The Los Angeles Kings just answered their own hard questions.
GM Ken Holland acquired Artemi Panarin from the New York Rangers just hours before the Olympic roster freeze, landing the four-time All-Star along with a two-year, $22 million extension ($11 million AAV) in exchange for a conditional third-round pick and top prospect Liam Greentree, according to ESPN sources. For a team that’s averaged 2.66 goals per game this season, 28th in the NHL, the Kings now have a proven difference-maker locked in for captain Anze Kopitar’s final chase at a third Stanley Cup — and beyond.
Why Panarin’s Extension Changes Everything
The most surprising element of this deal isn’t that Panarin landed in Los Angeles. Reports had connected the Kings to the 34-year-old winger for weeks. What’s stunning is the structure: Panarin reportedly wanted a four-to-five year deal worth roughly $50 million before agreeing to any trade. Instead, he settled for two years at $11 million AAV — less than his current $11.642 million cap hit.
Panarin’s camp held firm on a massive extension heading into the final days before the freeze, with TSN reporting that few teams appeared willing to meet his asking price. The Capitals, Hurricanes, and Panthers were all willing to offer term, but none could thread the needle of cap space, trade assets, and Panarin’s no-movement clause approval.
ESPN sources: The LA Kings have acquired standout forward Artemi Panarin from the NY Rangers in exchange for a conditional third-round pick and prospect Liam Greentree, per me and @emilymkaplan. pic.twitter.com/2PuTENRhEH
— Adam Schefter (@AdamSchefter) February 4, 2026
The Kings found the middle ground. Rather than mortgage their future on a five-year deal that would pay Panarin into his late 30s, Holland convinced the star winger that a shorter commitment made sense for both sides. LA gets cost certainty and flexibility. Panarin gets a legitimate Cup contender and another chance at free agency at 36 if he wants it.
For New York, the return is lighter than anticipated. Chris Drury’s retooling Rangers were seeking young talent and draft assets. Instead, they landed Greentree, a 20-year-old winger who’s been dominating the OHL with Windsor but remains at least a year away from NHL impact, plus a conditional pick. It’s a far cry from the packages that included first-round selections and roster players that analysts projected.
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Panarin brings 57 points in 52 games to a Kings offense that desperately needed a creator. He leads the Rangers in scoring despite sitting out since Jan. 26 for “roster management” purposes. His 321 career goals and 927 career points rank among the best of his generation.
Kopitar’s Last Dance Gets Its Missing Piece
This trade only makes sense through the lens of Kopitar’s September announcement. The Kings’ franchise icon is playing his 20th and final NHL season, having declared his intention to retire after one more run at the Cup he won in 2012 and 2014.
Kopitar didn’t want to be a distraction. “The last thing I want to do is take attention from the team and put it on myself,” he said in September. But that announcement created its own pressure. The Kings have lost to Edmonton in the first round four consecutive years. With their captain departing regardless of how this season ends, the margin for another early exit shrinks to zero.
Holland was hired to make exactly this type of move. The former Red Wings and Oilers GM knows how to balance competitive windows with long-term health. In Edmonton, he watched a core push through to the 2024 Stanley Cup Final before his departure. He isn’t waiting that long in LA.
The cost is real. Greentree posted 49 goals and 119 points in the OHL last season. At 6-foot-3 and 215 pounds with legitimate NHL finishing ability, he represented the Kings’ best forward prospect and a potential successor to the scoring void Kopitar will leave. Moving him says everything about LA’s timeline: the future can wait, because the captain can’t.
The two-year extension means Panarin will be a King through the 2027-28 season, giving LA a legitimate top-six threat even after Kopitar hangs up his skates. At $11 million AAV, it’s a manageable number that keeps Holland’s options open for other moves.
Holland bet that Panarin slots in alongside Kempe and Kevin Fiala and transforms a defense-first team into something capable of getting past the Oilers. He bet that Kopitar’s final chapter deserves a co-star. And with the Olympic break providing three weeks to integrate Panarin before the stretch run, the Kings finally have the offensive jolt they’ve been missing since, well, the last time Kopitar hoisted a Cup.
Sometimes the hard questions have easy answers. The Kings are all in.
