Just before the NHL Olympic roster freeze deadline at 3 pm, the Los Angeles Kings and the New York Rangers completed a significant trade involving Artemi Panarin. The Kings acquired Panarin, retaining 50 percent of his 2025-26 cap hit, while the Rangers received prospect Liam Greentree along with conditional third- and fourth-round draft picks in 2026 and 2028, respectively. This trade is expected to have a notable Artemi Panarin trade impact on both franchises as they prepare for the remainder of the season.
Los Angeles Kings Bolster Offense with Panarin
The Kings have struggled this season but remain contenders in the Pacific Division due to its overall weakness. Artemi Panarin, who recorded 57 points in 52 games before the trade, brings valuable scoring and playmaking abilities to a Kings lineup in need of offensive leadership. Known for his effectiveness in transitioning the puck through the neutral zone, Panarin’s strength lies in setting up teammates as one of the NHL’s premier playmakers.
Panarin will step into the role of the primary offensive catalyst, complementing players like Kevin Fiala and Adrian Kempe, who have been the Kings’ main scorers so far. Despite the Kings currently sitting fifth in the Pacific, they are just four points behind the division leaders. While Panarin’s arrival does not instantly elevate the Kings to Stanley Cup favorite status, it significantly improves their chances of securing a playoff spot.
According to Mollie Walker of the New York Post, Panarin agreed to join only the Kings and promptly signed a two-year contract extension worth $11 million annually, which likely influenced the reasonable return Los Angeles gave up—Greentree and two mid-round conditional picks.
One concern for the Kings is that this move adds more veteran experience to a team that had become older and slower following a difficult offseason. However, Panarin defies the typical trajectory of a mid-30s player, and the short-term contract limits long-term risk. Overall, the Kings improved their roster depth and offensive capabilities with minimal downside.
Kings Grade: A-
New York Rangers Receive Modest Compensation in Return
Fans and analysts reacted to the Panarin trade with disappointment from the Rangers’ perspective, feeling the return was underwhelming. However, Panarin’s full no-move clause restricted his destination choices, leaving the Rangers with limited leverage in negotiations. This situation mirrors the prior trade where the Florida Panthers acquired Claude Giroux from the Philadelphia Flyers under similar conditions.
The Rangers acquired Liam Greentree, a prospect currently showing a decline in performance, registering 45 points in 34 games this season compared to 119 points in 64 games the previous year. This drop raises questions about his potential development into an impactful NHL player. While there is always uncertainty with prospects, Greentree has yet to display the consistent promise that players like Owen Tippett—who was traded by the Flyers and has become a reliable second-line scorer—showed at the time of his trade.
Along with Greentree, the Rangers obtained conditional third- and fourth-round picks, which may provide trade chips or assets for future deals. Still, the immediate return lacks the quality to strengthen the Rangers’ lineup significantly this season or near term. It remains possible the Rangers could use these assets in follow-up transactions to gain more established NHL help.
Rangers Grade: C-
Implications and Next Steps for Both Teams
The Artemi Panarin trade impact is clear: Los Angeles improves its scoring depth and offensive creativity ahead of the playoff push, enhancing its competitiveness in a soft Pacific Division. Meanwhile, the Rangers face scrutiny over receiving a low return for a star player but were constrained by Panarin’s contract terms and preferences.
This trade will add urgency to the Kings’ season ambitions, as Panarin’s presence should help them convert their playoff hopes into a postseason berth. For the Rangers, the challenge will be developing Greentree and maximizing the value of acquired picks to rebuild or reshape their roster amid a season of transition.
Artemi Panarin is going to the Los Angeles Kings, let me and @AdamSchefter.
Liam Greentree and conditional third round pick are the return.
— Emily Kaplan (@emilymkaplan) February 4, 2026
I’m told the Kings were the only team Artemi Panarin wanted to go to and the only team #NYR had to work with.
Return is Liam Greentree, a conditional 3rd that can become a second if the Kings win 1 playoff round (would be better of two Kings 3rds) and a conditional…
— Mollie Walker (@MollieeWalkerr) February 4, 2026
Panarin extension with Kings is completed: two years x $11 M AAV https://t.co/AHpVy9XjAK
— Pierre LeBrun (@PierreVLeBrun) February 4, 2026
