Panarin trade grades: Kings address pressing need, Rangers get antsy
The "Breadman" is headed to Southern California.
The New York Rangers traded superstar Artemi Panarin to the Los Angeles Kings on Wednesday afternoon in exchange for forward prospect Liam Greentree, a conditional 2026 third-round pick, and a conditional 2028 fourth-rounder.
The third-rounder upgrades to a second-rounder if Los Angeles wins one playoff series this season, while the fourth heads to New York only if L.A. wins two series.
Time to hand out some grades.
Los Angeles Kings
The Kings have landed the most talented player available - arguably a top 20 skater on the planet - a month ahead of the NHL trade deadline. Bravo.
The sweetener, of course, is that Panarin arrives on a two-year, $22-million contract extension that will keep him in L.A. through the 2027-28 season.
The 34-year-old is a world-class playmaker with the fifth-most points in the league since his rookie campaign in 2015-16. The right-handed left winger led the Rangers in points in each of his seven campaigns in New York. Even amid retooling talk this year, he bagged 19 goals and added 38 assists for 57 points in 52 games.
The on-ice fit is virtually perfect. Aside from speedy winger Adrian Kempe and crafty defenseman Brandt Clarke, the Kings' attack is painfully uncreative, and Panarin is, if nothing else, an offensive catalyst. A puck-transporting king, he ranks fifth among all NHLers this year in zone exits per game and eighth in offensive-zone puck possession time, according to Sportlogiq.
Panarin, suddenly the Kings' highest-paid player, will be tasked with breathing life into an attack that sits in the bottom five in total goals, five-on-five goals, and power-play efficiency. With franchise icon and captain Anze Kopitar playing his final NHL season and longtime No. 1 defenseman Drew Doughty getting closer to the twilight of his career, the Kings decided to go bold.
The fascinating part of all of this is that I don't think this trade, as big as it is, necessarily pushes the Kings into the inner circle of Stanley Cup contenders.
L.A., a lockdown defensive team, sits one point behind the Western Conference cutline, and the West is an absolute gauntlet. The Central Division features three powerhouses in Colorado, Dallas, and Minnesota, while the Pacific is home to Vegas and Edmonton. Connor McDavid and the Oilers have famously ended the Kings' last four seasons in Round 1 - most recently winning in six games.
It wouldn't be surprising in the slightest if, even with Panarin leading the charge, L.A. loses again in the first or second round. The top of the West is lethal, and the Kings' ceiling is still not legitimate-Cup-contender high.
That said, general manager Ken Holland deserves props for betting on talent. If 2025-26 doesn't work out, the front office can rework the roster in the offseason and take another crack at a deep playoff run. Try again in 2027-28.
Bonus: Holland didn't get carried away with the extension length. Panarin turns 35 in October, which means his shift-to-shift impact will likely begin to decline soon. There's little chance this becomes an anchor contract.
The cherry on top is that the Kings surrendered zero premium assets.
Grade: A
New York Rangers
Let's talk power dynamics.
Panarin had power over Rangers GM Chris Drury in two crucial ways. His contract included a no-move clause, and he wanted an extension attached to any trade. Panarin was, to a large extent, dictating his landing spot.
However, Drury had power over Panarin in one important way. While the Olympic roster freeze set the stage for an artificial "first" trade deadline across the league, deals can still be made between the end of the Winter Games and the official March 6 deadline. (Remember, Russia is banned from the Olympics, so there's no risk of Panarin getting hurt over the next few weeks.)
In that sense, Drury rushed the transaction, and the lack of patience resulted in an underwhelming return, especially considering the Rangers helped the Kings by retaining 50% of Panarin's $11.6 million salary in 2025-26.
Waiting out Holland through the break surely would have driven up the price.
Panarin was Drury's most valuable trade asset during what he's labelled a retool (but, in practice, is more a rebuild). The executive needed to reel in a first-round pick, an elite prospect, or both. Instead, he failed to pry a first out of L.A., and the centerpiece is a good but not great prospect.
Greentree looks like a future NHLer, potentially one with a long career in the top six. He's, by all accounts, a solid addition. Yet the 20-year-old sniper doesn't project to move the needle at the NHL level, with scouts expressing concerns about the 6-foot-3, 216-pound winger's skating and compete level. The industry's preeminent prospect analyst, The Athletic's Corey Pronman, placed Greentree 134th in his January ranking of all under-23 players associated with NHL clubs. Again, he's a good but not great prospect.
Acquiring Greentree and a first would have been a notable return. Greentree, plus a guaranteed second- and third-rounder, would have even made for a reasonable deal. But to trade Panarin for Greentree and two uncertain picks? Not good enough, even with Panarin heavily influencing negotiations.
In baseball terms, Drury didn't strike out. He hit a single - and that's it.
Grade: C-
John Matisz is theScore's senior NHL writer. Follow John on Twitter/X (@MatiszJohn) or contact him via email ([email protected]).