The 2024 NHL trade deadline is Friday, March 8 at 3 p.m. ET/noon PT. Some big deals occurred early this season, including Elias Lindholm to the Vancouver Canucks, Sean Monahan to the Winnipeg Jets, and Chris Tanev to the Dallas Stars.
We’re breaking down and grading all of the biggest moves from the 2023-24 trade season here, with analysis from ESPN reporters Greg Wyshynski and Ryan S. Clark.
Jump to a deal:
Mantha (VGK)
Lyubushkin (TOR)
Tanev (DAL)
Monahan (WPG)
Lindholm (VAN)
The Vegas Golden Knights landed Anthony Mantha, sending a 2024 second-round pick and a 2026 fourth-round pick to the Washington Capitals. The Capitals are retaining 50% of Mantha’s salary.
It’s possible that trading for Mantha in 2024 will go down as one of Kelly McCrimmon’s most strategic moves during his time as the general manager of the Golden Knights.
McCrimmon and the Golden Knights front office have dealt with this exact situation before. A year ago, Mark Stone was moved to long-term injured reserve after having a second back surgery in 12 months. They took advantage of the cap space that came with moving Stone to LTIR to trade for a pending UFA in Ivan Barbashev. Barbashev would play a key role in helping Vegas to its first Stanley Cup. It also paved the way for Vegas and Barbashev to subsequently agree to a five-year contract worth $5 million annually.
Fast forward to Monday when they had to move Stone to LTIR because he sustained an upper-body injury. That freed up more than $7.2 million in cap space that allowed the Golden Knights to go in a number of directions.
They decided on Mantha, which could prove to be a rather prudent decision.
Vegas is banking on the notion that Mantha can be a success similar to what they found in Barbashev. It’s entirely possible, considering the Golden Knights have seen it before with Adin Hill, Jack Eichel, Alex Pietrangelo, Barbashev and Stone, among others; these outsiders all assimilated and carved a place within the lineup.
Mantha also fits within the Golden Knights’ premise that the sum is greater than the whole of its parts. He’ll be the ninth player on their roster who has more than 10 goals this season, and the 12th player who has more than 20 points. Remember, Mantha’s third 20-goal season came while playing for a team that was last in the Eastern Conference in goals.
While Mantha fills a need, an argument can be had that the strongest part of this deal for the Golden Knights is the price tag. Having the Capitals retain 50% of Mantha’s salary means they’ll have $4.426 million in deadline cap space left, according to Cap Friendly.
Then there’s this: The Golden Knights didn’t have to part with any of their first-round picks to get this one over the finish line. Between that and the cap space they have available, it leaves the Golden Knights with the ability to create an attractive package should they seek to add more help between now and Friday’s deadline.
Being seven points out of the wild-card race with more than 20 games left in their season meant the Capitals were at a crossroads, with the trade deadline quickly approaching.
Do they decide to hold firm with the hope of getting back to the playoffs after missing last season? Or would it make more sense for them to parlay their pending UFAs into draft capital rather than risk losing them for nothing?
The Capitals chose the latter, with the full understanding that this deadline gives them the chance to restock what was once one of the amplest farm systems in the NHL.
Moving on from Mantha was about getting the strongest possible return — with the caveat that they’re not the only team that has a top-six/top-nine forward that could be enticing for a Cup contender. This year’s market is expected to see players such as Pavel Buchnevich, Jake Guentzel and Reilly Smith all get traded to contenders.
What they received for Mantha allowed them to jump back into the second round of this summer’s draft, having previously traded their original second-rounder. But it also means the Capitals have quite a bit of draft capital over the next three years.
They now have 23 draft picks over the next three years, and could add more. The Capitals have pending UFAs such as Nic Dowd, Joel Edmundson and Max Pacioretty that could lead to them receiving even more draft picks that could help with building a stronger future. — Ryan S. Clark
The Toronto Maple Leafs acquired Ilya Lyubushkin from the Anaheim Ducks in a three-team trade that also involved the Carolina Hurricanes. The Leafs received Lyubushkin and the rights to prospect forward Kirill Slepets, with the Ducks receiving the Leafs’ 2025 third-round pick while retaining 50% of Lyubushkin’s $2.75 million salary.
As for the Hurricanes, they received the Leafs’ 2024 sixth-round pick for serving as a third-party broker that will pay 25% of Lyubushkin’s salary.
Getting creative with the salary cap has been part of the Leafs’ strategy over the past several years. It’s become even more of a challenge this season when it comes to strengthening the Leafs’ defense. Both John Klingberg and Conor Timmins are on injured reserve while Jake Muzzin is on long-term injured reserve after he was ruled out for the regular season and playoffs with a cervical spine issue.
