BS Meter on the Latest NHL Trade and Free-Agency Rumors

The NHL's annual holiday roster freeze went into effect on Dec. 20, and will be lifted at 12:01am ET on Sunday.

Several notable moves occurred in the week leading up to the freeze, starting with the Edmonton Oilers shipping goaltender Stuart Skinner to the Pittsburgh Penguins for goaltender Tristan Jarry in a multi-player trade on Dec. 12.

Later that day, the Vancouver Canucks made what could be the biggest trade of this season, shipping superstar defenseman Quinn Hughes to the Minnesota Wild for forwards Marco Rossi and Liam Ohgren, blueliner Zeev Buium, and a 2026 first-round draft pick.

One week later, in the hours leading up to the holiday freeze, the Montreal Canadiens reacquired center Phillip Danault from the Los Angeles Kings for a 2026 second-round pick. That was followed by the Seattle Kraken sending winger Mason Marchment to the Columbus Blue Jackets for two draft picks.

Those moves may set the stage for more trade activity once the roster freeze is lifted. Meanwhile, there's speculation over whether the new management of the Buffalo Sabres can restart stalled contract talks with Alex Tuch.

Follow along as we break out our trusty BS Meter on the latest notable NHL rumors to separate fact from fiction.

Could the Edmonton Oilers Pursue Buffalo Sabres Goaltender Alex Lyon?

Leila Devlin/Getty Images

The Edmonton Oilers attempted to improve their goaltending by shipping former starter Stuart Skinner to the Pittsburgh Penguins for Tristan Jarry on Dec. 12.

Things got off to a good start, with Jarry winning his first three games with his hometown Oilers.

However, he suffered an undisclosed injury during a Dec. 18 game against the Boston Bruins. The following day, he was placed on injured reserve, forcing the Oilers to call up Connor Ingram from their AHL affiliate in Bakersfield.

A former starter with the Arizona Coyotes, Ingram was acquired from the Utah Mammoth on Oct. 1 and sent to Bakersfield, where he had difficulty regaining his form. That prompted speculation that the Oilers could be forced back into the trade market when the roster freeze lifts.

On Dec. 19, Sportsnet's Elliotte Friedman reported the Oilers attempted to sign goalie Alex Lyon before he joined the Sabres last summer. The article also noted they contacted Buffalo a couple of times about Lyon before Jarmo Kekäläinen replaced Kevyn Adams as general manager on Dec. 15.

BS Meter: It's BS

If Ingram and backup Calvin Pickard struggle in Jarry's absence, the Oilers could be forced into the trade market for help between the pipes again. However, Lyon's recent play has helped the Sabres rise to within reach of a wild-card berth in the Eastern Conference. It's unlikely they'll part with him.

St. Louis Blues Could Become Sellers

Keith Gillett/Icon Sportswire via Getty Images

St. Louis Blues goaltender Jordan Binnington (left) and team captain Brayden Schenn.

After a late-season surge propelled the St. Louis Blues into the 2025 playoffs, they've struggled to replicate that energy this season.

Trade rumors swirled around center and team captain Brayden Schenn and goalie Jordan Binnington, putting them on our list of teams most likely to be active at the 2026 trade deadline.

Last month, Blues general manager Doug Armstrong signalled he was "open for business" in the trade market. On Dec. 16, Jeremy Rutherford of The Athletic reported he was considering all his options, including the possibility of trading some of his previously untouchable core players.

Rutherford suggested Armstrong could have an incentive to move Schenn, Binnington and defenseman Justin Faulk because they're in their 30s with term remaining on their contracts. They also have limited no-trade protection.

Armstrong isn't ruling anything out, but he told reporters he'll seek full value for any player he attempts to trade. That means he'll want a younger NHL player instead of draft picks, aiming for a quick turnaround.

BS Meter: Not BS

Armstrong has threatened trades before to motivate his players. However, he also moved some of them when the club failed to improve in the past, such as in 2023 when he traded away Ryan O'Reilly and Vladimir Tarasenko. He will be patient, but will not hesitate if he gets a solid offer for Schenn, Binnington or Faulk.

