Connor McDavid’s team-friendly extension sends a message Rangers' star should hear

Connor McDavid shocked the hockey world by signing a two-year contract extension with the Edmonton Oilers that will carry a $12.5 million AAV, which is the same rate he's been paid at, but a discount in terms of current league dollars. The contract being struck just before the season started was an unexpected development, but the move means the noise around McDavid and his future will subside for the interim.

His decision to sign the contract he did could have ripples around the industry, and you can imagine Kirill Kaprizov is feeling good about signing for what he did, when he did. There are also implications for the New York Rangers. The first of which being that a main target is off their 2026 wish list, the other being the impact it could have on their negotiations with their own UFA to be. With the season about to start, let's dive in.

Panarin previously had no interest in taking a discount, he may have to reconsider

McDavid signing his deal means one less star for Artemi Panarin to compete with for dollars in free agency, but the nature of his extension will hurt his stance about not taking a discount to remain a Ranger. Panarin previously had been uninterested in taking a team friendly deal to remain a New York Ranger, but McDavid's new contract changes everything.

If the league's best player in their prime just took a discount, it is not unreasonable for the Rangers to be firm on the concept of a soon-to-be 34 year old Panarin, coming off a down year in 2024-25 to entertain a lesser contract for the future.

The rumored offer was something similar to that of Anze Kopitar, a player who was making $10 million per year, and then signed a two-year deal worth $7 million. Kopitar will be retiring at the end of the 2025-26 season, whereas Panarin still has some years to play. The one thing that can be said about McDavid is that he undoubtedly will make up the money he turned down by signing the deal he did.

Panarin is looking at what could be his last chance to cash in, and he will certainly look to take as much as he can. But if he also cares about winning, he might have to take less whether it be with the Rangers or another contender. It is hard to see teams that are trying to win a Stanley Cup throwing around as much money now for Panarin now that McDavid signed for so cheap, so the Rangers' superstar might be in for a reality check.

Panarin is a great player, but best days are likely behind him

The biggest unknown for Panarin is how he will perform under Mike Sullivan, and if he gets off to a bad start it may only lead to further questions of whether or not he's the right fit to be the team's superstar forward. In some ways, signing a deal now might be in Panarin's best interest, and a risk for the Rangers.

It seems strange to get up in arms and complain about a player putting up 89 points. The problem is that was a step down for Panarin coming off a career-high 120 points the year before. It is very likely that season will be the best he ever compiles in a single regular season, and it was a performance that certainly justified his cap hit of $11.6 million. But going forward... that's a risky proposition.

It is for that reason the Rangers need to be cautious about any potential extension, because they don't want to commit too much money for a player possibly in decline. If Panarin were to sign for $7 million, that number would be fine if he ultimately regresses to being just above a point per game player. For all we know, Panarin might be a perfect fit for a Mike Sullivan coached team. But there are no guarantees. But the fact remains that McDavid doing the service he did to Edmonton is likely to have an impact for others around the league, and one of those players is Panarin.