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The New York Rangers failed to make the playoffs for the first time since 2021. Still, there is hope for the Rangers with new head coach Mike Sullivan. They still have a strong group of players, along with some draft capital and a solid salary cap situation. Still, to make it back to the playoffs, moves need to be made. There are a few trades the Rangers need to make in the 2025 NHL offseason to return to their prior glory.
The Rangers have already made one trade this offseason, moving Chris Kreider to the Anaheim Ducks. This could be a sign of things to come in the Big Apple. Kreider had the Ducks on his no-trade list, but still approved the deal. The former first-round pick of the Rangers noted that the move was to free up cap space for the Rangers, something which could be a theme for their summer.
Currently, the Rangers have just $15.6 million in cap space according to Cap Wages. They also have six pending free agents, with four of them being restricted free agents. Further, Artemi Panarin is in the last year of his contract, and the Rangers could be looking at extending him this summer. Still, cap space will be required to do that, and the Rangers will need to find a way to improve to return to the playoffs.
The Rangers move a restricted free agent
The Rangers currently have five defensive players under contract, led by right-side defender Adam Fox. Fox led the team in ice time this year, playing in 74 games and having 61 total points. Second in ice time this past year was K'Andre Miller, who is a restricted free agent. At the end of the year, he was playing with the second defensive pairing and spent his time on the left side of the ice. The Rangers do have options on the left side if they let Miller go, with Carson Soucy and Urho Vaakanainen.
The Rangers also have Zac Jones, who is a restricted free agent and can play the left side. Still, if the Rangers are looking for value, Miller will bring more. First, the Rangers no longer have their 2025 first-round pick, moving it to satisfy the deal made for J.T. Miller. They also will be without a second-round pick in the 2026 NHL draft, which is expected to have depth.
Miller could bring a first-round pick in a future draft on an offer sheet. He is projected to be worth $6 million for a long-term deal, but just $4 million on a short-term deal. The lower price point would bring just a second-round pick, but the higher one would bring a first and third-round pick on an offer sheet. Still, the Rangers can do a sign-and-trade to find value for this year's draft, or they can accept other options for draft capital next year.
Regardless, the American-born blueliner will bring value. He has played in 74 or more games in four straight years, while having 25 or more points in each of the last three. Further, he has not had a negative plus/minus rating at the end of a season in his career. He is a top-two defender on most rotations and should bring in plenty of draft capital or another player for the Rangers. While he does not save cap space, his value could be in the future.
Could Mika Zibanejad be moved?
Mika Zibanejad has been a top-six forward, primarily playing center, for the Rangers. Still, there have been discussions about trading Zibanejad. From a salary perspective, it makes sense. The Swedish center is about to enter his fourth year of an eight-year contract with the Rangers. He will have a cap hit of $8.5 million this season and through the end of the 2029-30 campaign. He will also turn 33 at the end of the next regular season.
The former sixth overall pick by the Ottawa Senators is coming off a slightly down year. While he played in all 82 games this season, he had his lowest point total since the shortened 2020-21 campaign. Zibanejad scored 20 goals this year, his fewest since 2016-17, and also had 42 assists. Further, he scored just seven times on the power play, his fewest since his first season with the Rangers.
Meanwhile, his advanced stats have shown a decline over the past two seasons. His IPP, the percentage of points he was involved in when a goal was scored with him on the ice, is down over the past two seasons. As are his scoring chances created and high-danger chances converted. Zibanejad does have a no-movement clause in his contract, but considering the Rangers just worked out a deal with Kreider, this should be possible for the franchise.
New York trades away forward depth
While signing a player to an offer sheet as a restricted free agent is not common, neither is the sign-and-trade. Still, the St. Louis Blues have recently shown the value of signing restricted free agents, with the signing of Philip Broberg and Dylan Holloway last year. The Rangers currently have 10 forwards under NHL contract, plus their two restricted free agents. Arthur Kaliyev may not bring major value, but Will Cuylle could.
The Canadian winger was drafted with the 60th pick in the 2020 NHL draft by the Rangers. He broke into the NHL in the 2022-23 season, playing just four games and not registering a point. He has been solid the last two years. In 2023-24, he scored 13 goals while adding eight assists. Cuylle improved this year, scoring 20 times while adding 25 assists, good for 45 total points. At a cost of $3.5 million in AAV, he could bring in at least a second-round pick.
The winger was playing on the second line at the end of the season, but with other players available, this spot can be filled. Further, the Rangers will have the cap space to sign another second-line forward to join with Miller and Gabriel Perreault. The Rangers need to make moves this offseason. They can move some extra pieces who are restricted free agents and build towards future drafts. They could also continue trading some bigger-name players and save some cap space. Regardless, the formula this year did not work, and they need to make tweaks for the future.
