The New York Rangers had high hopes after winning the Presidents’ Trophy in the 2023–2024 season. However, their playoff push collapsed early, and the momentum that had defined them the year before disappeared. The “No Quit in NY” slogan lost meaning as the team failed to live up to expectations. Now, the Rangers are starting over with a new head coach and many decisions ahead.
General Manager Chris Drury has already taken a big step by hiring Mike Sullivan as the team’s new head coach. Sullivan, who won back-to-back Stanley Cups with the Pittsburgh Penguins in 2016 and 2017, replaces Peter Laviolette. Drury explained the decision clearly: “The second Mike was available, we quickly and aggressively pursued him… There’s a lot of work to be done.”
That work begins now, with a tight salary cap and a long list of choices that will shape the team’s future.
- GM Chris Drury is exploring major trades involving Artemi Panarin, Chris Kreider, and Mika Zibanejad to manage the Rangers’ limited $9M cap space.
- A proposed deal could send Panarin to the Anaheim Ducks in exchange for Trevor Zegras, Tyson Hinds, and two high draft picks, including the 10th overall.
- With Mike Sullivan hired as head coach, the Rangers are shifting focus to younger talent like Will Cuylle and critical decisions on RFAs like K’Andre Miller.
Salary Cap Issues Could Force Key Veterans Out
The Rangers have less than $9 million in cap space, which is not enough to sign all their restricted free agents and make improvements. Drury may have to trade players who were once part of the team’s core to free up money.
One of those players is Chris Kreider. Kreider has two years left on a $6.5 million AAV contract. Once known for scoring 26 power-play goals in a season, Kreider finished this year with only 30 points. A back injury kept him out for part of the season, and his production dropped. It’s possible he could be traded to a team in the Western Conference.
Carson Soucy is another player the Rangers might trade. They got him from the Vancouver Canucks on March 6, 2025, with a $3.25 million cap hit per year. Starting in July, only 12 teams will be on his no-trade list, which means it will be easier for the Rangers to find a team to send him to. Soucy didn’t make much of a difference during his time in New York. He played just 16 games and finished with only one goal and two assists.
Soucy had hoped to bring energy to the team. He said he was excited to join the Rangers and reunite with Will Borgen and J.T. Miller, former teammates from Seattle. “Obviously, just New York, playing for the Rangers, playing in Madison Square Garden,” he said, explaining his reason for waiving his no-trade clause. But fans weren’t impressed. He earned a D grade for his short time with the team.
Drury had expected more. “We think there’s a lot of possibilities with Carson,” he said at the time. But those expectations didn’t match the results.
Mika Zibanejad could also enter trade talks. He has a full no-movement clause and a contract worth $8.5 million AAV. He scored 62 points this season. If he agrees to a trade, the Rangers could move him to clear more cap space.
Rangers Must Choose Between Keeping or Trading Their RFAs
K’Andre Miller and Will Cuylle are important restricted free agents for the team’s future, and Drury needs to decide how to manage their contracts.
K’Andre Miller is coming off a down season. After scoring 43 points in 2022–2023, he managed only 27 points this year. He played 74 games and averaged 21:57 of ice time per game, but his defensive play was inconsistent.
The Rangers have a few options with Miller. They could take him to arbitration and try to keep his contract near $3.72 million for two more years, meaning that by 2027, he would become an unrestricted free agent. They might offer a longer deal now to lock him in, or possibly trade him if they think his value has peaked.
Will Cuylle had a much stronger season. He scored 20 goals and finished with 45 points. He also had 301 hits and moved up to the second line. Cuylle played a solid two-way game and showed goal-scoring ability. Because of his strong season, other teams might try to sign him with an offer sheet. Drury needs to sign Cuylle quickly to avoid losing him.
Rangers Face Big Decision with 2025 Draft Pick
The Rangers also hold a first-round pick in the 2025 NHL Draft. Depending on where they draft, they could have a shot at players like Carter Bear or Radim Mrtka. But there’s another option: send this year’s pick to the Pittsburgh Penguins instead of waiting to send an unprotected 2026 first-round pick.
This decision depends on whether Drury believes Sullivan can turn the team around right away. If he has faith in a quick bounce-back, trading this year’s pick might make more sense.
Artemi Panarin Trade Rumors Grow Louder
One of the biggest questions this offseason is whether the Rangers will trade Artemi Panarin. Panarin had a strong regular season with 37 goals and 52 assists—89 points in 80 games—but struggled again when it mattered most. He is entering the final year of his seven-year, $81.5 million contract.
According to NHL insider David Pagnotta, the Rangers are open to trading Panarin. “They’ve got to decide whether they want to keep going with this core group or if they can move Panarin, get a significant return, and use that cap space,” Pagnotta reported.
One trade idea, proposed by a user on PuckPedia’s PuckGM tool, would send Panarin to the Anaheim Ducks. In return, the Rangers would get Trevor Zegras, defense prospect Tyson Hinds, Anaheim’s 2025 first-round pick (10th overall), and a 2025 second-round pick from Winnipeg.
Zegras is 24 and is in the final year of a $17.25 million contract. He had 32 points in 57 games this season. Hinds, 22, has played the past two seasons in the AHL. He could compete for an NHL spot next year.
Panarin, if traded, would add scoring and star power to the Ducks’ lineup. Anaheim would likely want to sign him to an extension as part of the deal.
Ryan Lindgren Moves On After Tough Playoff Exit
The Rangers also said goodbye to Ryan Lindgren, who was traded along with Jimmy Vesey to the Colorado Avalanche. In return, New York received defenseman Calvin de Haan and forward Juuso Parssinen.
Lindgren had a solid year. He scored a career-high 22 points and played through a jaw injury early in the season. He helped the Avalanche reach Game 7 of the first-round playoff series against the Dallas Stars. In that game, he was on the penalty kill when Mikko Rantanen scored a short-handed goal. Rantanen later scored again with a wraparound shot that bounced off Samuel Girard’s skate.
Lindgren finished the playoffs with a +5 rating and 12 blocked shots. He will be a top UFA defenseman in 2025, along with Aaron Ekblad, Vladislav Gavrikov, and Ivan Provorov.
