The NHL season is not even a month old yet, but the trade chatter is already relentless.
That is not unusual in today’s league, where player movement, salary-cap pressure, and social media speculation can turn a slow start into a full-blown crisis.
Still, not all trade rumours are created equal. Some are driven by unhappy players, while others are fuelled by struggling teams starting to explore potential answers.
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The real frustration around this situation begins with team owner Chris Ilitch. When it was announced in mid-July that former GM Steve Yzerman was “stepping down” from his position, Detroit began looking for his replacement, but one NHL executive described to me that there was a sense the Wings weren’t doing business on the player personnel side for a time. After Yzerman’s departure, it wasn’t well established who would be taking the calls and have the authority to make a deal. Shawn Horcoff wasn’t named the interim GM until training camp opened in September, and only then was it clear who could get something done.
Horcoff’s mandate is to hit a Larkin trade out of the park, and that’s not happening. As of today, I’m told if Detroit wants to make a fair deal, it can turn to three or four teams and make it happen. However, so far, “fair” has not been good enough for the Wings.
Montreal has emerged as a popular rumoured landing spot for Larkin, particularly because the Canadiens could use a proven second-line centre behind Nick Suzuki, who is now out for a few weeks.
The fit makes total sense on paper. Larkin brings leadership, speed and two-way responsibility. However, I’m told Larkin still has no appetite to play for a Canadian team “yet”. A Larkin trade to Montreal has a remote possibility of happening.
Meantime, Helleybuck represents a more serious and complicated situation. The Jets have every reason to seek a substantial return for him, but the market for an elite goaltender is never simple.
The injury to New York Rangers goaltender Igor Shesterkin naturally created speculation, but the Rangers are interested in a goalie who has a lesser profile, since Shesterkin is expected to return next September. The longer Hellebuyck remains out of action, the more difficult it becomes for Winnipeg to maximize his value, so that’s why the Jets need him back, preparing to play.
Then there are the struggling teams.
Philadelphia’s poor start created the loudest organizational pressure. When a club cannot score and is consistently being outplayed, trade rumours are inevitable. But the Flyers should be careful not to make a panic move. Before trading core assets, they need to determine whether the problem is coaching, defensive structure, goaltending, injuries or simply poor finishing. Travis Konecny’s name will float around even though there’s no indication he’d waive his no-movement clause. However, they’ve now won their past three games, and that early panic has cooled.
Toronto’s situation is familiar. Blown leads and inconsistent execution have once again placed the Maple Leafs under the microscope. Every loss produces another round of speculation, but there is no guarantee that another major acquisition would solve the team’s problems. Toronto must first decide whether it needs a different player or a higher level of commitment from the players already in the room. The last fews wins have helped ease pressure and urgency. Their issue remains the fact they have few assets to move, while all teams ask for Easton Cowan.
There is surely more to come. For now, on to my latest trade board:
When a trade wasn’t made over the summer, Hellebuyck didn’t show up to training camp or start the season, and was suspended by the team. But now this situation is progressing, if not coming to a head. Hellebuyck intends to come back and will be eligible to do so as of Friday — but what will happen then? The Jets are trying to be patient to find exactly the right trade for themselves.
Speaking of a player who requested a trade away from a team and then had to return, Larkin recorded two points in his first game back with the Red Wings, but has just three points in six games since. The 30-year-old has opened up his list but unfortunately it hasn’t driven the price up for Detroit just yet. They are sitting on multiple offers that I’m told are deemed “fair,” but they continue to wait for a triple, if not a home run.
Every day that passes without an extension, we wonder what exactly will happen next with Hughes. But the Wild are 6-2-2 and a definite Stanley Cup contender, so having to trade Hughes before he potentially becomes an unrestricted free agent next summer would be a tough one to navigate after they gave up so much to get him a year ago. This remains more of a situation to watch as the season unfolds, or until Hughes signs an extension with the Wild.
Still without a contract, but Nikishin does have a new agent in hopes of cashing in on the new wave of contracts when Carolina decides to finally move him. Nikishin is waiting on the sidelines, but the 8-2-1 Hurricanes won’t be feeling pressure to go out of their way to find something. Because Nikishin can’t sign an offer sheet and, per reporting from Frank Seravalli, doesn’t have to sign a deal by Dec. 1 to be eligible to play this season, there’s no deadline forcing the issue. The two sides remain apart in money on an extension and Nikishin is still hoping to land with a team that could give him an opportunity to be a top-three defenceman.
