Tuesday, March 4, 2025 | 2 a.m.
The NHL trade deadline is 3 p.m. Friday, giving the Stanley Cup-contending Vegas Golden Knights another chance to make a splash heading into the home stretch of the season.
The franchise historically seems to flex its muscles at the deadline, including last season when the Golden Knights picked up Tomas Hertl from the San Jose Sharks minutes before the cutoff. They also acquired Anthony Mantha and Noah Hanifin in separate deadline deals.
The most notable deadline addition came in 2019 when Mark Stone landed in Las Vegas. He later signed a $76 million extension and has long been one of the faces of the franchise.
Kelly McCrimmon, the Golden Knights’ general manager, told NHL.com that he didn’t “anticipate us making any big trades” as Friday’s deadline approaches.
But “you never say never,” he continued. “You do your due diligence.”
The Golden Knights have some moving pieces to complicate any deadline decisions.
William Karlsson is on long-term injured reserve (LTIR), meaning that his salary is currently off the books, giving McCrimmon the flexibility to take on a wide range of contracts. Shea Theodore is expected to move to LTIR but will not have missed the required 10 games and 24 days by the trade deadline, so his contract will not come off the books until March 17.
NHL rosters can’t exceed the $88 million cap threshold. While Karlsson ($5.9 million) doesn’t have a timeline for his return, he is expected to return before the playoffs. It’s possible that Theodore, in this first year of a $7.4 million-per-year deal, might not return until the start of the playoffs in mid-April.
There is no salary cap in the postseason.
It’s a loophole that many teams, including the Golden Knights, have used to upgrade their rosters at the deadline.
Take last year when Stone was on injured reserve to pave the way for the Golden Knights to accommodate the salaries of Hertl, Hanifin and Mantha within the salary cap.
Any trade would likely include draft capital — something Vegas traditionally doesn’t mind including in a deal. San Jose, for example, has Vegas’ first-round pick in this summer’s draft from the Hertl deal. Calgary has Vegas’ 2026 first-round pick as part of the Hanifin deal.
The Golden Knights still have two third-round picks in the upcoming 2025 draft, but the best selection they control is their 2027 first-rounder. They also could part with Trevor Connelly, who was their first-round pick in last summer’s draft at No. 17 overall and has since further established himself as a high-level prospect.
The Golden Knights haven’t been reluctant to part with promising players like Connelly in the past. They traded 2023 first-round pick David Edstrom, and a 2025 first-round pick, for Hertl.
Mantha is no longer with the Golden Knights, but he was acquired for 2024 second- and fourth-round picks.
Draft picks alone probably won’t be enough for the Golden Knights to land a high-caliber player this time around.
They may have to throw in other assets, and there are some options besides Connelly.
One of the most rumored is Nicholas Hague. The 26-year-old defenseman is in the final year of a three-year, $6.8 million contract with an annual hit of $2.29 million ahead of becoming a restricted free agent.
His offensive production has dropped over the past two seasons. He recorded 12 points in 73 games last season and nine points in 49 games this season, perhaps getting lost in Vegas’ deep blue line.
Brendan Brisson, another former first-round pick who hasn’t stood out behind more decorated defensemen, also could be used as trade bait.
The 23-year-old Brisson is in the final year of a three-year, $2.77 million contract before becoming a restricted free agent. He’s played just nine games with the Golden Knights and has yet to record a point.
Another defenseman, 24-year-old Kaedan Korczak, has rapidly established himself as a reliable bottom-four player. He is currently in the first year of a two-year contract worth $1.65 million, carrying an annual cap hit of $825,000.
In a similar position to Brisson as the Golden Knights’ seventh/eighth defenseman, he has five points in 22 games.
Grouped with some draft picks, the Golden Knights could conceivably pull in a solid player with Korczak as a trade piece.
The Golden Knights have the salary cap space to make some moves, but it doesn’t necessarily mean they have to. Could this be a quiet trade deadline for Vegas, or can this fanbase expect the unexpected?
“Again, I think championships are won on how those teams are built. Sometimes you need the big splash, sometimes you just need that one piece,” McCrimmon told NHL.com. “There’s no real formula. It’s what works for that specific team.”