Where there’s smoke, there’s fire.
In “the big smoke”, there could be a fire sale starting as early as today.
Coming off a shootout loss at home and another squandered point to a fellow playoff pursuer, the Toronto Maple Leafs’ hopes are smouldering and nearly snuffed out — 7 points back with 21 games remaining but four teams between them and a wild-card berth.
There is always smoke swirling around the Leafs — with Toronto as the center of the hockey universe — but the rumour mill is really billowing now, following their fourth straight loss since the Olympic break.
As a result, the focus is shifting from Auston Matthews to Brad Treliving in terms of who needs to be Toronto’s top performer leading up to Friday’s trade deadline.
The Leafs look like sellers, with half their roster seemingly available and at least a half-dozen candidates to be moved this week.
Vancouver is in the same boat on the west coast, where the Canucks have sunk to the bottom of the overall standings. Patrik Allvin, or rather Jim Rutherford, could be looking at even bigger changes there, blowing it up with ownership finally on board for a rebuild.
Calgary got a head start on the deadline by shipping Rasmus Andersson to Vegas in January but Craig Conroy is far from done retooling the Flames, with a fair bit of work to do by Friday.
Edmonton made the first significant move of deadline week, acquiring Connor Murphy from Chicago for a 2028 second-round pick. Stan Bowman got his former club to retain half of Murphy’s salary, allowing the cap-strapped Oilers to continue shopping for upgrades.
Montreal could become Canada’s biggest buyer if Kent Hughes believes the Canadiens are ready to compete for the Stanley Cup. They will be adding to some degree at the deadline but must decide whether the time is right to reel in a big fish.
Ottawa hasn’t thrown in the towel — not after beating Toronto in the Battle of Ontario over the weekend — and Steve Staios could try to bolster the Senators’ roster for a late-season surge into the playoffs. They are 5 points out with 23 games to go, still an uphill battle but not as daunting as the Leafs — Ottawa is 2 points up with 2 games in hand on Toronto.
Winnipeg went from Presidents’ Trophy winners last season to almost certainly missing the playoffs — now 10 points back with 23 games left. That is presumably, or historically, too much ground to make up, so the Jets have to approach the deadline as sellers — even if Kevin Cheveldayoff won’t go on a wild selling spree like some of his Canadian counterparts.
The sellers will outnumber the buyers in Canadian markets this year — at least 4 to 3 and potentially 5 to 2, depending on Ottawa’s direction, which could be determined by their results in Edmonton tonight and Calgary on Thursday.
Of course, a lot of American teams will be busy wheeling and dealing too, but let’s take a closer look at what the Canadian clubs have to offer or what they will be targeting.
Toronto Maple Leafs
The Leafs are lacking draft capital — no first-round selections for 2026 or 2027, also without a second in 2026 and a third in 2027 — so they will be looking to recoup picks and quality prospects at the deadline. The cupboard is quite bare beyond Easton Cowan and Ben Danford, who were late first-rounders with rising stock but projected as middle of the lineup players.
Oliver Ekman-Larsson was connected to Edmonton before the Oilers opted for Murphy to shore up their defense, but his name is out there with two years left at $3.5 million.
Bobby McMann, Scott Laughton and Nic Roy have also been tied to Edmonton at times and the Oilers might circle back for one of them. McMann and Laughton are affordable pending free agents, while Roy has another year left at $3 million. Treliving will be taking calls on that trio, along with other forwards like Max Domi, Matias Maccelli, Nick Robertson and Calle Jarnkrok.
Ditto on defense, where the Leafs could try to undo the Brandon Carlo deal from last year’s deadline in hopes of fetching a similar return. They could also explore options with Morgan Rielly and ask him to waive his no-move clause for a change of scenery. Ekman-Larsson has a modified no-trade clause too, with a 16-team list. Troy Stecher has been a pleasant surprise for the Leafs as a waiver claim from Edmonton and might have value now. Same with Simon Benoit and Philippe Myers as depth defenders.
