Kings pull off blockbuster trade for Artemi Panarin as stunning behind-the-scenes reason for Rangers exit finally surfaces

The Artemi Panarin trade to the Kings became official on Wednesday, answering the biggest question hanging over the New York Rangers before the Olympic break. New York moved its most productive winger to Los Angeles in a deal shaped as much by timing as by player control.

Panarin waived his full no-movement clause, the Rangers retained half his salary, and the Kings immediately committed long-term with a two-year extension.The move signals a clear shift in direction for both franchises. The Rangers chose future flexibility over sentiment, while the Kings doubled down on their push to win now. For Panarin, the decision was not about shopping options. It was about finding stability, fit, and a team ready to compete deep into spring.

Artemi Panarin trade to Kings explained: why LA, why now, and what changes

The Rangers sent Panarin to Los Angeles in exchange for forward prospect Liam Greentree and a conditional third-round pick in the 2026 NHL Draft. That pick upgrades to a second-rounder if the Kings win one playoff round, and New York also receives a conditional fourth-round pick in 2028 if Los Angeles advances twice. New York will retain 50 percent of Panarin’s remaining salary, making the cap math workable for the Kings.

Panarin, 34, is in the final season of the seven-year, $81.5 million deal he signed in 2019. His new two-year extension carries an average annual value of $11 million and begins next season. That commitment mattered. As Kings general manager Ken Holland made clear, this was never meant to be a short-term gamble.“Obviously, we made the deal today to make our team better," Holland said. "We signed him to a two-year extension.

We weren’t going to do it as a rental. He didn’t want to go anywhere as a rental. He wanted to find a home, so we’re thrilled that he wanted to waive the no-trade (clause) to come to LA. We’re happy that we were able to get him to a two-year extension, and after two years, I’m hoping that we’re working on another extension, but (I’ll) worry about that down the road.

I think it was just a matter of these types of players with this resume are very, very difficult to find, and we had an opportunity to add one today.”Interest around the league was strong. Teams like the Hurricanes, Lightning, and Capitals explored possibilities, but Panarin held the leverage. With a full no-movement clause, he dictated the destination. According to multiple reports, Los Angeles was the one place he was willing to go.The timing also worked in LA’s favor. The Olympic break gives Panarin space to settle into a new system without the pressure of immediate games.

He will not participate in the 2026 Winter Olympics due to Russia’s ongoing ban, removing another layer of distraction. When play resumes, the Kings add a winger who led the Rangers in scoring in five of the last six seasons and already has 57 points this year.For New York, the return reflects reality. Panarin was not moving without an extension, and the market treated him as more than a rental only if his wishes were honored. The Rangers opted for certainty, assets, and cap relief rather than risk losing control later.