New York Rangers President and General Manager Chris Drury spoke with the media to talk about his team's busy Day 1 of NHL free agency. That wasn't the only topic discussed, and when asked by reporters, he provided an update on Artemi Panarin's contract set to expire next July.
Chris Drury wouldn't comment on if he and Artemi Panarin's camp have started extension talks. Panarin has one year left on his deal.
— Peter Baugh (@Peter_Baugh) July 2, 2025
A year ago you would have expected that it would be a no-brainer for the Rangers to iron out a quick extension for their leading scorer, but at this point in time there's no reason for the team to rush. When strictly speaking about his on-ice performance, and not considering the very serious and appalling off-ice matter which should not be ignored even though the NHL considers "the matter closed", the 2024-25 season was a down year for Panarin.
It was his worst season statistically since joining the Blueshirts as he averaged just 1.11 points per game with a line of 37-52-89 in 80 games played. Using the word "worst" and "just" to describe that season may seem nitpicky, but it does accurately describe his lowest point total and points per game average in a single season excluding the COVID shortened season. When you also consider he went from 120 to 89 points over the course of a single season, that is something the team certainly should be concerned about. Especially when such an important player that's getting older is up for a new deal.
His level of offensive production is certainly something most teams would love to have, it's important to look at the context of this season in conjunction with everything else he's done since joining the team.
Season | GP | Goals | Assists | Points | P/GP |
|---|---|---|---|---|---|
2019-20 | 69 | 32 | 63 | 95 | 1.38 |
2020-21 | 42 | 17 | 41 | 58 | 1.38 |
2021-22 | 75 | 22 | 74 | 96 | 1.28 |
2022-23 | 82 | 29 | 63 | 92 | 1.12 |
2023-24 | 82 | 49 | 71 | 120 | 1.46 |
2024-25 | 80 | 37 | 52 | 89 | 1.11 |
Looking at it this way, you see two seasons in which he had the same points per game rate, a drop by 0.10, a drop of 0.16, an increase of 0.34, and then a drop of 0.35. This is of relevance to the team when thinking about what a future contract, if they were to offer one, would look like. Panarin turns 34 in October, and it is in their best interest to see if his decline in offense was just a one year blip.
The Rangers as constructed are a team that is looking to win now, but a lot of that hinges on Panarin's ability to produce. If he's unable to to provide the level of production they need to win a championship, it is in their best interest to see if they can pivot and acquire another comparable star who is younger and better fits the future of this team.
It is unlikely the Rangers will let Panarin walk away, and I'd imagine they would work out a deal that is around three to four years in length and around $8 million per year when all is said and done. But if his regression continues next season, they should let the season play out before locking themselves into an asset that could be on decline.
Panarin may be one of the most successful free agent signings in NHL history, and one of the team's most impactful and productive players, but everything they do going forward needs to be through the lens of what helps the team win a championship.
With Panarin, the Rangers have been unable to get it done in the playoffs against the Florida Panthers. In 46 playoffs games to date while wearing a Blueshirt, Panarin has 12 goals and 23 assists for 35 points. This is not to blame him for the team's failings as others have been more disappointing, but it is relevant that the team's highest paid player has been an elite regular season scorer and less than that in the postseason.
Consider that one of those runs came in Panarin's age 30 season, and another was during his age 32 season. He's defied aging curves for most of his Rangers' tenure, but what are the odds of him suddenly increasing his rate of production in the playoffs?
We don't know how the Rangers will perform in year one under new head coach Mike Sullivan. The team has made some decent moves in free agency, but they still lag far behind the two-time defending Stanley Cup champions. That is true of many teams in the league, and that's why this upcoming season is so important. It could very well be an evaluation year of Sullivan in which he sees how capable this team is, and how far it can go as currently constructed. During this time he will be able to see if he has the type of players he needs to be successful in his tenure here, one that should be longer than the previous group of head coaches combined.
I would expect him to have an opportunity to have input on the team acquire a star forward that is of his desired requirements, because he already has a goaltender and defenseman who are set to be impactful for many years to come. For all we know that forward could end up being Alexis Lafrenière, and if he were to step up and take more ownership of this team, that could change the future prospects of the squad.
For these reasons, and others, there's no rush for the Rangers to commit future cap space to Panarin. They have no idea what players could become available in free agency, or via trade, and they need to be patient and ensure they are making a decision that is best for the long-term future of the team, and the goal of ending a Stanley Cup drought that's been ongoing since 1994. Whether or not that includes Panarin... to be determined.