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NHL News: Rangers entering ‘retool’ mode, won’t offer contract to pending UFA Panarin

Photo credit: © Dennis Schneidler-Imagn Images
It’s only the middle of January, but the New York Rangers are already looking to put the 2025-26 season behind them and turn their attention to the future.
A future without Artemi Panarin, it appears.
According to Sportsnet’s Elliotte Friedman, the struggling Blueshirts don’t plan to offer the star winger a contract extension as the organization moves into a retooling phase.
The Rangers are mired in a five-game losing streak and sit dead last in the Eastern Conference with a 20-22-6 record. Night after night, the product on the ice has looked disjointed, uninspired, and miles away from the team that dominated the league just two seasons ago.
After winning the Presidents’ Trophy in 2023-24, New York came up short in 2024-25 and missed the playoffs. Now, with the team headed for a second straight season out of the dance, frustration has fully spilled into the stands at Madison Square Garden. During an embarrassing 8-4 loss to the Ottawa Senators, chants of “Fire Drury” echoed through the building, a clear signal that patience has run out in one of the league’s most demanding markets.
On Friday, Rangers President and General Manager Chris Drury released a letter to fans via social media. In it, he stated that while “no one in the organization is happy with what has transpired,” the team needs to be “realistic” about its current spiral into mediocrity, which “may mean saying goodbye to players” who have been around for a long time.
A Message from Chris Drury to Our Fans:We wanted to take a moment to connect with our loyal and passionate fanbase. We know and feel your disappointment with how the season has gone to this point. We are just as frustrated and want nothing more than to deliver an on-ice product you can be proud of — it’s what drives us every day. No one in the organization is happy with what has transpired, from management to coaches to players. Over the last few years, we’ve had some successes and moments to cherish, but ultimately it was not the end goal. We are working relentlessly every day to bring a Stanley Cup back to New York because that is what our fans deserve.With our position in the standings and injuries to key players this season, we must be honest and realistic about our situation. We are not going to stand pat — a shift will give us the ability to be smart and opportunistic as we retool the team. This will not be a rebuild. This will be a retool built around our core players and prospects. We will target players that bring tenacity, skill, speed, and a winning pedigree with a focus on obtaining young players, draft picks, and cap space to allow us flexibility moving forward. That may mean saying goodbye to players that have brought us and our fans great moments over the years. These players represented the Rangers with pride and class and will always be a part of our family.As we start on this new strategic plan, we will continue to play hard with pride and passion for our fans. We appreciate your unwavering support for the Rangers more than we can describe and thank you for all that you do for our organization. You will begin to see some of our plans come to light in the coming weeks and months. LGR.
Currently in the final season of the seven-year, $81.5 million contract he signed with New York as a free agent on July 1, 2019, Panarin instantly becomes the most sought-after rental forward available ahead of this season’s trade deadline. The 34-year-old carries an $11,642,857 cap hit in 2025-26 and holds a full no-movement clause, meaning any potential deal would be complex and entirely on his terms.
Over parts of seven seasons with the Rangers, Panarin has scored 202 goals and recorded 601 points in 477 games. He set career highs with 49 goals and 120 points during the Presidents’ Trophy-winning 2023-24 campaign, finishing fifth in Hart Trophy voting. This season, Panarin has produced 16 goals and 51 points in 47 games, even as the team around him continues to unravel.
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