The New York Rangers have started a major reset following their failure to reach the 2025 Stanley Cup Playoffs. The first move came on June 12, when the team traded veteran forward Chris Kreider to the Anaheim Ducks. The next appears to be defenseman K’Andre Miller, whose future in New York seems increasingly at odds with the Rangers’ long-term plans.
After a 39–36–7 season and a fifth-place finish in the Metropolitan Division, Rangers management is shifting focus to long-term flexibility and performance. With several restricted free agents to sign and large contracts on the books, the organization is making difficult decisions to reshape its core identity.
- The Rangers are expected to trade 25-year-old defenseman K’Andre Miller, with the Carolina Hurricanes listed as a likely destination.
- New York has already traded longtime forward Chris Kreider to the Ducks, opening nearly $15M in cap space.
- Insider reports say the Rangers don’t want to commit to Miller long-term, making a trade or offer sheet scenario increasingly likely.
Kreider Traded to Anaheim, Cap Space Created
The Rangers sent Chris Kreider and a 2025 fourth-round pick to Anaheim in exchange for 20-year-old center prospect Carey Terrance and a 2025 third-round pick. Kreider had two years remaining on his contract at $6.5 million per year. The Rangers retained none of the salary.
Kreider, drafted 19th overall in 2009, spent his entire NHL career in New York and ranks third in franchise history in goals (326), seventh in games played (883), and tied for first in power-play goals (116). He added 48 goals and 76 points in 123 career playoff games.
This past season, Kreider recorded 22 goals and 30 points in 68 games, a significant drop from the previous three years in which he averaged 69 points and scored at least 36 goals annually.
According to PuckPedia, the trade created $14.9 million in cap space. However, that extra room hasn’t dramatically improved their immediate outlook. NY sports betting analysts and oddsmakers listed the Rangers at 29-to-1 to win the 2025–26 Stanley Cup, and that shows there’s doubt surrounding the team’s direction and an incomplete roster.
Kreider joins a growing group of former Rangers in Anaheim, including Jacob Trouba, Ryan Strome, and Frank Vatrano. He spoke about the move during an interview with Ducks Stream, expressing gratitude for his time in New York and enthusiasm about his new role.
Rangers Unwilling to Commit Long-Term to Miller
Attention now turns to K’Andre Miller, who is a restricted free agent after completing a two-year, $7.74 million bridge contract. The 25-year-old defenseman posted 7 goals and 20 assists in 74 games last season and has played 368 career NHL games since being drafted 22nd overall in 2018.
Miller was expected to become a foundational defenseman, but his development has not met expectations. Multiple reports from The Athletic and 32 Thoughts confirm that the Rangers are exploring trade options. Carolina is considered a likely landing spot if Dmitry Orlov leaves in free agency.
The Rangers reportedly do not want to sign Miller to a long-term extension. Elliotte Friedman stated on June 13 that if an extension occurs, it will be short-term.Larry Brooks of The New York Post said that a trade now seems “inevitable,” and warned that Miller is a strong candidate to be offer-sheeted if not moved before July 1.
If an offer sheet is signed, compensation depends on the contract’s average annual value. For deals between $4.68 million and $7 million, the Rangers would receive a first- and third-round pick. For offers between $7 million and $9.3 million, compensation increases to a first, second, and third-rounder.
Cap Space, Contracts, and Trade Options
The Rangers must manage the rising cost of their core. Igor Shesterkin’s new contract increases his cap hit from $5.67 million to $11.5 million beginning in 2025–26. Midseason additions Will Borgen and J.T. Miller added $12.1 million combined. Borgen signed a five-year deal worth $4.1 million annually, while Miller is entering the second season of a seven-year, $56 million contract.
Seven restricted free agents still need to be signed, including Miller, Will Cuylle, Zac Jones, Matthew Robertson, Matt Rempe, and Adam Edström. Cuylle is expected to receive around $3.5 million, while Rempe and Edström could account for another $2 million combined.
Trading Miller would open cap space but create a major hole on the blue line. Internal options such as Carson Soucy, Urho Vaakanainen, and Zac Jones are available but lack Miller’s ability to handle top-pair matchups. The team has an interest in free agent Vladislav Gavrikov, who is seeking a seven-year deal worth $7 million annually, but cap space remains tight.
A few other players could also be moved. Mika Zibanejad has five years remaining on a $8.5 million annual contract and a full no-move clause. Although no formal request has been made, his departure would create flexibility, and the Toronto Maple Leafs are reportedly monitoring the situation.
Alexis Lafrenière, who signed a seven-year, $7.45 million per year deal in October, has been inconsistent but will now have an opportunity to play a larger role with Kreider gone. He is expected to move into a top-line position and see more power-play minutes under head coach Mike Sullivan.
Carson Soucy, acquired at the trade deadline, has a $3.25 million cap hit and a full no-trade clause that lifts on July 1. He is a candidate to be moved if the team pursues further defensive changes.
A New Direction Under Sullivan
After failing to make the playoffs, the Rangers fired head coach Peter Laviolette on April 19 and hired former Penguins coach Mike Sullivan on May 2. David Quinn, who previously coached the Rangers, returns as an assistant focused on the defense.
General Manager Chris Drury must also decide whether to send the No. 12 pick in the 2025 NHL Draft to the Pittsburgh Penguins by June 25 to complete the J.T. Miller trade. If he does not, New York will owe an unprotected 2026 first-rounder instead.
Carey Terrance, the 20-year-old center acquired from Anaheim, is viewed as a strong addition to the system. He scored 20 goals and 39 points in 45 games with the Erie Otters (OHL) and helped Team USA win gold at the 2025 World Junior Championship, contributing two goals in seven games.
