NHL rumors: Devils, Tyler Toffoli have explored contract extension, but there's a trade catch

With 21 games to go in the NHL regular season, the New Jersey Devils stand eight points behind the second and final Wild Card spot in the Eastern Conference. While that deficit isn't insurmountable, this makes it likely that the Devils sell off a few pieces, including right winger Tyler Toffoli, who has been every good as bit as advertised following his trade from the Calgary Flames in the offseason.

Currently, Toffoli has 26 goals on the season, which puts him line for a solid follow-up to his great 2022-23 campaign. Thus, the Devils have explored keeping him past this season. Nevertheless, despite New Jersey's interest in signing Toffoli to a contract extension, they could “end up moving the 31-year old sniper” before the March 8 trade deadline ” because of the assets he could bring back”, according to Chris Johnston of The Athletic.

The Devils acquired Tyler Toffoli from the Flames in exchange for Yegor Sharangovich and a third-round pick in 2023; this was with Toffoli coming off the best season of his career, so it's not likely for the Devils to recoup similar value. Toffoli is also approaching free agency, making him a likely rental for any team, further depreciating his value on the trade market.

But the Devils are smart to weigh the risk-reward calculus that comes in when deciding whether or not it'll be in their best interest to keep Toffoli. While the 31-year old winger is reliable on the goal-scoring front, will the Devils want to fork over a long-term deal to keep the veteran in town in the team's current state?

At the very least, trading Toffoli away enables the Devils to get value in return for the veteran. And given how easily Toffoli can slot into the top lines of even the best teams in the NHL, a bit of a bidding war can ensue which would then increase his trade value.

Moreover, Toffoli's current cap hit ($4.5 million) won't be onerous at all to swallow, making him an even more attractive trade target for someone who needs a complementary piece to bang in some goals as they head into the stretch run.