When news broke that the New York Rangers wouldn’t be signing Artemi Panarin to a contract extension, instead looking to find him a new home, it was reasonable to dismiss the idea of the Edmonton Oilers trading for him.

An $11.6 million cap hit was the obvious roadblock for the Oilers, but so too was the fact that the Oilers may not have a strong enough prospect pool to give back the assets the Rangers would want. Panarin, who has a full no movement clause, will have some say in things, after all, and that could be something that dictates what his market looks like.

But maybe the idea of the Oilers trading for the 34-year-old Panarin isn’t something that should’ve been so easily dismissed.

For one, Panarin was linked to the Oilers on Monday by The Fourth Period’s David Pagnotta on Oilersnation Everyday as a team that could acquire him to chase a cup. That right there means someone — whether it’s from the Oilers or around Panarin’s camp — has a belief that there could be a fit. That’s significant, to say the least.

For two, this wouldn’t be the first time Stan Bowman tried to swing for the fences since joining the Oilers. After all, he and the team were “well down the path” of a trade-and-sign that would’ve sent Mikko Rantanen to the Oilers at last year’s NHL trade deadline, TSN’s Ryan Rishaug reported at the time. Assets became the big issue in the trade, as the Dallas Stars stepped up with first-round picks in 2026 and 2028, third-round picks in 2026 and 2027, as well as a budding talent in Logan Stankoven, subsequently signing The Moose to an eight-year, $12 million per year extension.

Based on the Pagnotta report and Bowman’s own attempt to snag Rantanen a year ago, what could’ve been a pipedream could become a reality.

There’s no denying such a deal would be complicated, though. Pagnotta pointed to the Colorado Avalanche’s deal to acquire Brock Nelson at last year’s deadline as a potential template: a first-round pick, a conditional third-round pick, top prospect Cal Ritchie and a salary cap dump in Oliver Kylington. Nelson had a cap hit of $6 million, which the Islanders retained 50 per cent of, making it easier for the Avalanche to bring him into the fold. Nelson, meanwhile, would sign a three-year, $7.5 million AAV extension.

Using that Nelson deal as a template for a deal that would send Panarin to Edmonton with an extension, the Oilers, who don’t have a first-round pick this year, could send their 2027 first, their 2026 second, and a 2028 third round pick (owned by the Blues) to cover the draft compensation and the cost of the Rangers taking back Andrew Mangiapane in the deal. Figuring out the prospect, or prospects, is the next tough task to make this theoretical deal work.

For one, the Oilers aren’t a team with a deep pipeline, “but it’s better than a year ago,” Daily Faceoff prospect guru Steven Ellis said when diving into the group ahead of this season. Ritchie was Ellis’ 23rd-ranked prospect ahead of the 2024-25 season, and ahead of this season, the Oilers had just two in his top-75: Matt Savoie and Isaac Howard, ranked 58th and 59th, respectively. One of the two would likely need to be included, potentially with another of the Oilers’ top 10 prospects. In this scenario, we’ll say it’s Howard and the rights to David Lewandowski.

Now, what complicates the deal the most, is the Herculean feat of making the actual money work. The Rangers would take back Mangiapane in the deal while retaining 50 per cent of Panarin’s salary, leaving the Oilers, with Calvin Pickard sent to the AHL and Adam Henrique still on the LTIR, sitting just $796,429 over the salary cap.

Sending down Josh Samanski would get them under the cap then, but therein lies the issue: the Oilers would need to clear $2.82 million in cap space to activate Henrique off the LTIR when he’s healthy, and signs point to him being ready to return after the Olympic break, making any trade for Panarin incredibly difficult, if not impossible unless Henrique is moved out.

If the Oilers went to Henrique and asked him to waive his no-trade clause, it wouldn’t be the first time, as that’s reportedly what happened in July. Would things have changed between now and then that would leave him open to finding a new home? Unlikely,

But between Panarin being linked to the Oilers, Bowman chasing after Rantanen and the fact the Oilers have tried to clear out Henrique’s contract means the idea of trading for Panarin isn’t as far-fetched as you may think.

Zach Laing is Oilersnation’s managing editor, and The Nation Network’s news director. He also makes up one-half of the Daily Faceoff DFS Hockey Report. He can be followed on X at @zjlaing, or reached by email at zach.laing@bettercollective.com.