When the New York Rangers traded Artemi Panarin to the Los Angeles Kings, the front office attempted to frame the move as the first step of a proactive, opportunistic retool outlined in Letter 2.0. President and General Manager Chris Drury leaned heavily on that narrative, positioning the decision as a strategic shift designed to regain long-term flexibility.
At the time of the trade, Drury said, “The results certainly have a factor in it. I talked to Artemi over the offseason, early on this season, halfway through this season. It became clear to us as an organization that the right thing to do is this retool, which is why we did the letter.”
With the NHL trade deadline having come and gone and Panarin being the only player of note traded, it is the perfect time to revisit the situation given new information that has just become available.
The power shift in trade negotiations
Once Drury made his intentions clear in a private meeting with Panarin, the power shifted. Because Panarin held a full no-movement clause, he effectively engaged in a process typically used by free agents on July 1, working his way through suitors while having the ability to turn down any team he didn't want to join. Drury referred to this at the time when he said, “There was a long list of teams willing to talk to me about Artemi.” With that said, Panarin and his agent, Paul Theofanous, engaged in a process that left the Blueshirts in a bind.
According to Panarin's friend and former NHL player and current analyst Nikita Filatov, the Blueshirts were at a disadvantage in negotiations given Panarin’s specific set of demands. Filatov, speaking on a conversation he had with Panarin, revealed that the team's star player effectively boxed the Rangers into a corner by turning down teams that made lucrative contract offers and could have netted a much better return.
The full history of the negotiations and all the possible destinations Artemi Panarin could have ended up in straight from the"Panarin Called" segment. Specific options with Canes and Washington. The reasoning behind his final choice and plenty of behind-the-scenes details pic.twitter.com/bDIzssrrPg
— Uggg (@Uggg_uggg) March 6, 2026
The Carolina offer that fell through
The biggest news to come out of the report is just how much money Panarin walked away from to orchestrate his exit to Los Angeles. It has previously been reported that the Seattle Kraken were willing to give the star winger a contract with a near $15 million AAV, but we now know they weren’t the only ones.
During the "Panarin called" segment, it was revealed that the Carolina Hurricanes were prepared to offer a contract valued at $11 to $12 million annually over two or three years. Conversations had already taken place with head coach Rod Brind'Amour, and there were no issues regarding how Panarin would fit into a system that can sometimes hamper offensive players. Ultimately, things fell apart at the end, not because of the financial commitment to Panarin, but because the city of Raleigh was a breaking point for Panarin and his family.
Other teams that were in the mix
The Washington Capitals were also willing to give Panarin a two-year deal worth $12 million per season, but he preferred the city of Los Angeles and the prestige of the franchise. Panarin also considered Anaheim, which is notable since the Ducks aren’t that far away, primarily because it would have been a chance to reunite with Joel Quenneville. Even though his former coach was onboard, it was determined that Panarin didn’t fit into the long-term plans the organization has in progress. What was also notable is that Dallas, Tampa Bay, and Florida were teams talked about in the media, but were never truly options for Panarin.
Perception changes regarding the Panarin trade
These revelations dramatically shift how we should view Drury’s opportunistic retool. If the Rangers' star winger was vetoing massive offers from division rivals based on city preference, Drury wasn't exactly operating from a position of strength. He was stuck with a player who held a no-movement clause and a player who knew exactly where he wanted to be. For a fan base already frustrated by a lack of transparency and an underwhelming deadline, these new details highlight the difficult reality of the situation.
The Rangers weren’t just negotiating a trade... they were managing the specific whims of their star forward who was leaving New York on his own terms. Which was completely valid considering his performance with the team, and the terms of his contract.
It also calls into question why the Rangers didn’t trade Panarin in the summer before the season. When talking with the media during his introduction to LA, Panarin said, “I don’t know if I should say this, but I feel like their offer said, ‘We’re not sure if we want you or not.’ That’s why I’m not signed.”
He said they re-engaged a little bit during the season, "but not much."
Pressure mounts for Drury moving forward
In any case, Drury certainly has his work cut out for him going forward. Fans feel like the Rangers’ process under the Letter 2.0 should be further along at this point. The next chance Drury will have to bring in assets is the summer, and the latest news just makes the eventual Vincent Trocheck trade that much more important to get right. Trocheck's no trade clause shifts from 12 teams to 10, and overall it should be a much easier situation to navigate as opposed to what the Rangers just went through with Panarin.