As the offseason excitement dies down and the Rangers roster takes shape, focus if shifting beyond the general roster questions–which we will get to throughout the summer–and onto the other elephant in the room. Should the Rangers extend Artemi Panarin? If so, what are they waiting for? Why have we heard very little about Panarin’s contract status and what Chris Drury plans on doing with his superstar winger?
First things first: Thank you all for the support this season. As we shift into offseason mode, the content will still keep coming. Live From the Blue Seats will record as needed, but that should be the only content that slows over the next couple of months. I have a whole backlog of topics to write about that will take me to the end of the month, then we get into arguing over report card grades in August. Again, we wouldn’t be here without you, and I’m looking forward to covering out 18th season of Rangers hockey.
What’s going on with Panarin?
The Rangers star winger is on the final year of his 7 year, $81.5 million contract with a full no-move clause. On the ice, he’s been well worth his $11.6 million. In fact, there’s a strong argument he’s a bargain at that cap hit. In his six years thus far Panarin has skated in 430 games, putting up a line of 186-364-550. His 1.28 points per game easily outpaces every other roster player, and his best year was 2023-2024 where he put up 49-71-120 as “Bald Panarin.”
Panarin’s playoff stats are nowhere near the same pace, putting up a line of 12-23-35 in 46 games. His 0-2-2 line in 7 games against the Devils in the 2023 playoffs stands out as particularly bad, but he rebounded with 5 goals and 15 points in the 2024 playoffs when the Rangers made a run to the Eastern Conference Final. Panarin also has a few OT winners, though his level of clutchiness has come into question a few times.
Off the ice is a different story. Panarin settled sexual assault allegations, which has led to many hoping he’s not in the Rangers’ plans going forward. Unfortunately in the world of the NHL, teams turn the other cheek with things like this. Given the signing of Taylor Raddysh and the attempt to sweep the Panarin allegations under the rug, it’s safe to assume this won’t play a role in Drury’s decision *unless* it is a distraction in the locker room.
As of the writing of this post, Panarin is penciled in to be the 1LW with JT Miller and (likely) Alexis Lafreniere.
Why the silence?
Given the absolute silence, and at this point we are entering wild speculation, I think it’s safe to assume Drury is exploring all options. It does seem that the Rangers want to compete for a playoff spot this season, which would mean Panarin is likely going to be a Ranger this season. Given the state of the Eastern Conference and only two true contenders in Carolina and Florida, there’s a chance the Rangers could make a decent run if all things come up Milhouse for them.
For the upcoming season, logic states the Rangers will keep Panarin and see how the season goes. Even in a down year Panarin was still over a point per game, and the Blueshirts simply can’t reproduce that right now. They’d need massive leaps from Lafreniere and Will Cuylle, a bounce back season from Mika Zibanejad, and one of Gabe Perreault or Brennan Othmann to steal the show.
Unless the Rangers get a monster offer for Panarin *and* Panarin waives his no-move, expect him to start the season with the Blueshirts. There are simply too many questions with the current roster right now.
But should the Rangers extend Artemi Panarin?
The $11 million question is should the Rangers extend Artemi Panarin. It makes sense to see how Panarin looks to start the season and see how he looks. His play will be the biggest factor in this decision. There are other factors, like how Lafreniere and Cuylle progress and how the kids look, but the biggest factor in whether the Rangers extend Artemi Panarin will be Bread’s play on the ice.
The Rangers have about $74 million committed to 11 forwards, 4 defensemen, and 1 goalie for the 2026-2027 season. Braden Schneider is the only key RFA, though the Rangers would also need to replace Panarin, Carson Soucy, and Jonathan Quick. Panarin excluded, the rest should take up about $10 million. That’s $84 million committed and an assumed $105 million cap ceiling gives the Rangers a ton of wiggle room.
It does appear Jack Eichel or Connor McDavid are the targets next year, but there is a solid chance neither actually make it to free agency. If one does, that entire $20 million is going to be budgeted to one of them, thus shifting Zibanejad back to wing. But if neither are available, then do the Rangers extend Artemi Panarin to a short contract, probably with close to the same cap hit? Star power is needed and Panarin is one of the only stars the Rangers have right now.
Three most likely outcomes
This saga will gain more traction the longer this goes on, and there are three likely outcomes:
- Panarin performs well, the Rangers are looking like a playoff team. Both McDavid and Eichel re-sign by January. The Rangers extend Artemi Panarin soon thereafter.
- Panarin performs well, but the Rangers just can’t put it all together. Though improved, they aren’t meeting expectations to be a playoff team. One of McDavid or Eichel hasn’t re-signed by the trade deadline. The Rangers trade Panarin for a haul at the deadline.
- Panarin performs well, the Rangers are looking like a playoff team. Both McDavid and Eichel re-sign but Panarin and the Rangers haven’t agreed to contract terms. Drury and Mike Sullivan decide to let it ride and risk losing Panarin for nothing to free agency.
There are other scenarios, like Panarin’s game falling off a cliff, but that seems less likely than the three above. If the Rangers extend Artemi Panarin, it’s likely that both McDavid and Eichel are off the board. If they don’t, it’s likely one is available. Perhaps the decision on whether the Rangers extend Artemi Panarin isn’t actually in Drury’s control, but with Edmonton and Vegas, respectively.
