Kings bolster their ranks: Artemi Panarin arrives and signs a millionaire extension

Los Angeles Kings acquire prominent forward Artemi Panarin from the New York Rangers in a strategic move that shakes up the NHL. In a transaction announced on Wednesday, the Kings secured Panarin’s services in exchange for prospect Liam Greentree, a conditional third-round pick in 2026, and a conditional fourth-round pick in 2028. In addition, the Kings and Panarin agreed to a two-year extension with an average annual value of $11,000,000, which will extend until the 2027-28 season.

Players with the skill, intelligence, and resume of Panarin are difficult to find. He’s an elite offensive production machine.

Ken Holland, Kings General Manager

The agreement was finalized just as the NHL’s Olympic roster freeze period began, in effect until February 22. The Rangers will retain 50% of Panarin’s salary, resulting in a $5.8 million cap hit for the Kings this season. Panarin will not participate in the Milan Olympics, as the Russian men’s hockey team remains excluded by the IIHF. According to the rules established by the NHL and the NHLPA, all teams must be completely inactive from February 6 to 16, but can resume training from 2 p.m. local time on February 17. NHL games will resume on February 25. Several teams, including Carolina, Tampa Bay, and Washington, showed interest in Panarin. However, sources close to the player indicated that his preference was Los Angeles. Panarin and his agent had total control over the situation, as his contract includes a no-movement clause. Panarin is considered one of the most important signings in Rangers history, culminating the seventh year of an $81.5 million contract signed in July 2019. The talented winger has been the Rangers’ top scorer in five of the last six seasons. Despite not having much leverage in the negotiations, the Rangers believe they obtained the best prospect available from the Kings’ organization, Greentree, a power forward selected 26th overall in the 2024 NHL draft. The Kings are looking to compete at the highest level, especially in what could be captain Anze Kopitar’s last season.

You either compete, or you enter a long-term rebuild. I’m not interested in a long-term rebuild.

Ken Holland, Kings General Manager

Regarding conditional selections, if the Kings win a playoff round this year, the third-round pick becomes a second-round pick. If they don’t win a playoff round, the selection will be the better of their two third-round picks. If Los Angeles wins two playoff rounds this year, the Rangers will also receive a fourth-round pick in 2028. The Rangers announced last month that they were in the process of restructuring after a disappointing start to the season. On the same day, General Manager Chris Drury met with Panarin and informed him that the team would not extend a new contract when the 34-year-old player becomes an unrestricted free agent this summer. In that conversation, Drury told the star winger that they would work with him and his agent to facilitate a deal to his preferred destination. The Rangers, who are in last place in the Eastern Conference, are expected to remain active before the NHL trade deadline on March 6. Panarin is the second veteran to be traded this season.