Buy or Sell the Latest 2026 NHL Draft, Trade and Free Agency Rumors

The second round of the 2026 Stanley Cup Playoffs is well underway, with the Carolina Hurricanes being the first to advance to the Conference Finals. Meanwhile, the eight clubs eliminated from the first round will get an early start planning their offseason roster moves.

Some, like the Pittsburgh Penguins, face what could be a difficult decision over whether to re-sign a long-time star eligible for unrestricted free-agent status on July 1.

Meanwhile, the Dallas Stars must re-sign scoring winger Jason Robertson to an expensive new contract or trade him if the cost of retaining him exceeds their budget.

As for the 16 teams that failed to make the playoffs, some wound up with a higher-than-expected pick in the first round. Trading that pick for immediate roster help could be among their options this summer.

Follow along as we examine the latest notable NHL draft, trade, and free-agency rumors to determine which are worth buying or selling.

Will the San Jose Sharks Trade the Second-Overall Pick in the 2026 NHL Draft?

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San Jose Sharks general manager Mike Grier

The Toronto Maple Leafs winning the 2026 NHL Draft Lottery dominated headlines last week. However, what was overlooked was the San Jose Sharks moving up in the order to second overall. It's the fourth straight year that they have held a pick within the top four in the draft.

Sharks general manager Mike Grier and his staff did well with their previous three picks, selecting forward Will Smith in 2023, center Mackling Celebrini in 2024, and center Michael Misa in 2025. Celebrini is already a superstar, Smith is on his way to becoming one, while Misa has star potential.

The Sharks could end up with another prospect that becomes a budding star. The top North American prospect is winger Gavin McKenna of Penn State University, while forward Ivar Stenberg of Frölunda HC in Sweden is the top international prospect.

Curtis Pashelka of The Mercury News reported that Grier is open to trading that pick for the right price. Sheng Peng of NBC Sports Bay Area noted that the Sharks must upgrade their defense corps. He suggested they could test the trade market this summer.

Buy or Sell: Buy

Grier can't go wrong if he hangs onto that pick to select another talented prospect. However, it's also perhaps the Sharks' best trade chip, and could be used to acquire a talented young blueliner who can improve their top-four defense.

Could the Nashville Predators Trade or Buy Out Jonathan Marchessault?

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On July 1, 2024, the Nashville Predators made the biggest splash in that summer's unrestricted free-agent market, signing Steven Stamkos, Brady Skjei, and Jonathan Marchessault to long-term contracts. However, those signings failed to turn the Predators into a playoff contender as they struggled with their new team..

Stamkos and Skjei improved this season with the Predators, but Marchessault's production remained below expectations. Injuries and inconsistency limited the 35-year-old winger to 31 points in 62 games, which was his lowest output since 2015-16.

Marchessault has three years remaining on his contract with an average annual value of $5.5 million. However, Alex Daugherty of The Tennessean reported on Apr. 30 that there are signs the veteran winger isn't happy in Nashville, and the Predators aren't happy with his performance.

Daugherty believes a trade would be ideal, but doubts there would be much of a market for an aging winger like Marchessault. He suggested a contract buyout, which would free up $1.3 million in 2026-27 and $2.2 million annually for the next two seasons. It would only count as $961,000 annually for the final three years.

Buy or Sell: Buy

It hasn't worked out for Marchessault and the Predators. With the salary cap rising by $8.5 million and a lack of depth in this summer's free-agent market, a trade might be possible if he agrees to waive his no-movement clause. The Predators could also retain part of his cap hit to facilitate a deal.

Could the Edmonton Oilers Trade Darnell Nurse?

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After back-to-back appearances in the Stanley Cup Final, the Edmonton Oilers were bounced from the opening round of this year's playoffs by the Anaheim Ducks. That has pundits pondering what move general manager Stan Bowman might make to turn his club back into Cup finalists again.

On May 1, Sean Gentille and Chris Johnston of The Athletic suggested that Bowman's biggest decision is what to do with Darnell Nurse. The 31-year-old defenseman has four more years on his contract with an annual cap hit of $9.3 million, but his performance has declined over the past three seasons.

Gentille and Johnston believe Bowman must try to move Nurse to free up cap space to address his roster needs. However, Nurse's full no-movement clause gives him complete control over his situation. Nevertheless, NHL insider Frank Seravalli told Sportsnet he believes the Oilers will attempt to peddle him.

Assuming Nurse waives his clause, Bowman might have to package with a draft pick or a promising prospect to make him more palatable in the trade market. Even then, he might have to retain part of Nurse's salary or take back a toxic contract in return.

Buy or Sell: Sell

Bowman must shed some salary to create sufficient cap space to bolster his roster. He could attempt to move Nurse, but his expensive contract and declining performance will make it difficult to find a suitable trade partner.

Will the Dallas Stars Re-Sign Jason Robertson?

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The Dallas Stars reached the Western Conference Final in each of the past three seasons. However, they were eliminated from this year's opening round by the Minnesota Wild. That leaves general manager Jim Nill more time to ponder whether to sign Jason Robertson to a contract extension.

Robertson has consistently been among the Stars' leading scorers. The 26-year-old winger is completing a four-year contract worth an average annual value of $7.8 million. He's a restricted free agent with arbitration rights and is a year away from unrestricted free-agent eligibility.

On May 4, Lia Assimakopoulos of The Dallas Morning News reported Robertson seemed a bit uncertain about his future with the Stars during his end-of-season media availability. He'd like to stay, but acknowledged that this will be a business decision on both sides.

Three days later, Assimakopoulos reported Nill considered signing Robertson a top priority, preferring to get a deal done sooner rather than later. However, she believes the winger could seek a deal comparable to the $12 million AAV that teammate Mikko Rantanen received in his eight-year contract.

Buy or Sell: Buy

Robertson has been the subject of trade rumors, but the Stars can't afford to lose his offense. They have $11.1 million in projected salary-cap space for 2026-27, so they must make a cost-cutting trade or two to make it work.

Could the Pittsburgh Penguins Part Ways with Evgeni Malkin?

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The Pittsburgh Penguins were expected to miss the playoffs this season, but they surprised the experts by finishing second in the Metropolitan Division. However, they were unable to get past the first round as the rebuilding Philadelphia Flyers eliminated them in six games.

Evgeni Malkin played a role in the Penguins exceeding expectations. Enjoying a bounce-back performance, the 39-year-old forward had 61 points in 56 games despite missing time due to injuries and suspension, and had two goals and three points in their series with the Flyers.

Malkin is eligible for unrestricted free-agent status on July 1. On May 5, Josh Yohe of The Athletic reported sources from the Malkin camp said contract extension talks hadn't begun with Penguins general manager Kyle Dubas, but they're hoping to start soon.

Dubas hasn't given any sign regarding his intentions for Malkin. That prompted speculation that he could let the long-time Penguins star hit the open market.

Buy or Sell: Buy

Dubas has been transitioning his roster away from aging veterans toward younger talent. While parting ways with Malkin could upset some of his Penguins teammates (especially team captain Sidney Crosby), Dubas could decide that the cap space needed for Malkin could be better spent investing in the club's future.

Stats via NHL.com. Salary cap and contract info via PuckPedia. Draft info via HockeyDB.com.