Then there are the more recent developments related to the health of the Leafs’ blue line. Timothy Liljegren missed a second straight game with an undisclosed injury while Mark Giordano left the Leafs’ 4-2 win Thursday with a head injury in the first period. That led to winger Mitch Marner filing in on defense — which was an option that Leafs coach Sheldon Keefe said he even thought about before puck drop.
What Leafs GM Brad Treliving accomplished was getting reinforcements in the form of a sizable right-handed shot who not only strengthens their depth but provides them a more defensive-minded option — at 25% of his salary. Cap Friendly projects the Leafs will have $2.134 million deadline cap space. It’s enough room for them to think about another move before next Friday’s deadline.
It also helps that there’s a familiarity with Lyubushkin and the Leafs. He gives them another option for a penalty kill that has struggled this season with a 77.6% success rate, which ranks 24th. His 31-game stint with the Leafs saw him finish with six points in the regular season. Lyubushkin had a rocky postseason experience, as he was seventh among Leafs defensemen in ice time, yet he was on the ice for four goals at 5-on-5 which was tied for the second most on the team, according to Natural Stat Trick.
Could the Leafs have gone after other right-handed options? Sean Walker continues to be mentioned in the right-handed defenseman market. But the Philadelphia Flyers remain in the hunt for a playoff spot, currently third in the Metropolitan Division.
Matt Dumba, Alexandre Carrier or Tyson Barrie, the latter of whom also played for the Leafs, could have been potential targets. But Dumba has a $3.9 million cap hit. Carrier is slightly lower at $2.5 million, while Barrie checks in at $4.5 million. So getting Lyubushkin at his rate was a clear win.
The Leafs were also able to get the rights to 24-year-old Slepets, who has eight goals and 19 points in 53 games for Amur Khabarovsk in the KHL.
In sum, the Leafs were able to fill a need here, and struck quickly in a right-handed defenseman market that now has one fewer name. And they did it without having to use up much cap space.
This was a solid move. But where it gets tricky for the Ducks is that they could have sought one more draft pick because of the premium they face with retention slots at this year’s trade deadline.
The Ducks have a chance to use this deadline to make one for the NHL’s most promising farm systems even stronger. Adam Henrique is the most attractive option in the second-line center market. Frank Vatrano is one of the more sought-after top-six/top-nine wingers, while Sam Carrick provides contenders seeking a bottom-six option on a team-friendly contract.
Henrique is a pending UFA with a $5.825 million cap hit while Vatrano has two years left at $3.65 million per season. Carrick is also a pending UFA, with a budget-friendly $850,00 cap hit. The expectation is the Ducks will likely have to retain salary should they trade Henrique and Vatrano. Carrick’s cap hit should hypothetically be an easier one to manage, but it’s possible that it could prove challenging depending upon a team’s specific situation.
But here’s what pushes the grade to a B for the Ducks: While they were able to get a draft pick, they could have gone after more just because of the value retention spots have for teams seeking to add more draft capital this time of year.
Then again, it might not matter considering the haul they can likely get for Henrique and Vatrano.
Being a third-party broker is emblematic of two tenets that have become hallmarks of the Don Waddell era: Gaining draft capital and having quite a bit of cap space at an opportune time.
A three-year draft cycle generally means having 21 picks — seven in each year — assuming a team does not trade those picks. The Hurricanes have had a total of 30 draft picks over the past three years. This trade now gives them 10 picks in this summer’s draft, and another chance to add more depth to their farm system. Or they’ll package some of those picks to make additions of their own.
Cap Friendly projects the Hurricanes will have a little more than $5.8 million in deadline cap space. That leaves them with quite a bit of room to take an active role at the deadline should they seek to add help as they seek to reach the Eastern Conference finals for a second-consecutive season — and advance to the Stanley Cup Final this time around. — Ryan S. Clark
The Dallas Stars landed defenseman Chris Tanev from the Calgary Flames, in exchange for defenseman Artem Grushnikov, the Stars’ 2024 second-round pick and a conditional 2026 third-round pick (the pick changes hands if the Stars make the 2024 Stanley Cup Final). The Stars also received the rights to University of Massachusetts goaltender Cole Brady.
In order to facilitate the deal, the New Jersey Devils will pick up 50% of Tanev’s salary, and were sent Dallas’ fourth-round pick in the 2026 draft as compensation for doing so.
The salary cap inherently discourages transactions because of its fiscal constrictions. At the same time, it encourages some managerial ingenuity.
