As the 2026 NHL free agency period approaches, the Montreal Canadiens face a crucial decision: whether to pursue Artemi Panarin, the highly skilled but aging winger currently with the New York Rangers. While the allure of adding a player of Panarin's caliber is undeniable, the Canadiens must carefully weigh the potential risks and rewards of such a move.
Panarin, who will be 34 when free agency opens, is in the final year of a seven-year, $81.5 million contract with an $11.642 million AAV. Despite his age, he remains a potent offensive force. However, the Rangers have decided not to offer Panarin a contract extension, signaling a potential end to his time in New York. The Rangers are reportedly prepared to work with Panarin and his agent to facilitate a trade to a team of his choosing. Several teams have already been linked to Panarin, including the Carolina Hurricanes, Washington Capitals and Los Angeles Kings. The Florida Panthers have also been mentioned as a potential destination.
For the Canadiens, the potential benefits of signing Panarin are clear. He is a dynamic playmaker with exceptional vision and offensive instincts. Adding him to a forward group led by Nick Suzuki, Cole Caufield, and Juraj Slafkovsky could provide a significant boost to the Canadiens' scoring prowess. Moreover, Panarin's presence could elevate the performance of his linemates, creating more scoring opportunities for the entire team.
However, there are considerable risks associated with signing Panarin. His age is a primary concern. While he is still productive, there is no guarantee that he will maintain his current level of play as he enters his mid-30s. A long-term contract could become an albatross if his performance declines due to age or injury.
The financial implications of signing Panarin are also significant. He will likely command a high annual salary, potentially exceeding $10 million. This would eat into the Canadiens' salary cap space, limiting their ability to address other needs on the roster. As of now, the Canadiens have approximately $1.8 million in cap space. It's worth noting that Patrik Laine and Carey Price's large cap hits are expected to come off the books, which would free up additional funds. However, the Canadiens also need to consider the upcoming contract extensions for key players like Lane Hutson and Kirby Dach.
The Canadiens' recent performance also warrants consideration. After several seasons of rebuilding, the team has shown signs of progress. In the 2024-25 season, the Canadiens finished with a 40-31-11 record and were in contention for a playoff spot. As of January 20, 2026, they held a 27-15-7 record, placing them third in the Atlantic Division. However, the team's overall record since 2021 is 151-177-51.
Ultimately, the decision to pursue Artemi Panarin will depend on Canadiens general manager Kent Hughes' assessment of the team's long-term goals and priorities. If he believes that Panarin can be a key contributor to a Stanley Cup contender, then the risk may be worth taking. However, if he prioritizes building a young, sustainable team, then passing on Panarin may be the more prudent course of action. The Canadiens must weigh the potential for immediate success against the long-term implications of committing a significant portion of their salary cap to an aging star.
