Buy or Sell Artemi Panarin, Martin Necas and Latest NHL Trade and Free-Agency Rumors

The 2025-26 NHL regular season is a week old. Although October has just begun, there have already been three trades this month. More moves are possible, and speculation is intense.

Recent signings of notable stars who were eligible for next summer's free-agent market have shifted the focus onto Martin Necas' future with the Colorado Avalanche.

Meanwhile, an Eastern Conference team is already believed to be scouring the trade market for a defenseman.

Follow along as we look at the latest notable trade and free-agency rumors to determine which ones are worth buying or selling.

Philadelphia Flyers Shopping for a Defenseman

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The Philadelphia Flyers opened this season with defensemen Cam York and Rasmus Ristolainen on injured reserve. The former wasn't expected to be out for long with a lower-body injury, but the latter is still recovering from offseason surgery to repair a torn triceps tendon.

On Oct. 7, Sportsnet's Elliotte Friedman reported the Flyers were checking the trade market to see which defensemen might be available. After trading the contract of permanently sidelined defenseman Ryan Ellis to the San Jose Sharks last week, they have over $6.6 million in cap space to bolster their blue line.

Daily Faceoff's Anthony Di Marco also cited sources suggesting the Flyers could add to their defense corps. He indicated there was nothing imminent, but if they made a move, it would be for an impact player.

Di Marco noted the Flyers had looked into the availability of left-shot defenseman Bowen Byram before he signed a two-year contract extension earlier this year. He wondered if they might revisit their interest in the 24-year-old, proposing a package offer of winger Owen Tippett and young blueliner Emil Andrae.

Buy or Sell: Buy

The Flyers are a rebuilding club, and general manager Daniel Brière is always on the lookout for a trade to add good young players to his lineup. While it's unlikely they'll land Byram, they will continue monitoring the market for any opportunity to bolster their defense.

Will the Montreal Canadiens Sign Mike Matheson to a Contract Extension?

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On Monday, the Montreal Canadiens signed defenseman Lane Hutson to an eight-year contract extension worth an average annual value (AAV) of $8.9 million. Management will likely now turn its focus toward re-signing another key blueliner.

Mike Matheson is in the final season of an eight-year contract signed in October 2017, when he was a member of the Florida Panthers. With an AAV of $4.9 million, he's been underpaid over the past several years, especially given his value to the rebuilding Canadiens.

Since being acquired from the Pittsburgh Penguins in July 2022, Matheson has become an important core player for the Canadiens. On July 2, general manager Kent Hughes praised the 31-year-old blueliner's performance, citing his all-around game and ability to log big minutes.

Offseason trade speculation focused on Matheson, who earned a spot on our August Trade Block Big Board. However, his agent said last month that he wants to stay in Montreal. On Oct. 12, Karine Hains of The Hockey News suggested the 31-year-old could be re-signed if his salary demands are reasonable.

Buy or Sell: Buy

The Canadiens have a projected $27.9 million in cap space for 2026-27 with 16 active roster players under contract. They can afford to re-sign Matheson for a four- or five-year contract, with a raise to between $6 million and $7 million.

Martin Necas' Uncertain Future with the Colorado Avalanche

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On Jan. 24, forward Martin Necas was shipped to the Colorado Avalanche in a three-team, multi-player blockbuster trade that sent Mikko Rantanen to the Carolina Hurricanes.

However, his future with the Avalanche beyond this season is not assured.

Necas, 26, fit in well alongside superstar center Nathan MacKinnon on the Colorado top line, finishing with a career-high 83 points. However, he is eligible to become an unrestricted free agent next summer as he completes the final season of a two-year contract with an average annual value of $6.5 million.

With superstars like Connor McDavid, Kirill Kaprizov, Jack Eichel, and Kyle Connor re-signed by their current teams, Necas is among a handful of notable players eligible for UFA status next summer.

On Oct. 9, TSN's Pierre LeBrun reported the 26-year-old could give his agent the green light to open contract extension talks.

LeBrun thinks Necas will re-sign with the Avalanche, but Sportsnet's Michael Amato wonders if the winger might price himself out of Colorado. He could command over $10 million annually on his next contract, which could be a tight fit when the Avs also need to re-sign superstar Cale Makar in 2027.

Buy or sell: Buy

The Avalanche doesn't want to trade away another pending UFA winger like they did with Rantanen last year and weaken their scoring punch. However, they must ensure they leave themselves sufficient long-term cap room to re-sign Makar in two years.

Could Rasmus Andersson Land with the Vegas Golden Knights?

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Rasmus Andersson's uncertain future with the Calgary Flames has made him the player we consider most likely to be traded this season.

The 28-year-old defenseman can become an unrestricted free agent next summer, and there is no indication he and the Flames will agree to a contract extension.

TSN's Pierre LeBrun reported neither side has ruled out the possibility of restarting contract talks, but they're not letting the uncertainty of the situation affect their relationship for this season. Nevertheless, LeBrun believes he'll be moved by the March 6 trade deadline.

On Oct. 9, Case Keefer of the Las Vegas Sun suggested the 28-year-old could be a trade target for the Vegas Golden Knights. They could use a replacement for Alex Pietrangelo, who is out for the season recovering from a nagging hip injury.

Keefer noted the Golden Knights are reportedly Andersson's preferred destination. However, the blueliner denied those rumors, telling reporters last month that it was "fake information," adding that signing with just one team was the furthest from the truth.

Buy or Sell: Buy

Andersson may have several teams he'd be willing to sign with, but he didn't rule out the possibility of joining the Golden Knights. He has a 10-team no-trade list, but the opportunity of going to Vegas if the Flames are out of contention by the trade deadline could be tempting if the Golden Knights can meet their asking price.

Could the New York Rangers Part Ways with Artemi Panarin?

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This season could be Artemi Panarin's last with the New York Rangers. The left wing is in the final season of his seven-year contract with an average annual value of $11.6 million.

The 33-year-old sat at No. 3 on our Way-Too-Early ranking of the top unrestricted free agents for 2026. With Connor McDavid, Kirill Kaprizov, Jack Eichel, and Kyle Connor off the market, the Rangers winger becomes the biggest name remaining.

TSN's Pierre LeBrun believes the focus will now shift toward Panarin, suggesting his situation will be worth monitoring. Meanwhile, Peter Baugh of The Athletic felt it leaves the Rangers in a difficult situation about whether to re-sign Panarin or let him depart as a free agent.

Baugh indicates the Rangers have no clear path to replacing Panarin's production. However, it could be risky to invest heavily in an aging star. They could let him depart and attempt to get younger, or re-sign him if the cost would leave enough cap room to pursue another free-agent scorer.

Buy or Sell: Sell

Both sides are taking a wait-and-see approach to this season. However, Panarin might not wish to move on, and the Rangers might not want to risk losing his production if he remains their leading scorer. A reasonable deal that keeps him in New York is a possibility.

Salary info via PuckPedia.