This remains a tricky situation. Robertson is on an expiring contract and isn’t eligible to extend until Jan. 1, but even that seems unlikely. As mentioned on the last trade board, since any new contract wouldn’t give Robertson trade protection until it kicks in next summer, if he did sign an extension with Dallas, it would open up the chance they could trade him anywhere before then. It’s highly unlikely that Robertson will be traded before the new year, but by March we could be talking a lot about him.
The Penguins still have an eye on getting younger even after making the playoffs last season, and a 3-6-1 start has GM Kyle Dubas thinking about moving out some of this roster. The Penguins have been ready to move on from Rakell since the summer, but couldn’t close a deal. He’s a 33-year-old winger, fits the type of player who could help a contender (48 points in 60 games last season) and could get in return something that will help the Penguins more in the future. Bryan Rust, currently injured, is another player to watch here for similar reasons. He doesn’t have a no-trade or no-move clause, however, he’s a popular linemate of Sidney Crosby’s and that might end up being the best trade protection of all.
A 36-year-old defenceman on an expiring contract, you’d think Karlsson would be a slam-dunk move for the Penguins this season, but his future here is still to be determined. He and his family love it in Pittsburgh, but he also wants to win now and has a no-movement clause. I believe that at some point Karlsson will get traded. The Penguins have right-shot, 20-year-old defenceman Harrison Brunicke ready for an NHL look.
Big and strong with a set of hands, Pittsburgh will try to sell Brazeau off based on the production he had during the first half of last season. With so many prospects in the system, look for the Penguins to potentially use him as a trade chip, though he needs to get healthy first. Brazeau has not played a game this season.
A great start for the Kraken will not have them rushing to trade a defenceman with this skill set — Dunn has seven points in 10 games, and in the past five seasons combined, he’s 14th in scoring among NHL blue-liners. However, Dunn is in the final season of his contract, could test free agency next summer, and if Quinn Hughes re-signs before July 1, Dunn could be the best available at his position. If it seems like he won’t re-sign, however, the Kraken will have to explore trade options, so Dunn will be on my list until he does commit to Seattle. However, the more likely scenario is Seattle doing what Detroit did with Alex DeBrincat and sign him well before July 1 to get an organizational win.
While Hellebuyck is the big fish in the goalie-trade pond, Binnington is something of a forgotten player available. He’s started three games this season, has allowed 14 goals and is 61st out of 65 goalies in goals saved above expected. So, his play isn’t doing much to elevate his trade value. However, as injuries occur or weaknesses show themselves at the goaltending position around the league, Binnington might become an option.
A point-per-game player in the early going, Pettersson has shown well this season, and it’s helping change the perception of him and elevate his trade value. There was an attempt to push for a Pettersson trade in the summer, but nothing came close as many waited on Larkin instead. Now, with how well Pettersson is playing, and with where the salary cap continues to climb to, the Canucks feel there is no longer any reason to eat any money at all of his $11.6-million cap hit to find a deal that suits them.
This is a longer-term player to watch this season. The Bruins want to compete, so as they sit atop the Atlantic Divison, there is no reason for them to move Zacha, one of their top centres. But as is often the case with a player in the last season of his contract, Zacha’s future hinges on how the rest of his team’s season goes. If the Bruins slow down, they’ll consider all options, and if Zacha were made available to the league, he’d be a highly valued asset. As salaries continue to climb, Zacha’s ask on his next contract won’t be a small one, and whatever that number will be will also be a factor here.
The only reason Rielly is still a Maple Leaf is because they couldn’t find one team with interest, all summer long. With his trade value flat-lined and his cap hit just too high for what he brings, the only hope is that he rehabilitates his status as a top-four defenceman in the early going.
Now, when you consider the injury to Chris Tanev and Jake McCabe perhaps not at 100 per cent, it appears Rielly will get that opportunity. So, I’ll keep Rielly on the trade board because if the Leafs do add a defenceman, he could be the piece included to make the money work.
