When Mike Sullivan was hired by the New York Rangers this past summer for their Centennial season, Stanley Cup visions were dancing in the heads of New York fans. Instead, New York’s patrons are being gifted with the NHL betting white flag of surrender. In a blockbuster deal completed on February 4, 2026, the New York Rangers traded superstar winger Artemi “Bread” Panarin to the Los Angeles Kings.
The trade occurred just before the NHL’s Olympic roster freeze and includes an immediate two-year, $22 million contract extension for Panarin that runs through the 2027–28 season. In turn, the Rangers received a package centered on a high-end prospect and conditional draft capital, while retaining 50% of Panarin’s current salary
The trade marks the start of a “retool” for the Rangers, who informed Panarin in January that they would not be offering him an extension. Panarin, who held a full no-movement clause with New York, reportedly identified Los Angeles as his preferred destination. Hence, he was limiting the Rangers’ leverage in negotiations. Panarin is expected to join the Kings’ lineup for practice on February 18, 2026, following the Olympic break.
For the Kings and head coach Jim Hiller, it is a second lease on life for the current season and a push to the playoffs. By contrast, the Rangers have torched a lot of future market tickets.
Rangers, Kings, and Panarin
Following the trade of Artemi Panarin to the Los Angeles Kings on February 4, 2026, the New York Rangers are in the midst of a significant roster retool while sitting in last place in the Eastern Conference. The team entered the NHL Olympic roster freeze on a four-game losing streak, punctuated by a 2–0 shutout loss to the Carolina Hurricanes on February 5.
The Rangers’ season has reached a low point, with the team officially holding the fewest points in the Eastern Conference as they head into the mid-February break.
Panarin’s loss adds to the Rangers’ offensive struggles. The team has been shut out nine times this season, seven of which occurred at home. Including the games where Panarin was held out for “roster management” before the trade, the Rangers have lost four straight and have won only three of their last 18 games since Christmas
The Los Angeles Kings entered the 2026 NHL Olympic break on a three-game losing streak. The Kings are sitting in 5th place in the Pacific Division with 60 points. Despite the blockbuster acquisition of Artemi Panarin on February 4, the team lost both games immediately following the trade before the league-wide hiatus began.
The Kings (23–19–14) are struggling offensively, ranking 31st in the league in goals scored (2.5 GF/G). Concurrently, they trail the first-place Vegas Golden Knights by eight points in a tightly contested Pacific Division. The Kings are just four points out of second place, but their 41.1% win percentage has them fighting for a Wild Card spot.
Panarin did not play in the Kings’ final, sports betting games before the break to allow for a smoother transition. Upon joining, he signed a two-year, $22 million extension ($11M AAV) through the 2027–28 season. Correlate that Panarin is scheduled to join the team for practice on February 18, 2026. His first game in a Kings jersey is expected to be February 25 against the Vegas Golden Knights.
He is expected to take over as the primary offensive driver on the top line, likely alongside Adrian Kempe and Alex Laferriere, to address the team’s scoring drought. In sum, the trade cost the Kings’ top prospect, Liam Greentree, and two conditional draft picks. The roster is now locked due to the Olympic Roster Freeze, which remains in effect until February 22. Overall, the blockbuster acquisition of Artemi Panarin on February 4 is widely seen as the move that could solidify their playoff berth.
Major NHL betting odds models and sportsbooks remain bullish on their chances. Most models recently gave the Kings a 90% chance of reaching the postseason, the highest of any team in the Pacific Division at that time. Meanwhile, for Mike Sullivan, it is doubtful that he signed up for this.