The Los Angeles Kings acquired star winger Artemi Panarin from the New York Rangers in a major trade announced Wednesday, shaking up the NHL landscape. The deal followed trade rumors that intensified after the Rangers scratched Panarin from their lineup on January 28 against the New York Islanders, signaling his imminent departure.
In return for the 34-year-old winger, the Kings sent forward prospect Liam Greentree and a conditional third-round draft pick to New York. The Rangers will also retain 50% of Panarin’s $11.6 million salary cap hit. Soon after completing the trade, the Kings revealed Panarin had agreed to a two-year contract extension worth $11 million annually, effective next season through 2027-28.
Details and context of the trade
Though Panarin is in the latter stages of his career, he remains one of the league’s elite wingers, leading the Rangers this season with 38 assists and 57 points. Since entering the NHL in 2015-16, he ranks fourth in assists (606) and fifth in overall points (927). His peak performance came in the 2021-22 season, scoring 120 points and playing a key role in the Rangers winning the Presidents’ Trophy, while finishing fifth in Hart Trophy voting.
Panarin’s contract was set to expire this year with a hefty cap hit, prompting the Rangers to move him in a bid to rebuild. New York has openly embarked on a retool phase after a disappointing 2025-26 campaign. Panarin himself likely sought a fresh environment with a stronger Stanley Cup chance.
After signing out of the KHL with the Chicago Blackhawks, Panarin earned the Calder Trophy as rookie of the year with 30 goals. He replicated that scoring level in his second season before moving to Columbus, where he etched records for single-season assists (59) and points (87). He was crucial in Columbus’s stunning first-round sweep of Tampa Bay’s top-ranked Lightning in 2018-19.
Panarin joined New York on a sizable seven-year deal, delivering 205 goals and 402 assists over 482 games, cementing his status as a superstar winger.
Trade exchange summary
- Los Angeles Kings receive: Forward Artemi Panarin (with 50% salary retention by New York)
- New York Rangers receive: Forward Liam Greentree and a conditional third-round draft pick
Assessment of the deal for the Kings
The Kings have long struggled to generate offense, ranking near the bottom in scoring over recent years and deeply needing a dynamic playmaker. Veteran Corey Perry, despite being 40, was their fourth-leading goal scorer with just 11 goals, illustrating the team’s offensive challenges. Panarin’s arrival brings a multifaceted offensive threat who excels at both scoring and playmaking.
Between 2023 and 2025, Panarin ranked sixth in goals (86) and eighth in assists (128) across the NHL. In what was a down year for both player and team, he was still posting a pace equivalent to 29 goals and 59 assists over a full 82-game season. The Kings haven’t had an 80-point player since Anze Kopitar in 2017-18.
Panarin is also expected to significantly enhance Los Angeles’s power play, which stands at 29th in the league. Since his NHL debut, only five players have outscored Panarin on the man advantage, making him a potent weapon in that area.
Coach Jim Hiller’s challenge will be to strike a balance between maintaining Panarin’s offensive freedom and fitting him into the team’s defensive system. Panarin’s creativity should be prioritized, ideally paired with players like Quinton Byfield and Adrian Kempe. Byfield could focus on retrieving the puck, Panarin on creating plays, and Kempe on finishing.
Given Panarin’s no-movement clause, the Kings secured a top-tier forward at a relatively low acquisition cost, trading only a conditional third-round pick and a promising, though not elite, prospect. The manageable two-year extension at $11 million per year is reasonable, as Panarin’s performance is unlikely to decline sharply before the deal expires. General Manager Ken Holland’s maneuver netted immense value. Grade: A+
Impact and evaluation for the Rangers
New York’s general manager Chris Drury confronted a difficult situation as Panarin controlled where he could be traded, substantially limiting the Rangers’ leverage. Despite Panarin’s outstanding seven-year tenure with New York, the trade-protection clause gave him considerable power to veto destinations.
Liam Greentree represents the most intriguing asset heading to the Rangers. Drafted 26th overall in 2024, Greentree is a large winger noted for offensive talent at the junior level, finishing third in OHL scoring with 119 points in 64 games last season. Though his current season’s production has dipped to 45 points in 34 games, The Athletic has identified him as the Kings’ top prospect.
The conditional third-round pick is a relatively modest return, though it can upgrade to a second-rounder if the Kings win a playoff round. However, it’s rare for a player with Panarin’s stature not to command at least a first-round pick under normal circumstances. His extensive trade protections cost the Rangers significant value, limiting New York’s haul.
Panarin was arguably the team’s best opportunity to quickly advance their rebuild. Now, New York will need to make additional moves to restock talent. While they have assets to do so, the inability to secure a more substantial return for their franchise star is disheartening. Drury’s grade reflects the realities he faced rather than poor execution. Grade: D+
The bigger picture and what lies ahead
This trade dramatically reshapes both franchises’ trajectories. The Kings add a premier scorer and playmaker who could elevate their bid for a Stanley Cup, addressing long-standing offensive deficiencies. Meanwhile, the Rangers shift deeper into a rebuilding phase, prioritizing future assets and player development.
Panarin’s presence on Los Angeles’s roster instantly boosts their offensive potential and power play efficiency, making them a more formidable contender. For New York, the focus will be on converting the returns from this trade and other pending moves into sustained success.
As the remainder of the 2025-26 season unfolds, both teams will be closely watched to see how this trade impacts their performance and strategic directions in a highly competitive NHL environment.
