More than one-third of players who have appeared in an NHL game this season own some form of no-trade protection in their contract.
That helps account for transactions remaining so difficult to complete, even after the salary-cap jump over the summer created extra room for teams to maneuver. The fact that 36 percent of NHLers currently have trade restrictions, according to data compiled by PuckPedia, is even more staggering when you factor in that players aren’t eligible to negotiate those clauses for seasons in which they are a restricted free agent.
It was the league’s general managers who handed out those contracts, but in the early days of this season, more than one has grumbled about how debilitating they’ve been to making moves.
When you couple that reality with recent changes to the collective bargaining agreement, the NHL’s bunched-up standings and multiple teams off to surprising starts, both good and bad, the trade market is frozen.
There’s a long way to go before the March 6 trade deadline. But it’s not too soon to start sketching a rough outline of where things might be headed over the next few months.
For the first time in 2025-26, it’s the return of the Big Board.
As always, players are listed by how closely they demand watching, based on their potential impact and the current amount of buzz around them.
Note: Net Ratings and market values are via Dom Luszczyszyn’s model and are projected for the full season based on statistics through Nov. 16. Goals saved above expected (GSAx) are via Evolving-Hockey, also through Nov. 16. Contract info is via PuckPedia.
Team Buffalo Sabres Calgary Flames Chicago Blackhawks Columbus Blue Jackets Minnesota Wild Nashville Predators New York Islanders New York Rangers Philadelphia Flyers Pittsburgh Penguins San Jose Sharks Seattle Kraken St. Louis Blues Toronto Maple Leafs Vancouver Canucks
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Current cap hit
$4,550,000
The subject of trade talk since the summer, Andersson is a pending unrestricted free agent who represents the biggest chip for Flames management to play in a season in which they’ve taken a step back. The right-shot defenseman hasn’t fully closed the door on negotiating an extension with Calgary, but his personal timeline doesn’t appear to align with a retooling organization that will soon be looking toward the future. Andersson is effective at winning puck battles and doesn’t shy away from engaging physically. He’s also averaged more than 23 minutes per night across the past five seasons while playing in all situations. He’s the kind of player teams covet for a playoff run.
Calgary Flames
Defenseman
Right-shot defenseman
Current cap hit
$8,000,000
This is the last place the future Hockey Hall of Famer expected to find himself within 18 months of signing with the Predators in free agency. However, it’s proven to be an imperfect fit on both sides of the equation, with Nashville lacking the kind of playmaking center needed to maximize Stamkos’s lethal shot and the team now scuffling toward the bottom of the standings for a second straight season. A potential Stamkos trade carries some complications: The player owns a no-movement clause, and the team would likely have to retain salary to make it work. But the potential for a big payoff is there. Stamkos still scored 27 goals last season in a down year, and his intangibles and experience would mean a lot more if he found his way back to a winning environment.
Nashville Predators
Forward
Winger
Center
Current cap hit
$4,750,000
The Sabres expressed interest in extending the Western New York native before he entered the final year of his existing contract, but they couldn’t come to terms on something that made sense in the fall. Those talks were then shelved to focus on a critical season in Buffalo, and it’s been another uphill battle on the ice. Despite that, Tuch continues to produce offense at a rate that’s going to get him paid. He’s a big, fast power forward with a proven ability to put the puck in the net. He’s the kind of player it makes sense to keep around long-term, but he’s also too valuable to potentially lose for nothing, especially if the Sabres aren’t firmly in the playoff race come the trade deadline.
Buffalo Sabres
Forward
Winger
Current cap hit
$4,900,000
An excellent skater and defensively sound winger, the puck is usually headed in a positive direction when Coleman is on the ice. He’s a 20-goal scorer who has been dangerous on the penalty kill over the years and ideally slots in on the third line of a top team — as he did for the Lightning while winning back-to-back Stanley Cups in 2020 and 2021. Coleman is signed through 2026-27, but it’s little wonder so many teams are calling the Flames already to inquire about his services. He’s the kind of upgrade that can raise the bar for a contender.
Calgary Flames
Forward
Winger
Current cap hit
$2,100,000
A trade request by the player went unfulfilled over the summer, and the situation hasn’t gotten any better since Chinakhov returned to Columbus this fall. He is currently seeing the fewest minutes per game of his NHL career, which would make this an upside play for any potential buyer. Chinakhov has strong offensive instincts and possesses an intriguing set of tools, including a maximum skating speed that ranks in the 90th percentile among NHL players this season and a hardest shot that ranks in the 98th percentile, according to NHL Edge data. A fresh start is needed.
Columbus Blue Jackets
Forward
Winger
Current cap hit
$6,500,000
The Blues are off to a dismal start, which has prompted management to take a hard look at what they’ve got. Schenn could be the first player to go. His name was prominent in trade discussions last season, and he’s since seen a full no-trade clause get converted to a 15-team no-trade list, giving him less control in the process. Schenn’s offensive output is well off its usual levels, but he should still carry value as a reliable center capable of impacting the game at both ends of the ice. He’s scored at a 22-goal, 54-point pace across a 17-year NHL career.
