New York Rangers general manager Chris Drury outlined in a letter to fans on Friday that his team will embark on a «retool» this season, which might result in trading popular players.
Before releasing the letter, sources said Drury had meetings with the team’s leadership group, the players and an individual meeting with star winger Artemi Panarin. Sources described the conversations as «extremely candid.»
The Rangers, who enter the weekend with the fewest points in the Eastern Conference and a minus-21 goal differential, plan to be active in trying to move their players ahead of the March 6 trade deadline.
The biggest question is whether Panarin, their leading scorer, will be moved. He’s in the final season of a seven-year contract with a $11.64 million cap hit and has been eligible for an extension since this summer. But sources say both sides have come nowhere close to a deal and it’s increasingly likely this is Panarin’s final season in New York. Panarin, 34, has a full no-movement clause, meaning he controls his own destiny. The message from today is that the Rangers are willing to work with Panarin on a trade to his preferred team, should he identify one.
In the letter, Drury said the Rangers needed to be realistic about their situation, especially given injuries to key players such as goalie Igor Shesterkin and defenseman Adam Fox, who are both sidelined.
«We are not going to stand pat — a shift will give us the ability to be smart and opportunistic as we retool the team. This is not a rebuild,» Drury wrote. «This will be a retool built around our core players and prospects. We will target players that bring tenacity, skill, speed and a winning pedigree with a focus on obtaining young players, draft picks and cap space to allow us flexibility moving forward.»
Veteran forwards Mika Zibanejad and JT Miller also have full no movement clauses, as does Shesterkin — though the goalie is viewed internally as untouchable, according to sources. League sources believe center Vincent Trocheck, who is under contract through 2028-29, could receive a significant haul for the Rangers, but it’s unclear if the team is willing to go there. Trocheck has a 12-team no trade list, according to PuckPedia.
Drury’s letter is reminiscent to one that then president and GM Glen Sather and Jeff Gorton sent to fans in 2018, which prepared fans for a busy trade deadline. Shortly after, New York parted with a group of popular players including captain Ryan McDonagh, Rick Nash, Michael Grabner as well as Miller, who rejoined the team last season via trade and is now the Rangers captain.
The Rangers already have two first-round picks in the 2026 draft, also holding Carolina’s first-round pick from this summer’s K’Andre Miller trade. NHL evaluators believe the 2026 draft has good depth through the first round and is especially strong for defensemen.
New York was hoping to compete this season, especially after hiring Mike Sullivan as the league’s highest-paid head coach. The Rangers missed the playoffs last season after making it to the Eastern Conference finals in 2024, where they lost to the eventual Stanley Cup champion Florida Panthers in six games.
New York’s front office felt it needed to go down this route because of the way injuries derailed the first half of the season, and also to restock a prospect pool that has been picked apart recently. The Rangers traded away draft picks and prospects for Andrew Copp, Patrick Kane, Nikko Mikkola, Vladimir Tarasenko, Reilly Smith, Frank Vatrano, Jack Roslovic and Miller in recent years.
