The modest return the New York Rangers got in the Artemi Panarin trade is a perfect example of why Montreal Canadiens GM Kent Hughes is reluctant to give up too much control through contractual clauses.
Earlier this week, the New York Rangers traded Artemi Panarin to the Los Angeles Kings and could only manage to get prospect Liam Greentree and a conditional third-round pick at the 2026 draft (which will become a second-round pick if the Kings win one playoff round) for the man who has been their top star for the last seven years. Should the Kings win two playoff rounds, the Rangers will also receive a fourth-round pick at the 2028 draft.
Why was the return so low even though the Kings were able to agree to a contract extension with the player? Quite simply, because Panarin, who had been given a full no-movement clause when he signed his seven-year deal with New York in 2019 by then GM Jeff Gorton, let it be known that he would only agree to be traded to Los Angeles.
This should serve as a cautionary tale to the league’s GM. Even though no movement clauses are highly sought after, they can come back to haunt the team later down the line. This year, only four Montreal Canadiens players have modified no-trade clauses: Patrik Laine, Josh Anderson, Mike Matheson, and Phillip Danault, and one has a no-movement clause (Brendan Gallagher); Hughes signed none of those contracts.
The former agent has a knack for giving himself flexibility, not only with money but also with contractual clauses. Since taking over from Marc Bergevin, he has been careful about the contracts he has given to members of his core. Using the contract the former GM had signed Suzuki to as a measuring stick, he signed Cole Caufield and Juraj Slafkovsky to a very reasonable cap hit. He was able to avoid conceding any special clause to Slafkovsky. As for Caufield, his agent Pat Brisson managed to get him an M-NTC for the last three years of his eight-year deal (15-team no-trade list in 2028-29 and 10-team no-trade list in the last two years), which is one less year than Suzuki, who has a 10-year M-NTC for the last four years of his deal.
On the back end, Hughes had to agree (through Mathieu Darche) to give Noah Dobson a 14-team M-NTC for the last seven years of his eight-year deal, which could be considered a good compromise as it leaves the team with plenty of options should they wish to move on from the right-shot rearguard. However, when he signed Matheson to a four-year contract extension, Hughes agreed to a full no-movement clause for the first three seasons of the deal, but managed to negotiate a 14-team M-NTC for the final year. As for Kaiden Guhle, who signed a six-year deal back in July 2024, he could only get an M-NTC for the last two years of the agreement, and it only includes a five-team no-trade list. Finally, star defenseman Lane Hutson could only manage to get an M-NTC for the last three years of his eight-year deal, and it only provides for a 10-team no-trade list.
Clearly, Hughes is reluctant to give up too much control, and the Panarin trade return perfectly explains why. It will be interesting to see if the GM manages to retain the same kind of control when it’s time to sign the likes of Ivan Demidov and Jacob Fowler to a contract extension.
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