Anthony Stolarz has been starting lately, perhaps as a showcase with Dennis Hildeby no longer waiver exempt next season, but Stolarz has a four-year extension kicking in at $3.75 million. So the Leafs might be stuck (or sticking) with their goaltending tandem of Stolarz and Joseph Woll.
For those keeping count, that is 14 players as potential trade fodder for Toronto.
Vancouver Canucks
The Canucks have a lot of players with term remaining that will require the right fit.
The easier moves for Allvin will likely be Evander Kane, Teddy Blueger and David Kampf on expiring contracts. Kane has some say in where he goes (16-team list) but there should be multiple suitors for his services. Blueger and Kampf won’t be hot commodities, unlikely to fetch higher than a fourth-round pick. Drew O’Connor, with one year left at $2.5 million, could bring a better return.
Tyler Myers has been sitting out, pondering a pending trade (rumoured to be Detroit). He has a no-move clause and another year at $3 million but could be willing to waive for a team that is closer to his home base in British Columbia.
Then there are the Big Four — Elias Pettersson, Brock Boeser, Conor Garland and Jake DeBrusk. They were supposed to be core forwards for Vancouver but all appear to be on the block now. Problem is, Pettersson ($11.6M), Boeser ($7.25M) and Garland ($6M) have six years remaining and DeBrusk ($5.5M) has five left. Garland doesn’t have any trade protection in the present (final year at $4.95M before extension) but all four have no-move clauses next season. So those aren’t easy trades to make for Rutherford as the Canucks’ main decision maker.
It sounds like they have momentum on a Pettersson deal, with or without salary retention. Garland is reportedly garnering interest too. DeBrusk shouldn’t be a hard sell and Boeser sure looks like he would benefit from a change of scenery now. A couple of those might have to wait until the offseason or around the draft.
The Canucks already have two firsts (Minnesota) and two seconds (San Jose) in 2026, so they might be targeting younger NHLers or prospects that could break in next season as part of their youth movement.
Beyond that, Vancouver will gladly listen if there are any takers for forwards Nils Hoglander (2 assists in 21 games with two years left at $3 million), Lukas Reichel (1 assist in 14 games, sitting out prior to the Olympics) and Nils Aman (only 2 NHL games this season, only 4 goals in 41 AHL games), or depth defender Pierre-Olivier Joseph. They also have 2021 second-rounder Danila Klimovich lingering in Abbotsford, potentially heading back to Europe next season if he doesn’t make his NHL debut down the stretch.
That total matches Toronto’s 14 but Vancouver will likely move fewer players at the deadline due to logistics.
Calgary Flames
After the aforementioned Andersson trade, Calgary already has two firsts (Vegas) and two thirds (Vancouver) in 2026, and two firsts (Vegas) in 2027. The Flames have been drafting well in recent years, so expect that trend to continue with the way they are stockpiling picks.
Nazem Kadri is near the top of every trade board. He wants to go to a contender and chase another Cup. Perhaps back to Colorado, where he won in 2022 prior to signing in Calgary. With three more years at $7 million, that won’t work for every contender, but the Flames are working to find him a new (or familiar) home.
The same goes for Blake Coleman, who could go back to Tampa Bay where he won consecutive Cups in 2020 and 2021 before he came to Calgary. Like Kadri, multiple contenders will covet Coleman’s leadership, checking prowess and secondary scoring with one year left at $4.9 million.
To some surprise, MacKenzie Weegar’s name has come up. He has a full no-trade clause and five years remaining at $6.25 million but he may not want to stay through Calgary’s rebuild and several teams would love to add that kind of cost-controlled, right-shot defender in his prime. Ottawa has even been mentioned among those interested.
Zach Whitecloud was part of the return for Andersson but he could be flipped again at the deadline. Another Cup winner, with Vegas in 2023, Whitecloud has two years left at a team-friendly $2.75 million, so he could be another hot commodity for the Flames.