St. Louis Blues
Forward
Winger
Center
Current cap hit
$4,500,000
O’Reilly doesn’t own a no-movement clause in his contract, but the Predators will treat him as though he does. That means they won’t be trading their top center anywhere unless he’s willing to go. The writing is on the wall in Nashville, though, and the 2019 Conn Smythe Trophy winner will almost certainly have to go elsewhere to play meaningful games again before the end of his contract. O’Reilly is an excellent two-way center who can be counted on to chip in offensively and has the ability to be a true difference-maker for a contender. As an added bonus, he’s a beast in the faceoff circle.
Nashville Predators
Forward
Center
Current cap hit
$6,500,000
A prototypical professional with 1,000 NHL games already under his belt, Faulk is playing more than 23 minutes per night in his 15th season. He is a stout five-on-five defender who chips in a bit offensively and generally keeps things steady. He is also a right shot capable of playing both sides of the ice. As an added bonus, his contract was front-loaded, which means he’s owed less in actual cash than his actual cap hit now that he’s down to the final two seasons on it.
St. Louis Blues
Defenseman
Right-shot defenseman
Current cap hit
$3,485,000
Traded from Boston to Toronto ahead of last year’s deadline, Carlo is among a small handful of players who could bring the struggling Leafs back surplus value in a shakeup deal. Of course, they’d also be immediately looking for another sturdy defender who can patrol the right side if they elect to go down that road. Carlo is a 6-foot-5 defenseman who can kill penalties and help shut the game down. He’s not overly physical, but he’s no stranger to big-game hockey with 85 career playoff games on his resume. He’s signed for one season beyond this one, too.
Toronto Maple Leafs
Defenseman
Right-shot defenseman
Current cap hit
$5,500,000
Similar to Stamkos, the fit in Nashville hasn’t been anything close to what Marchessault envisioned when he signed there in July 2024. Still, he scored 21 goals last season — his lowest total in an 82-game campaign since 2015-16 — and seems like a good bet to return to previous scoring levels if placed alongside a center who can get him the puck. The 2023 Conn Smythe Trophy winner boasts a resume that includes 102 career playoff games. What’s more, his cap hit should become even more palatable as it ages.
Nashville Predators
Forward
Winger
Current cap hit
$3,750,000
A competitive heart-on-his sleeve center who has spent his entire NHL career in Columbus, Jenner is facing an uncertain future while playing on an expiring contract. He’s unafraid to go to the hard areas of the ice and can put the puck in the net, which are attractive attributes to peddle if the Blue Jackets become sellers later in the season. The biggest drag on Jenner’s career has been an inability to remain healthy, so it’s notable that he suffered what was described as a long-term injury on Nov. 12.
Columbus Blue Jackets
Forward
Winger
Center
Current cap hit
$7,000,000
A hulking winger who makes his living around the net, Lee is ideally equipped for the rigors of playoff hockey. The pending unrestricted free agent is known as a hard worker and remains a threat to score on the power play, which accounts for 25 of the 105 goals he scored in the past four seasons. Lee wears the “C” on Long Island, where he’s spent his entire NHL career, so he’ll only become a serious candidate for trade if the Islanders fade from the playoff picture.
New York Islanders
Forward
Winger
Current cap hit
$4,000,000
A slow start to the season put Hartman’s name in trade rumors — at least until both he and teammate Marco Rossi went down with injuries. Still, the veteran center is a candidate to be moved and only has partial control of the situation courtesy of a 15-team no-trade list. Hartman is an agitator who often finds himself straddling the line of acceptable on-ice conduct, and he can be trusted defensively. He’s mixed in a couple big offensive seasons for the Wild in recent years, too.
Minnesota Wild
Forward
Winger
Center
Current cap hit
$5,125,000
A surprisingly strong start in Pittsburgh has sent this beloved Penguin tumbling down the trade board. But what hasn’t changed is the fact that the organization is focused on getting younger and Rust is a prime asset who could be used to help that process along. His speed, forechecking prowess and two-way ability have allowed his game to age gracefully, and the 33-year-old is playing on a cap-friendly contract. He also saw the no-movement clause in his deal disappear last summer, which means that his fate rests entirely in the hands of Penguins management.
Pittsburgh Penguins
Forward
Winger
Current cap hit
$5,400,000
Dvorak has had a nice start to his tenure in Philadelphia, where he signed a one-year contract as a free agent in July. That makes him a deadline asset for the Flyers to flip if they again become sellers. While Dvorak has yet to hit 40 points in an NHL season, he’s a strong faceoff man and penalty killer, and he’d be a natural bottom-six fit for a team looking to bolster its depth. The biggest question is whether he can stay healthy after his first ever 82-game campaign in Montreal last year.