That was on full display Wednesday night when Stars GM Jim Nill used a three-team trade to acquire the best defenseman at the deadline with an expiring contract, for a miniscule cap hit and without having to sacrifice a first-round pick. It’s a trade that sets up Dallas for a Stanley Cup run and protects the Stars’ cap space and assets for further roster augmentation before next week’s NHL trade deadline.
It’s a major W for Big D.
Tanev, 34, is the quintessential “last piece of the puzzle” player for the 2024 deadline. He’s a 14-year veteran who plays on the right side. He’s a rugged throwback who is considered one of the NHL’s most effective defensemen, but one who can also break out the puck offensively. He ranks second overall in the NHL in blocked shots (171). He’s played his entire career in the Western Conference, so he knows the Stars’ playoff competition quite well.
It’ll be fascinating to see where coach Pete DeBoer ends up using Tanev on his back end, because he has options. Among the natural left side defensemen on the roster are Esa Lindell, Ryan Suter and 22-year-old Thomas Harley, who is second on Dallas in average ice time this season and has been playing with star defenseman Miro Heiskanen.
Also a natural left side defenseman: Heiskanen, who has been playing on his off side with a number of teammates this season. Pairing Tanev with Heiskanen would allow Dallas’s best defenseman to move back to the left side and go full throttle offensively, knowing that Tanev has the back end covered. It’s a role Tanev has played for defensemen ranging from Quinn Hughes to Noah Hanifin.
Thanks to the salary retention by the Flames and Devils, Tanev has a cap hit of just $1.125 million, which is lower than that of defenseman Jani Hakanpää, and Chris Tanev is slightly better than Hakanpää.
The Stars essentially traded a 2024 second-round pick, a 2026 fourth-round pick and Grushnikov for Tanev. They could afford to trade Grushnikov, as defense is an organizational position of strength. The 2026 third-round pick is conditional: Calgary receives it if the Stars make the Stanley Cup Final, which they’ll gladly ante up.
The Stars also snagged a goalie prospect in Cole Brady from the Devils. More on him in a bit.
The reason we can’t go all the way to ‘A+’ or ‘A’ on this one is that Tanev is 34 years old, he has played 773 games over 14 years and he’s played 70 games in a season only twice in his career. He’s got some miles on him. But that’s why the Stars wanted him: His experience, his savvy and his will to win his first Stanley Cup.
Overall, a tremendous trade for the Stars.
We praised GM Craig Conroy for the return he received in the Elias Lindholm trade with Vancouver, and hence were interested in seeing what he could pull at the trade deadline for Tanev, Noah Hanifin and potentially Jacob Markstrom. Looking at this trade … well, he still has Hanifin and potentially Jacob Markstrom.
Conroy told Fan 960 in Calgary that there was “lots and lots” of interest in Tanev from playoff contenders and teams outside the playoff picture. Whatever the market was for him, Conroy didn’t leverage it enough.
For 50% salary retention, Calgary acquired a 2024 second-round pick that could be low enough to essentially be a third-rounder given how good Dallas is this season; defenseman Artem Grushnikov, whom we will discuss in a moment; and a conditional 2026 third-round pick that only manifests if Dallas makes the Stanley Cup Final this season. There is a possible future reality in the NHL multiverse in which the Flames and Stars meet in the first round, in which Calgary will attempt to cost itself a third-round draft pick.
In Grushnikov, the Flames have acquired someone they hope becomes Chris Tanev, basically. They’re around the same size. They’re both defensive defensemen, with Conroy calling out Grushnikov’s penalty killing prowess and his work in the defensive zone. He has a high compete level and has fared well in his first AHL season. But he doesn’t have the puck movement skills of Tanev and there hasn’t been much evidence that he’s anything more than a big hitting defender who’s solid in his own end. Conroy seems fine with that one-dimensional play and the fact that he’s got proof of concept rather than the mystery of a draft pick.
Grushnikov’s development is the key to the deal. Otherwise, the Flames acquired a pick that might not be within the first 50 in the draft, and another pick that won’t exist if the Stars fall short of the Stanley Cup Final. That was for allegedly the most coveted defensive defenseman at the deadline who generated “lots and lots” of interest.
Well, this wasn’t the New Jersey-Calgary trade involving a goalie we thought we’d see at the deadline. But then again we also didn’t anticipate the Devils would be a salary cap retention intermediary at the deadline, either.
The Devils took on $1.125 million in dead cap space for a 2026 fourth-round pick from Dallas. They had the space to do so, with Dougie Hamilton on long-term injured reserve, taking more than $8.3 million off their cap.
The Devils had to trade a player rather than “future considerations” in the deal, so they sent unsigned goalie prospect Cole Brady to the Flames for Tanev, and then the Flames traded Brady to the Stars to complete the three-way deal.
