Rangers core facing major pressure ahead of 2024-25 NHL season

The New York Rangers have plenty of pressure on them entering the 2024-25 season. Any team in New York City with championship aspirations does. But for the Rangers, it’s to the nth degree.

It’s not just that they failed to reach the Stanley Cup Final after winning the Presidents’ Trophy last season, setting franchise records in wins (55) and points (114) during the regular season. It’s not just that their drought without a Stanley Cup championship has reached three decades, leaving the historic Original Six franchise with one championship in 84 years.

But, it’s also the fact that looming contract decisions could mean an end for this core group of Rangers.

You could argue that the process already began this offseason when general manager Chris Drury placed Barclay Goodrow on waivers. The veteran forward was claimed by the San Jose Sharks, wiping the final three years of his $3.6 million AAV deal off the books.

“That’s the awful side of our business, I guess — that it is a business,” the longest-tenured Blueshirt Chris Kreider said at the Shoulder Check Showcase in July. “It’s a friend for life, but it’s a guy you expected to be suiting up with again.”

The Rangers let Erik Gustafsson, Jack Roslovic, Alex Wennberg, and Blake Wheeler walk in free agency, but Goodrow came as a shocking departure, particularly because he had San Jose on his no-trade list. Drury circumvented this by placing the 10-year NHL veteran on waivers, a ruthless but likely necessary move given his sizeable cap hit for a fourth-line role, even with his minutes on the penalty kill and his role as alternate captain.

The shake-up could have been even more significant had Drury successfully managed to trade captain Jacob Trouba, who was rumored to have blocked a trade back to his hometown team, the Detroit Red Wings.

The Rangers’ front office clearly had an appetite to shift things in a different direction, and it’s not hard to see why. No matter how you slice it, the Rangers have disappointed since their 2022 playoff run, which saw them reach Game 6 of the Eastern Conference Final in Drury’s first season, reframing the team’s expectations to that of a Stanley Cup contender.

A disastrous first-round exit against the New Jersey Devils in 2023, despite the additions of Vladimir Tarasenko and Patrick Kane ahead of the trade deadline, followed by this most recent magical season faltering in the conference final and coming to a halt at Game 6 once more has left Drury in a difficult position.

This core has plenty of talent on paper, but hasn’t shown yet they have what it takes to go above and beyond and bring home a championship. With important contract decisions lurking next offseason, a failure to change that narrative in 2024-25 could force Drury’s hand to shake things up entirely.

Related: Why Rangers salary cap situation is so precarious in 2025-26

Looming contract decisions put Rangers core in danger

The 2025 offseason is shaping up to be the most important in recent Rangers memory and certainly the most important during Drury’s tenure as GM.

Headlined by 2022 Vezina Trophy-winning goaltender Igor Shesterkin needing a new UFA deal, the Rangers will also have to address rising star Alexis Lafreniere and the talented K’Andre Miller. Each will be a restricted free agent with arbitration rights.

Shesterkin is reportedly asking for a contract that would make him the highest-paid goalie in NHL history.

After a career year next to Artemi Panarin and a superb postseason, Lafreniere seems on track to finally blossom into the player the Blueshirts thought they were getting when they drafted him No. 1 overall in 2020. But that now means extending him will come at a hefty price.

Even Miller should see a major pay raise as he’s already one of the Rangers’ top defensemen at age 25, and there’s a chance he hasn’t reached his ceiling yet.

Throw it all together, and the three could easily command over $25 million combined annually. The Rangers have $29.81 million in projected cap space for the 2025-26 offseason, per PuckPedia . That’s before addressing 13 expiring contracts, including both goaltenders. It’s going to be a tight squeeze, no matter what.

The current core is headlined by veterans Panarin, Kreider, and Mika Zibanejad as well as the 26-year-old star defenseman Adam Fox. But as the focus shifts to the future of this organization and the next core of players that will lead them for the better part of the decade, it’s names like Fox, Shesterkin, Lafreniere, and Miller that jump to mind first.

In that vein, is it worth sacrificing the start of a promising new generation to boost a current core that’s failed to get the job done? Probably not.

It seems like a fait accompli that this will be Trouba’s final season with the Rangers, regardless if the Rangers win the Stanley Cup or not. Even with just one more year left on his $8 million AAV contract, Drury will need that cap cushion in order to lock up his next core.

Related: Rangers missed out on this bargain NHL free agent

Ryan Lindgren ($4.5 million AAV) and Kaapo Kakko ($2.4 million AAV) both re-upped on one-year RFA deals after disappointing seasons in 2023-24. Even if Lindgren returns to form and Kakko breaks out, they might be allowed to walk next offseason. It’s not unrealistic to think both would be a lower priority than the aforementioned trio of expiring contracts and could be headed out the door.

Keep in mind, Drury placed Goodrow on waivers just weeks after a terrific postseason performance when he was one of the Rangers most productive skaters. It’s a bit different than letting a player on an expiring deal walk, but Drury clearly has no qualms about parting with a player on a high note if it means more cap relief.

And what about Kreider? It seems almost blasphemous to suggest that the man who’s spent all 12 seasons of his NHL career with the Blueshirts and ranks third all-time in franchise history with 304 goals could be shipped off.

But with the new expensive contracts along with Panarin’s $11.4 million AAV extending through 2025-26 and Zibanejad’s $8.5 million AAV extending through 2029-30, both on full no-move clauses, Kreider’s two years of $6.5 million AAV with a 15-team no-trade list is one of the only major contracts that could be moved if a full, franchise-altering shake-up was in order.

It certainly doesn’t appear that a Kreider trade is imminent or likely. Plus, the cap hit for the production he provides is really not bad. But it’s all to say, another playoff disappointment could force Drury to move away from a core that’s been in place since 2021-22.

If they win the championship or even just make the Stanley Cup Final this season, then perhaps that’s enough to show that this core, despite being led by several players over the age of 30, has what it takes and should remain intact, as best as possible.

It’s evident that this core is tight and enjoys playing with each other. That’s clearly indicated by the reported displeasure about how the Rangers front office handled Goodrow and Trouba this offseason.

But the fact of the matter is, it may very well be the final season for a few familiar faces if that locker room chemistry doesn’t translate to meaningful playoff success.

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