Alex Tuch Seeks a Big Raise from the Buffalo Sabres

Leila Devlin/Getty Images

On Dec. 15, the Buffalo Sabres replaced Kevyn Adams as general manager with Jarmo Kekäläinen.

With the team in danger of extending its postseason drought to 15 years, Kekäläinen will put his previous experience as Columbus Blue Jackets GM toward reversing the club's sagging fortunes.

Negotiating a new contract with winger Alex Tuch is among the priorities. Since joining the Sabres in the Jack Eichel trade on Nov. 5, 2021, the 29-year-old has been among their most productive scorers.

Tuch is in the final season of a seven-year contract with an average annual value of $4.8 million. Given his production, he seeks a significant raise on a long-term deal. Kekäläinen told reporters he'll take charge of the negotiations, adding that the club likes and appreciates Tuch and hopes to keep him.

On Dec. 16, TSN's Pierre LeBrun reported the previous talks stalled because the Tuch camp sought over $10 million annually. LeBrun's colleague, Darren Dreger, said Tuch sought slightly more than the $10.625 million AAV that winger Adrian Kempe received in the eight-year extension he signed with the Los Angeles Kings.

BS Meter: Not BS

It's debatable whether Tuch is of the same value to the Sabres as Kempe is to the Kings. Nevertheless, his camp is likely banking on Buffalo being reluctant to lose him for nothing to free agency.

Tuch can also justify that raise as keeping in line with the rising cap for a player of his caliber.

Could the Toronto Maple Leafs Acquire Rasmus Andersson?

Kevin Sousa/NHLI via Getty Images

Calgary Flames defenseman Rasmus Andersson has been the subject of trade speculation since the offseason. The defenseman is slated to become an unrestricted free agent next July, which earned him the top spot on our recent NHL Trade Board.

On Dec. 16, TSN's Pierre LeBrun reported the Flames received more calls about the 29-year-old after the Vancouver Canucks traded Quinn Hughes to the Minnesota Wild. He also indicated the Toronto Maple Leafs were among the interested clubs.

LeBrun stated that the Maple Leafs looked into acquiring Andersson before last season's trade deadline. He claimed they've circled back on the Flames' blueliner, who carries a cap hit of $4.6 million and a six-team no-trade list.

It's LeBrun's understanding that the Maple Leafs might be among the teams Andersson would be willing to sign an extension with, if a trade could be worked out. Toronto general manager Brad Treliving knows Andersson from his days as the Flames GM and signed him to his current contract.

BS Meter: It's BS

The Maple Leafs may be interested in Andersson, but they lack sufficient depth in draft picks and prospects to draw on as trade bait. Their limited cap space could also be an issue. It's doubtful they could win a bidding war for Andersson before the trade deadline.

Will the New Jersey Devils Trade Dougie Hamilton or Ondřej Palat?

Andrew Mordzynski/Icon Sportswire via Getty Images

New Jersey Devils winger Ondrej Palat (left) and defenseman Dougie Hamilton.

The New Jersey Devils' attempt to acquire Quinn Hughes before his trade to the Minnesota Wild reportedly involved their efforts to move Dougie Hamilton and Ondřej Palat in cost-cutting trade scenarios. That rumor landed the 32-year-old Hamilton on our latest NHL Trade Board.

Hamilton was the subject of offseason trade speculation when the Devils were in negotiations to re-sign Luke Hughes. With both defensemen now carrying annual cap hits of $9 million, some observers wondered if there was room for two expensive puck-moving blueliners on the New Jersey defense corps.

Meanwhile, Palat has another season left on his contract with an annual cap hit of $6 million. His production has declined in recent years, making him a likely trade candidate despite his 10-team trade list.

Palat told reporters he hadn't been approached by Devils management about a trade. Meanwhile, Hamilton downplayed the speculation, maintaining he signed with New Jersey because he wanted to help it win the Stanley Cup.

BS Meter: BS on Palat, Not BS on Hamilton

The decline in Palat's play and his cap hit don't make him as attractive as Hamilton in the trade market. Carrying two blueliners with $9 million cap hits ties up valuable cap space that can be put toward addressing their need to bolster depth at center.

Stats (as of Dec. 21, 2025) via NHL.com. Salary info via PuckPedia.