Check out the latest on the Rangers and Penguins in the first NHL Rumor Mill of 2026.

THE ATHLETIC: Vincent Z. Mercogliano believes the biggest midseason question facing the New York Rangers is whether to buy, sell, or thread the needle.

They feel the Rangers are at a crossroads. They have a “win-now” core with four players (Artemi Panarin, J.T. Miller, Mika Zibanejad, and Vincent Trocheck) at 32 or older, and made Mike Sullivan the league’s highest-paid coach. However, this is a club that must get younger, faster, and more skilled, and they have a chance to accelerate that process by the March 6 trade deadline.

New York Rangers winger Artemi Panarin (NHL Images).

Panarin is eligible to become an unrestricted free agent this summer, and this season could be his last with the Rangers. If so, they should approach him about waiving his no-movement clause.

They should also consider having conversations with other veterans who still have trade value. The same applies to struggling young players such as Alexis Lafreniere and Brennan Othmann.

Mercogliano believes general manager Chris Drury will take the same “thread the needle” approach as last season. He’ll try to peddle players who no longer fit into the Rangers’ plans while trying to add those who can provide immediate help.

SPECTOR’S NOTE: The Rangers will be worth monitoring between now and the trade deadline. Drury’s plans will depend on where they are in the standings in the coming weeks. Failure to rise into playoff positioning will make it easier for Drury to justify attempting to move Panarin or other players who aren’t part of their long-range plans.

THE ATHLETIC: Josh Yohe believes Pittsburgh Penguins general manager Kyle Dubas is gearing up to make a massive move in 2026, likely during the offseason.

The Penguins have their own first-round pick, two second-round picks, and two third-rounders in the talent-rich 2026 NHL Draft. However, Yohe speculates that not all those picks will be used by the Penguins in that draft. He also pointed out that they have 16 picks in the top three rounds of the next three drafts.

Some of those picks could be used as part of a massive trade similar to the Minnesota Wild’s recent acquisition of Quinn Hughes.

The Penguins will also have over $50 million in cap space, giving them plenty of room to land some impactful free agents or swing a blockbuster trade for a star.

SPECTOR’S NOTE: Dubas has set the table to become a major buyer in this summer’s trade and free-agent markets. The question is, which players could they pry away via trades, and which free agents could be enticed into signing with the Penguins?

Most of the big-name players in this summer’s UFA market re-signed with their respective clubs. The best UFA-eligible talent includes 34-year-old Rangers winger Artemi Panarin, power forward Alex Tuch of the Buffalo Sabres, and Utah Mammoth center Nick Schmaltz.

Landing talent via trade could prove difficult if the players that Dubas targets aren’t interested in joining a rebuilding club. However, the Penguins could reach the playoffs, and the ageless Sidney Crosby could insist on staying in Pittsburgh. Those factors could be solid selling points.

Dubas could also surprise us by signing a restricted free-agent star to an offer sheet. Dallas Stars winger Jason Robertson would be the most attractive target if he and the Stars can’t agree to a long-term extension.