As could Ryan Lomberg, the ultimate “vibes guy” and a gritty energizer who hoisted the Cup with Florida in 2024. He is a pending free agent, enjoying his second stint with Calgary and willing to extend there, but he could go on a playoff run elsewhere and return in the summer again.
The Flames will likely be listening on Joel Hanley (one year left at $1.75M) and Daniil Miromanov (pending free agent) as depth defenders too.
That is half as many players on the block as Toronto and Vancouver but Calgary could easily move six of those seven — and Weegar too, if Conroy so desires.
Winnipeg Jets
Winnipeg wouldn’t have expected to be a seller this season, but that is the Jets’ current reality.
Luke Schenn, Gustav Nyquist and Tanner Pearson are the veterans on expiring contracts who are most likely to move now. Jonathan Toews has a no-move clause and wasn’t planning to waive it as of a week ago.
Logan Stanley is an interesting case. The 2016 first-rounder is enjoying a breakout season as a pending free agent, producing career highs in goals (9), points (20) and penalty minutes (99) while even seeing power-play time lately in the absence of Josh Morrissey. The hulking 6-foot-7 defender took a long time to develop over two AHL seasons and five NHL campaigns prior to this coming-out party in a contract year. He turns 28 in May, so he could be a rental or a long-term investment if the Jets don’t get him extended this week. But it’s possible he could fetch a first-round pick in return, something Winnipeg won’t be getting for those other vets. A difficult decision for Cheveldayoff and the Jets’ brass.
Likewise, with Cole Perfetti — a restricted free agent wanting a significant raise on his $3.25 million and significant term, too. He took a bridge deal following a hold out last time around, so the Jets will need to commit to Perfetti now or consider parting with their 2020 first-rounder. He just turned 24 in January and still has plenty of offensive upside. Teams are calling on Perfetti and potentially offering first-round picks or top prospects, but that would leave another significant hole in Winnipeg’s lineup for next season.
Brad Lambert is the first-rounder the Jets have been trying to move for some time. The 30th overall selection from 2022 showed promising flashes but fell out of favour in Winnipeg. Both sides want to move on, so expect him to get a fresh start at this deadline or at the draft. The Jets don’t have a second-round pick in 2026 or 2027, so they would likely accept either for Lambert. And that might be aiming high in all honesty — he has 6 goals and 13 points in 34 AHL games — so Winnipeg may have to settle for a fourth-round pick, which they are also missing in 2026 and 2027.
The Jets have some damaged goods that could be available, with Nino Niederreiter (one year at $4M), Vladislav Namestnikov (one year at $3M) and Colin Miller (pending free agent) all listed as week to week with lower-body injuries.
Alex Iafallo (two years at $3.666M) is healthy and has 34 games of playoff experience, so teams might be inquiring on him too.
The Jets have been buyers at previous deadlines but fortunately held onto their first-round picks in 2026 and 2027, so now they could wind up with multiple firsts depending on those difficult decisions.
For the sake of extending this list, the Jets could also part with the following eight forwards in Nikita Chibrikov, Dmitri Rashevsky, Mason Shaw, Phil Di Giuseppe, Jaret Anderson-Dolan, Samuel Fagemo, David Gustafsson and the rights to Rasmus Kupari, who has missed most of this season after suffering an injury with Lugano in Switzerland.
It’s unlikely there would be much interest in that group, but Cheveldayoff would take what he could get, especially if Chibrikov is considering a return to Russia next season. He is under contract for two more years with the Jets but only has 3 goals and 7 points in 34 AHL games, so he may be looking to leave like Lambert. Some of them, including Chibrikov, would likely be called up for the stretch run pending other moves.
Edmonton Oilers
The Oilers are obvious buyers, trying to make the most of every season with Connor McDavid. They will be “all-in” again but the cap is a limiting factor for this deadline.
Some of that is mismanagement, with more than $22 million tied up in Darnell Nurse, Tristan Jarry, Trent Frederic and Andrew Mangiapane. Make it $25 million if you include Adam Henrique, who has a no-move clause like Nurse and Frederic, while Mangiapane has a full no-trade clause and Jarry came with a 12-team list.
