NHL, but it’s unreasonable to place expectations of stardom on him. But considering the current state of the Rangers pipeline, Greentree probably is right near the top of their prospects list.
Of course, it can be argued that the Rangers should have offered the same extension the Kings gave Panarin, even with the team embracing a retool. There’s no guarantee Panarin would have accepted the same contract in New York, but it’s certainly a valid criticism — especially given the rather lackluster return.
Los Angeles Kings: A
When a star like Panarin selects you as his preferred destination, you don’t say no. Los Angeles acquired one of the top forwards in the sport for pennies on the dollar; 50 percent retained salary in 2025-26 and a two-year extension only sweetens the pot.
The Kings aren’t exactly a Stanley Cup favorite at the moment. In fact, at the time of the trade they’re three points out of third place in the Pacific Division, as well as three shy of the second wild card in the Western Conference.
But Panarin gives their struggling offense that ranks fifth-worst in the NHL (2.57 goals per game) a major boost. They’re a solid defensive team already, and Panarin fills a major void offensively.
The highlight of the deal for general manager Ken Holland, though, is Panarin’s two-year, $22 million extension ($11 million AAV). Los Angeles got exclusive negotiating rights to the player who would’ve been the top available free agent this summer and signed him to a short-term, low-risk deal.
Panarin reportedly sought a $50 million extension, but the deal he signed with the Kings comes up well short of that mark. So, that’s a win for the Kings.
Panarin’s game is predicated on skill more than athleticism, which should preserve his status as a dangerous offensive threat. The Kings avoided a deal that would take Panarin into his 40s — something that would have been akin to Brad Marchand’s six-year extension with the Florida Panthers.
Losing Greentree is a hit to L.A.’s prospect pool. But you swap a potential top-nine forward for a guaranteed top-level point producer any day of the week.