Even though he reported to Detroit’s training camp, Edvinsson is still without a contract and has to sign one by Dec. 1 to be eligible to play in the NHL this season. The Red Wings don’t want to trade him, but the longer this goes on, the more likely a trade becomes. Although Edvinsson is an impressive young defenceman himself, he could also return to Detroit a helpful package to rebuild its rebuild with.
In recent years, we’ve wondered about the possibility of an O’Reilly trade because he checks off a lot of boxes. A 35-year-old player on a playoff bubble team? Check. Plays a premium position at centre and is highly responsible on the defensive side? Check. Affordable contract at $4.5 million? Check. And lacks any trade protections at all? Check. Yet O’Reilly remains a Predator because the team has treated him as though he does have trade protection and the player has shown no desire to leave. Will that change this season, his last on his current deal? Time will tell.
Out with a broken bone in his hand since the third game of the season, the 31-year-old Ristolainen is now in the final season of his contract. A right-shot blue-liner and a big body, it’s growing more and more likely that this is the year the Flyers will trade him, especially if they continue to chase the pack of playoff teams ahead of them.
DeBrusk is off to a good start with seven points in nine games, but he’s also 30 years old now and signed for another four years past this one. The question around DeBrusk, simply: Does he really fit into the team’s long-term plans? The Canucks are rebuilding and there’s no telling if they’ll be ready to compete again over the life of this contract. DeBrusk is certainly a player Vancouver will explore trading and would have to work with him on it since he has a no-movement clause in place this season. That changes to a modified no-trade next season. I’ll mention here too that teammate Brock Boeser is in a similar boat to DeBrusk.
A physical, defensive defenceman who is not afraid to block shots, Whitecloud has a 15-team no-trade list and three years remaining on his contract. This is a player who could be acquired and be part of a team for a few years. He brings character and toughness, valued “final pieces” for a Cup hopeful. Still, Calgary needs some veteran know-how in their dressing room, and since he has so much time left on his contract, it may yet decide to hold onto him for now.
A healthy scratch for two games in a row last weekend, Voronkov will be an RFA next summer, but his career trajectory is just not rising to a new level. Two years ago, he scored 23 goals and 47 points, and then his points per game declined in 63 games last season.
If the Sabres are able to pull off a trade for Hellebuyck, odds are that Luukkonen will be part of the return as they try to upgrade the position. Luukkonen has allowed four goals or more in four of his seven starts and has an .863 save percentage. His contract is not bad, and he’s had decent seasons before, but do the Sabres feel they can win playoff rounds with him as their No. 1?
The Mammoth are not sold on Vejmelka being the No. 1 who can get them through the playoffs so, like Luukkonen, if a deal can be found here to bring in Hellebuyck — or someone with experience to take over the No. 1 job — Vejmelka would become a movable piece. He’s also on a multi-year contract at 30 years old.
Wright was a regular on the trade board last season, and he returns for 2026-27. The Kraken are looking for ways to make a trade work here, and it’s only a matter of time to find out where his next stop will be. Wright has four points in 10 games this season.
The seventh-overall pick of the 2022 NHL Draft, Korchinski returned to junior for one season after his draft year and then went right into the NHL. After playing the entirety of his first pro year in the NHL, Korchinski spent most of 2024-25 and 2025-26 in the AHL, and played a combined 29 NHL games through those seasons. This season, he’s on the NHL roster but has been scratched for every game but one. His development has been stunted, but the Hawks do not want to send him to the AHL because he’d have to go through waivers, where he’d surely be claimed. He’s the type of guy Vancouver or Calgary would take a chance on. A project player at this point.
Dach has become an expendable player on the Habs’ roster and someone they’d like to find a move for. Injuries have plagued his career, but he’s still just 25 years old. What we’re looking out for here is Dach to be included in a package as part of a bigger trade that brings Montreal back a notable player. His $3.6 million cap hit could help make the money work in such a trade.
Frost is in the same boat as Dach, though he hasn’t missed nearly as much time to injury and is coming off a 22-goal, 43-point season. He could also be a UFA at the end of this season and so the rebuilding Flames will look to flip him for another future asset if they can find a match. Between Philadelphia and Calgary, Frost just hasn’t found a complete fit yet.