Grading Blockbuster Artemi Panarin Trade Between the Rangers and Kings

It came down to the wire.

The Feb. 4, 3 p.m. Olympic roster freeze created a unique situation in which the Rangers shopped Artemi Panarin like the trade deadline was approaching, while the pending free agent acted like it was the first day of free agency.

Shortly after the freeze, days of mounting speculation culminated in Panarin's jarring switch from Broadway to LA.

It's a franchise-altering swap for both the Rangers and Kings. Let's break down what it means for the Kings, who are looking to get over the hump and become a real contender, and for the Rangers, who now have to build something completely new.

New York Rangers

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You do not "win" a trade in which you are the team trading a player like Artemi Panarin.

This trade does not occur in a vacuum, so we cannot analyze it in one. We cannot measure this purely as a comparison of the components involved, nor the emotions it invokes for a fanbase that was already (and justifiably) demoralized by and agitated at team management.

Liam Greentree, drafted 26th overall in 2024, is a big winger with a whole lot of skill. His crazy production in the OHL had long made him a favorite among data analysts, though it has regressed somewhat this season. He has a lot of upside but also needs some work to improve the pace of his game. Fans may be shocked to see no first-round pick included in the trade, but Greentree is effectively equivalent. I'll do a deeper scouting report on Greentree in a piece we'll publish later.

On top of that, the Rangers get a third-round pick that becomes a second-round pick if LA wins a playoff series this spring, and a fourth-round pick if they win two series.

With the necessary context — Panarin is 34 years old, and his full no-move clause basically allowed him to pick his destination — the Rangers did okay here.

Not great, but okay. It certainly pales in comparison to what the Flyers got for Claude Giroux in a similar circumstance: an established young NHLer in Owen Tippett, plus a first-round pick and a swap of lower picks.

On the other hand, last year's example concerned Brad Marchand, armed with a full NMC and pending UFA status, choosing Florida as his destination. The Bruins were only able to get a second-round pick that would convert to a late first-rounder only if Florida made the Eastern Conference Final.

The Rangers get a player they rightly deem better than even a guaranteed late first-round pick, given that Greentree is closer to the NHL than any draft pick would be.

The trade does spark a few questions. How does a terrible team that insists it's only "retooling" get better after trading far-and-away its best forward? And if Panarin was ultimately willing to settle for a short-term deal at an $11 million AAV, would such a retool not have been better served by just keeping him?

Rangers fans should not feel great about this return, but in the circumstances, they can't have expected much more.

Grade: C

Los Angeles Kings

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The Los Angeles Kings are one of the lowest-scoring teams in the NHL, 28th out of 32 teams by goals per 60 minutes. This is a team that desperately needed an injection of offense.

You can't do much better than Artemi Panarin. At 34, Panarin may not be the player he once was, which is only to say he is a top-10 NHL winger rather than a Hart Trophy Finalist. The Russian is playing at a 90-point pace this season, which is absolutely remarkable given how completely flat the Rangers are otherwise.

Panarin is undersized and slow, often a death sentence for even creative players. But Panarin is a true outlier. His hockey IQ, vision, and puck skills are elite. Plus, his strength is underspoken. His fearlessness in holding onto pucks, combined with his lower-body strength and leverage, allows him to wait for plays to unfold.

Panarin has signed a two-year, $22 million extension in Los Angeles, and his playing style typically ages well. Players of that caliber learn new ways to evolve even as the muscles lose steam. Look at the likes of Marty St. Louis and Mats Zuccarello for inspiration. The Kings are rightfully confident in their future despite their advanced age.

The new LA Kings winger immediately becomes their best offensive player and is absolutely capable of being the best forward on a Stanley Cup winner. There are questions, though, about the rest of the LA roster. Despite his addition, the Kings don't have the firepower of other teams in the division. Their defensive depth is highly questionable. Ultimately, if the Kings do make the playoffs, they'll still have a significant uphill battle against a team like the Avalanche or Stars in the first or second round.

So it's a massive upgrade for the Kings, and yet I'm not sure how much it actually changes about their immediate outlook. There's still significant work to be done to make this team a contender, if not this season, then next. But getting a key offensive forward is part of that necessary change, and the market options beyond Panarin are underwhelming.

There's a lot of risk here insofar as the Kings accomplishing nothing the next few seasons while sitting behind behemoths like Colorado and Dallas in the West, but the cost here is, all things considered, limited. Greentree was arguably their top prospect, but not a can't-miss guy, with a few conditional mid-round picks thrown in. He sort of fell into their laps here and the price, along with a short extension that undervalues him slightly, means the Kings had no reason to turn it down.

Grade: A-