Philadelphia Flyers
Forward
Center
Current cap hit
$5,000,000
A second-line center in San Jose, Wennberg profiles as an all-situations player best suited for a role lower in the lineup with a deeper team. He’s a pending unrestricted free agent who has been through this before — getting traded from the Kraken to the Rangers before the 2024 deadline — and carries value because he can be trusted across 200 feet of ice. Wennberg is more of a playmaker than a shooter, although his offensive impacts are somewhat limited.
San Jose Sharks
Forward
Center
Current cap hit
$1,500,000
After scoring a career-best 19 goals last season, Sherwood is on pace to smash that total in 2025-26 thanks to a torrid start. He’s an excellent skater with a good work ethic — well-suited to disrupt opponents on the forecheck. The Canucks haven’t shown any inclination to sign the pending unrestricted free agent to an extension, but signing him with a new contract in place would maximize his trade value.
Vancouver Canucks
Forward
Winger
Current cap hit
$5,500,000
An OG member of the Kraken who is among a group of intriguing forwards playing out the final years of their contracts with Seattle — joining captain Jordan Eberle, Mason Marchment and Eeli Tolvanen, among others — Schwartz will carry trade value if the Kraken become sellers for a second straight year. A quick, skilled winger coming off a 26-goal season, he has a little extra shine thanks to his Stanley Cup bona fides, earned during the 2019 run in St. Louis. He’s cracked the 20-goal plateau on six occasions during his career and is off to a strong start this season.
Seattle Kraken
Forward
Winger
Current cap hit
$4,400,000
Big, strong and experienced, Murphy has posted strong defensive results under less-than-favorable conditions with the Blackhawks in recent years. The right shot comes with an expiring contract that should be fairly easy to move. This is a time of transition in Chicago so roster flexibility is paramount.
Chicago Blackhawks
Defenseman
Right-shot defenseman
Current cap hit
$8,125,000
Kyrou’s name circled through the rumor mill before his no-trade protection officially took effect on July 1, and it resurfaced abruptly in November when he was made a healthy scratch by the scuffling Blues. While his production is a shade off its usual level, Kyrou remains a highly skilled winger who possesses an enviable toolkit — blinding speed, high-end vision and creativity to spare. As much as he doesn’t seem to want a change of scenery, this could be a sea-change season in St. Louis if the fortunes of the team don’t change quickly.
St. Louis Blues
Forward
Winger
Current cap hit
$7,000,000
A fierce competitor with a Stanley Cup ring already in his collection, Kadri possesses a rare combination of offensive ability and fearlessness. He never backs down from a challenge and seems to elevate his play when the game’s emotions are highest. It’s little wonder that the Flames aren’t eager to part ways with a center who still has three seasons left on his contract after this one. However, Kadri plays a premium position and still has a lot left to offer, so rival teams are bound to express interest.
Calgary Flames
Forward
Center
Current cap hit
$3,250,000
No stranger to trade rumors the past couple of seasons, Ferraro is poised to again hear his name circulate around the league’s hotstove. The Sharks are off to a better start in 2025-26, but they are still likely to end up as sellers, and the 27-year-old profiles as one of their more-attractive assets to sell. Ferraro is a minute-munching, shot-blocking defenseman who appears capable of producing much better numbers on a more complete team. He’s also a decent puck-mover and penalty-killer with a competitive streak to match.
San Jose Sharks
Defenseman
Left-shot defenseman
The Rangers system is stocked with wingers, and they’re gauging the market on those players, including Othmann, the No. 16 pick from the 2021 draft. While certainly not in a position where they feel they have to move him, they’d be willing to part with him at the right price. His dangerous shot and ability to win back the puck are considered strengths, albeit traits he’s yet to show with any consistency in limited looks in the NHL. Othmann didn’t make it to the end of training camp with the Rangers before being sent down to AHL Hartford and could benefit from a fresh opportunity elsewhere.
Market value
Not available
New York Rangers
Forward
Winger
Current cap hit
$10,000,000
The start of Karlsson’s third season in Pittsburgh has been a step up from the previous two, which may reduce some of the trade focus on him. However, the three-time Norris Trophy winner still hasn’t appeared in the playoffs in six years and represents another big piece the Penguins could play to grab younger assets. Karlsson’s contract has been a hurdle but should only get easier to move with each passing day. While there are mistakes that creep into Karlsson’s game, few right-shot defensemen move the puck as well as he does.
Pittsburgh Penguins
Defenseman
Right-shot defenseman
Current cap hit
$7,500,000
The longest-tenured member of the Maple Leafs owns a no-movement clause and no apparent desire for a change of scenery. However, a tough start to the season in Toronto has left management looking at all options. Rielly had a heart-to-heart with GM Brad Treliving in May and responded with a big summer, but the team is still searching for the right mix on its blue line. While Rielly’s skating may not be the separator it once was, he still does a strong job of getting his team playing offense and is a high-character player.
Toronto Maple Leafs
Defenseman
Left-shot defenseman
Nov 19, 2025
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