With the 2026 Winter Olympics over and the 2026 NHL trade deadline now just 10 days away, the New York Rangers find themselves in a position of significant leverage. Following the blockbuster departure of Artemi Panarin and an earlier deal that sent Carson Soucy to Long Island, the focus at Madison Square Garden has shifted entirely to the future.
For President and General Manager Chris Drury, the March 6 deadline is no longer about adding pieces for a playoff run, but rather about maximizing the value of his remaining trade chips while utilizing a rare surplus of salary cap flexibility. As the "Letter 2.0" retool enters its final and most active stage before the summer, it is important to look at exactly what is in the Rangers' cupboard.
What you need to know about current state of the New York Rangers and their cap space
The New York Rangers, per Puck Pedia, currently have $5,902,471 in cap space, and are projected to be able to take on $7,448,357 of salary at the trade deadline. These numbers will shift a bit once Adam Fox is reinstated from long term injured reserve, but that number will change once the team starts sending players out.
They also currently have an active roster size of 22 players, and also have 46 standard contracts with the organization. There can only be 50 contracts at any given moment, and that comes into play when thinking about the Rangers taking back bad contracts to weaponize their cap space for picks and prospects.
The Rangers also have two retention spots available, and they can retain on two more contracts. The max a team can retain is 50 percent of a player's cap hit, and they can only spend up to 15 percent of the salary cap for the given year. That figure is $14,325,000, and with the team already retaining 50 percent of Panarin's salary for the remainder of this year, their retail pool currentl has $8,503,571 in available space.
Trade assets of note for the Rangers
Vincent Trocheck is the Rangers' most valuable asset, and the newly minted gold medalist has a cap hit of $5.625 miliion for the remainder of this season, and three more after that. He has a 12 team no trade list this year, and is expected to be a heavily sought after trade target. The Minnesota Wild are a team that's shown interest, and it wouldn't be shocking if he were to be dealt this week.
Braden Schneider is a young defenseman who will need a new contract after this season, and he currently has a cap hit of $2.2 million. The 24 year old defender has been given a significant boost in minutes this season while Adam Fox has been sidelined, and that assignment hasn't gone well for him. He could still very well be a work in progress, but he's expected to head back to the third pair when Fox returns. He could benefit from a new opportunity, and remains an interesting name.
Alexis Lafrenière was drafted No. 1 overall by the Rangers in 2020. Six years later things haven't gone the way Lafrenière and the Rangers have thought, and with the team embarking on a retool his name is one that could be in the mix. His $7.45 million cap hit for the next six seasons after this one makes an in-season trade less likely, but don't rule anything out for certain. Another team might see a golden opportunity for a player with upside who is locked into a contract that will be less onerous as the cap increases over the next decade, but the Rangers will need to be absolutely sure before moving Lafrenière out of town.
Sam Carrick is a grizzled veteran who plays with spark and tenacity, and is a cost effective fourth liner that makes $1 million this year and next. He's been a good presence for the Rangers, but with the team rebuilding they need to try and improve the roster anyway they can. Teams traditionally like to acquire players like Carrick, and his contract makes it easy to move him.
Rangers' draft pick situation for the immediate future
The most striking part of the New York Rangers' current outlook is the sheer volume of high-leverage picks accumulated for the 2026 NHL Draft. Following a series of aggressive moves, the Rangers currently hold nine selections in the upcoming draft, including five within the first three rounds. This haul is highlighted by two first-round picks (their own and Carolina’s) and a second-round pick also via the Hurricanes through the Scott Morrow and K'Andre Miller trade. The mid-round depth is equally impressive, with three third-round selections currently on the books, including picks from the Kings and Islanders through the Panarin and Soucy trades.
Looking slightly further ahead to 2027, the team maintains a more traditional, balanced cupboard. While they currently lack a second and fourth-round selection in that class, they still hold their own picks in the first, third, fifth, sixth, and seventh rounds. The Rangers' overall cap picture puts them in a great position to acquire additional draft picks, and that's a worthwhile strategy given the overall state of the prospect pool.