Brady has played nine games at UMass this season with an .886 save percentage. He transferred there in 2022 after two seasons at Arizona State. The Devils took him in the fifth round in 2019. That New Jersey is punting on a goalie prospect should tell you all you need to know about their relationship with Brady and where he fits in their future plans. His rights expire this summer, making this just a name to satisfy a requirement and probably not much more. — Greg Wyshynski
This trade saw veteran center Sean Monahan dealt to the Winnipeg Jets in exchange for a 2024 first-round draft pick and a 2027 conditional third-round pick going back to the Montreal Canadiens.
This is going to go down as one of the greatest examples of asset management in the salary cap era.
In August 2022, the Canadiens and Calgary Flames made a trade. Montreal acquired Monahan in the final year of his contract, which carried a $6.375 million cap hit. Monahan’s star had dimmed after being one of the top centers in the league for the Flames from 2017-19. He has had two hip surgeries, a groin surgery and wrist surgery in the last few seasons.
The Flames wanted his salary off their roster, so they traded a conditional 2025 first-round pick to the Canadiens, who had plenty of cap room for Monahan.
He played only 25 games in his first season in Montreal, which were enough to inspire some hope that he was on the road back to effectiveness; the Habs signed him to a one-year, $1.985 million deal heading into 2023-24. Thanks to his point production, his minuscule cap hit and his expiring contract, Monahan became one of the most coveted centers ahead of the trade deadline.
The Canadiens traded Monahan to the Jets for another first-round pick.
It’s possible that even at the peak of his NHL production that Monahan would not have garnered two first-round picks in a trade. That he basically did through the Canadiens’ two trades — for a 29-year-old reclamation project with an expiring contract and a specious health history — is one of the best uses of salary cap space and value inflation in recent memory.
Kudos to GM Kent Hughes for a master class in asset management, aided by a trade market that was friendly to Monahan.
It’s difficult to talk about Monahan without talking about what might have been.
An NHL source confirms that the Jets were in pursuit of center Elias Lindholm before the Vancouver Canucks‘ aggressive courtship landed the Flames forward on Wednesday for a first-rounder, a conditional pick, a roster player and two prospects.
Lindholm is the better, more complete player, even if it could be argued that Monahan is having the better season. In an odd way, these two trades are mirror images of each other: Vancouver going big to get Lindholm based on everything he did before this season and Winnipeg trading a first-rounder based on everything Monahan did this season.
Monahan is a playmaking center and a power-play asset, although goal-scoring in either situation isn’t anywhere near his early-career efficiency. Coach Rick Bowness told me on Friday that he expects Monahan to start on a line with Cole Perfetti and Nikolaj Ehlers, two players that can find the back of the net for the Jets.
He should also provide a boost to their power play, which ranks 24th in the NHL (15.7%) this season.
Last month, I predicted the Jets would go all-in for a center. They’ve been a pleasant surprise this season — especially with their team defense — but still had a significant hole in their lineup behind Mark Scheifele, thanks to last summer’s trade of Pierre-Luc Dubois to the Los Angeles Kings.
They had Vladislav Namestnikov and Adam Lowry in the middle, with Perfetti and Gabriel Vilardi also available in the pivot. But Monahan gives them a legit No. 2 center, and one that Bowness believes also passes important character tests for the Jets off the ice.
I was thinking B-minus overall here, but bumped it to a B because of Monahan’s incredible cap value, a point of demarcation with Lindholm ($4.85 million). Overall, a solid pickup for a surprising contender, snagging one the trade board’s top remaining centers on an expiring contract. — Greg Wyshynski
The Vancouver Canucks acquired center Elias Lindholm from the Calgary Flames in exchange for forward Andrei Kuzmenko, defensemen Hunter Brzustewicz and Joni Jurmo, a 2024 first-round pick and a conditional 2024 fourth-round pick.
“He’s a team guy who gives it everything, every shift.”
That’s Canucks president of hockey operations Jim Rutherford’s assessment of Elias Lindholm … from the 2013 NHL draft. That’s when then-Carolina Hurricanes GM Rutherford selected him fifth overall, right before center Sean Monahan was taken by the Flames.
In acquiring Lindholm, the Canucks remove one of the biggest names from the NHL trade deadline board. (Ironically, Monahan, now with Montreal, might currently be the top center available at the deadline.) Lindholm was coveted by teams trying to add an elite two-way player on an expiring contract to their top six. The Colorado Avalanche had inquired about him. There was speculation that Boston was in the mix. But the Canucks jumped the line with an offer the Flames couldn’t refuse.