Mangiapane recently cleared waivers and is buried in the minors, at least temporarily. He is willing to waive but Edmonton won’t find a taker without adding a sweetener — likely a decent draft pick and/or a quality prospect if they are getting a replacement in return. Maybe that makes sense for Toronto with McMann, Laughton or even Roy. Those discussions could be ongoing, with the likes of Ike Howard, Quinn Hutson and Beau Akey being discussed.
Those prospects will be talking points for any team that Edmonton attempts to trade with this week. And it is unlikely the Oilers can add without subtracting Mangiapane, either in the same deal or a separate cap dump. With the acquisition of Murphy ($2.2M, pending free agent) and with Mangiapane in the AHL for the time being, the Oilers only have $200K in cap space — or $2.65M if they move Mangiapane’s full cap hit (one year left at $3.6M). So they can’t afford another big-name ringer this year, not without a big contract leaving Edmonton, which is unlikely.
Jarry hasn’t panned out through 12 appearances with the Oilers (.864 save percentage). If that continues, he could become a buyout candidate with two more years at $5.375 million. If Edmonton isn’t confident in the trio of Jarry, Connor Ingram and Calvin Pickard, desperate times may call for desperate measures — making the call to Marc-Andre Fleury and signing him ahead of Friday’s deadline in order to be eligible for the playoffs.
Fleury has been practising semi-regularly with the Minnesota Wild all season but might be waiting on a potential Jesper Wallstedt trade there to return as Filip Gustavsson’s backup again. Fleury is the cheapest goaltender on the market in terms of acquisition cost and arguably still one of the best with three Cup rings on his Hall-of-Fame resume. And Fleury was one of Jarry’s mentors when he broke into the league with Pittsburgh.
Other prospects of potential interest from Edmonton include Maksim Berezkin, Matvei Petrov, Paul Fischer, Asher Barnett, Tommy Lafreniere, David Lewandowski, William Nicholl, Aidan Park, and a handful of goaltenders in Eemil Vinni, Daniel Salonen, Samuel Jonsson, Nathaniel Day and Connor Ungar, who recently had a hot stretch in the AHL.
The Oilers still have their second- and third-round picks in 2026, plus their first- and second-round picks in 2027. If only they had cap space to maximize those assets for another Cup run.
Montreal Canadiens
The Canadiens are in a much better position to be buyers. They will find a way to offload Patrik Laine, even if they have to retain up to 50 per cent of his remaining cap hit ($8.7M, pending free agent).
Depending on their priorities, which could include a second-line center and a starting goaltender, they have a handful of expendable players with very little or no trade protection. That includes Josh Anderson (one year left at $5.5M with a 5-team list), Kirby Dach ($3.36M, restricted free agent), Alex Newhook (one year at $2.9M) and Sam Montembeault (one year at $3.15M).
Anderson’s name hasn’t come up as much this season as past years and the Habs might value him more after he stood up to Tom Wilson throughout their playoff loss last spring. Dach and Newhook, like Laine, missed long stretches of this season to injuries and are just returning again now. They could find roles for the playoffs — Dach has been flanking Nick Suzuki and Cole Caufield on the top line — but could be showcased to fetch that bigger fish too. And if Montreal makes a move for a more proven goaltender, Montembeault would likely be going the other way to make the money work.
Maybe a blockbuster involving Laine, Montembeault and significant futures for Robert Thomas and Jordan Binnington from St. Louis. The Blues and Canadiens have been trade partners, swapping Zach Bolduc for Logan Mailloux, so Kent Hughes could call up Doug Armstrong again. If not Binnington, perhaps Colton Parayko or Justin Faulk are bandied about. Either way, they would be talking about significant futures if Thomas is moving to Montreal to form a 1-2 punch with Suzuki.
