Rangers' Massive Ask From Sharks & Capitals For Artemi Panarin Revealed
The Artemi Panarin trade didn’t just come down to cap math and a no-move clause.
It came down to who the New York Rangers wanted back.
Multiple reports indicate New York took a big swing in talks with the San Jose Sharks and Washington Capitals, pushing for elite young pieces before ultimately pivoting to a deal with the Los Angeles Kings right before the Olympic trade freeze.
Artemi Panarin trade talks hit a wall with Will Smith and Ryan Leonard
The Rangers’ stance was that if a team wanted Panarin, the return had to start with a true cornerstone type, the kind of prospect you don’t casually move.
That’s why names like Will Smith (San Jose) and Ryan Leonard (Washington) surfaced as the type of targets New York wanted in any serious conversation.
The New York Rangers reportedly asked for Will Smith from the Sharks & Ryan Leonard from the Capitals in Artemi Panarin trade talks, but both teams said no, per @MurphysLaw74. pic.twitter.com/2gZt3Q3e3z
— PuckEmpire (@puckempire) February 4, 2026
Leonard has shown he can pop at the NHL level, including a headline four-point night earlier this season that put his upside front and center. The 21-year-old has 11 goals and 31 total points across 60 NHL games, dating back to his debut last year.
Smith, who's the same age as Leonard, has almost twice the amount of NHL experience, recording 35 goals and 84 total points across 116 games played. He's on track to smash his rookie season, currently at 17 goals and 39 points in 42 games this season.
Why the Kings deal won anyway
Once those premium asks didn’t budge, Los Angeles became the best path for the Rangers, especially with Panarin controlling the process via his no-movement clause and extension leverage.
The final package saw the Rangers retain 50% of Panarin’s $11.6 million cap hit, landing prospect Liam Greentree plus conditional picks, and Panarin immediately signing a two-year, $22 million extension with the Kings.
The Rangers were said to have targeted Will Smith from San Jose and Ryan Leonard from Washington in discussions involving Artemi Panarin, but each club declined, according to @MurphysLaw74 pic.twitter.com/hbpjQTc1JM
— NHLMuse (@NHL_Muse) February 4, 2026
On the ice, he was still producing like a star in New York with 57 points in 52 games, and he’s remained one of the league’s most bankable point-getters for years, including a career-best 120-point season in 2023–24.
Photo Credit: Brad Penner-Imagn Images