What does Lindholm bring to the Canucks? Versatility, for one. There’s been a years-long trend in the NHL in which traditional centers are also adept at producing on the wing. Lindholm certainly fits that template. He wins 55.5% of his faceoffs. As a team, Vancouver is 16th in the NHL (50%) in faceoff proficiency. Most importantly, Lindholm gives the Canucks the right-handed faceoff guy they sorely lacked on their depth chart.
Seriously, it’s like Lindholm was made in a lab for this Vancouver team. He can play on a power play that’s already in the top 10 (25%) in the NHL. He can bolster a penalty kill that’s middle of the pack (80%). He’s a tremendous 5-on-5 defender, in particular in puck recovery. He was second for the Selke Trophy in 2021-22, although that might be because he scored 42 goals along with playing stellar defensively. The Selke is funny like that.
He’s also insurance against the Canucks losing one of their vital players to injury at any point down the stretch. The most important number for Vancouver this season is 49, or the number of games J.T. Miller, Elias Pettersson, Quinn Hughes and Brock Boeser have played — in other words, all of them.
What do the Canucks bring to Lindholm? A chance to get back to the offensive force he was two years ago. One of the most desirable attributes in an NHL player is to thrive with high-end talent. Lindholm’s offensive apex came while playing on a line with Matthew Tkachuk and Johnny Gaudreau. His scoring dropped by 18 points after they left Calgary, propped up by his chemistry with Tyler Toffoli. Then Toffoli was traded to New Jersey, and Lindholm’s productivity fell off a cliff this season to under two points per 60 minutes (1.9) in all situations.
Vancouver can slot Lindholm with Miller, who had 67 points through 49 games. Or on a line with Pettersson and Boeser. He can play on their first power-play unit. It’s like going from an offensive boxed lunch in Calgary to a veritable buffet in Vancouver.
Given the Canucks’ cap situation next season, one assumes Lindholm is a rental. If that’s the case, fine: Lindholm is an outstanding acquisition, a nitro boost to a team already cruising at the top of the conference. But it did come at a cost.
There were two trades last season that might have informed this one.
When the Canucks traded center Bo Horvat to the Islanders, they received a roster player (Anthony Beauvillier), a top prospect (Aatu Raty) and a conditional first-round pick in 2023 that they flipped for defenseman Filip Hronek. Horvat ended up signing an eight-year extension with the Islanders a few days later.
The Blues traded center Ryan O’Reilly to the Maple Leafs last season in a complicated three-way trade with Minnesota that included salary retention. In the end, the Leafs gave up two prospects, a first-rounder, a second-rounder, a third-rounder and a fourth-rounder. O’Reilly left as a free agent for Nashville.
So how did the Flames do within that context? Pretty good, actually, especially considering they didn’t retain any salary.
Andrei Kuzmenko needed to get away from coach Rick Tocchet, who wanted him to play “the right way” and wasn’t going to give ice time to a player he believed was a defensive liability during this outstanding season for the Canucks. It didn’t matter that he had 39 goals as a 26-year-old rookie last season. He had to earn his time with the team’s top players and Tocchet felt he hadn’t.
So it’s off to Calgary, where he’s signed through next season at a $5.5 million average annual value. He had the Flames on his no-trade list. GM Craig Conroy and coach Ryan Huska sold him on the promise that Kuzmenko would be placed in offensively advantageous situations. Perhaps he and Jonathan Huberdeau could find some mutually beneficial chemistry.
It would be absolutely shocking if the name Yegor Sharangovich didn’t come up. The Flames acquired him from the Devils in the Toffoli trade, gave him almost three minutes more ice time a game, and watching his offense blossom to the point where Sharangovich (20) has one fewer goal than Toffoli (21) this season.
If Kuzmenko can’t recapture the magic, he’s a free agent in the summer of 2025.
Of the two prospects, Brzustewicz is more intriguing than Jurmo, although the latter defenseman has improved this season while playing in Finland. Brzustewicz is a puck-moving blue-liner who could top out at 100 points this season with the OHL Kitchener Rangers. There have been lingering questions about his ability to be an all-around player at the NHL level, but it’s hard to ignore that kind of offensive spark.
The Flames pulled a first-rounder for Lindholm too, albeit one that could practically be a high second-rounder given how good the Canucks are. That fourth-rounder turns into a third-rounder if the Canucks make the Western Conference final.
It’s a potentially impressive haul for (yet another) free agent who wasn’t signing back in Calgary. For a franchise that’s still reeling from those defections, it’s another strong step toward whatever the next phase of the Flames ends up being. — Greg Wyshynski