Montreal is one of the few teams that could make a deal of that magnitude. But does Kent Hughes want to part with multiple first-round picks over the next three years, plus recent first-rounders Michael Hage and David Reinbacher, second-rounders Owen Beck and Alexander Zharovsky, and other exciting prospects like Adam Engstrom, Bryce Pickford, Bogdan Konyushkov and L.J. Mooney — because those are the names that Armstrong will be asking for. Not all of them but a few from that list.
The Habs aren’t landing Thomas or Kadri or Vincent Trocheck or Ryan O’Reilly for Joshua Roy and Owen Protz, both decent prospects in their own right. They could be part of any package, along with Sean Ferrell, Luke Mittelstadt and Hayden Paupanekis, among others, and any combination of first-, second- and third-round picks — Montreal is fully stocked for the next three years. But the biggest fish at this year’s deadline will require big-time prospects in return.
If the Canadiens are adding at the deadline, which Martin St. Louis deserves at this point, then they may also include Joe Veleno and Sammy Blais as roster casualties due to their impressive forward depth when healthy.
Ottawa Senators
The Senators also have plenty of cap room if they determine it is worth loading up for a playoff push.
With Linus Ullmark back between the pipes, and with their first-round pick forfeited for this year’s draft, new owner Michael Andlauer might want to be aggressive here. They want to get Brady Tkachuk into the playoffs — they don’t want to lose him to an American market, the way his brother Matthew bailed on Calgary — so Staios could get the green light to make bold moves at this deadline.
They could be in on those big-name blueliners like Weegar, Parayko, Faulk, Dougie Hamilton and Rasmus Ristolainen. They could target Boeser or even Pettersson from Vancouver, both already familiar with Travis Green from his time with the Canucks. Jordan Kyrou in St. Louis and Jonathan Marchessault in Nashville also come to mind as potential fits for Ottawa. And they could look for more insurance in goal too, upgrading on James Reimer as Ullmark’s backup. Stuart Skinner has a ton of playoff experience in a Canadian market and could be flipped by Pittsburgh at the deadline.
But, and this is a big BUT, the Senators don’t have a lot of attractive futures to round out their roster with ringers. They don’t have this year’s first due to a blunder by former general manager Pierre Dorion, who failed to disclose Evgenii Dadonov’s no-trade list. Their only premier prospect is 2024 first-rounder Carter Yakemchuk, a 6-foot-4 right shot defender that doesn’t grow on trees. He was the seventh overall pick that year, and they followed up with left shot defender Logan Hensler at 23rd overall as their 2025 first-rounder. They would have to give one of them up to get most of those targets.
Xavier Bourgault, Tyler Boucher and Lassi Thomson were first-rounders but wouldn’t qualify as “attractive” futures in the present. Ottawa has their firsts for 2027 and 2028, along with their 2026 second and three thirds (Florida, Washington) to peddle this year. But compared to Montreal and other buyers, the Senators could be easily outbid for star power.
Now, if the Senators lose both games in Alberta before the deadline, maybe they also lose the buyer mentality. As sellers, Ottawa could dangle a handful of pending free agents in forwards Claude Giroux, Lars Eller, Nick Cousins and David Perron (recovering from sports hernia surgery), and steady defender Nick Jensen.
Artem Zub (one year left at $4.6M) might fetch that missing first-rounder for 2026, even amongst those other bigger-name blueliners. Michael Amadio (one year at $2.6M) has a Cup ring from Vegas in 2023, when he had 10 points in 16 games during that playoff run. Teams tend to pay a premium for that experience.
Arthur Kaliyev has sniped 30 goals in the AHL this season, but it’s hard to say whether an NHL team would take another chance on him at the deadline. He doesn’t have a great reputation at the highest level, so that return would be minimal for Ottawa.
The Senators could still go either way this week, but they are likely leaning towards buying as of today. A win tonight in Edmonton and they could be selling what is left of the farm. To avoid any confusion there, beating the Leafs and the Oilers in back to back games would set the Sens up to be buyers.
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