Top storylines with Trade Deadline approaching

The two-time defending Stanley Cup champions could be sellers. The teams with the longest Stanley Cup Playoff droughts could be buyers.

The landscape has shifted approaching the NHL Trade Deadline on Friday at 3 p.m. ET.

Here are some key storylines to follow as the action heats up around the League:

Three-peat unlikely

The biggest storyline entering the season was whether the Florida Panthers could win the Stanley Cup three years in a row, becoming the first team to do it since the New York Islanders won it four years in a row from 1980-83.

But largely due to injuries, Florida is unlikely to make the playoffs, let alone win four rounds. The Panthers (30-28-3) are last in the Atlantic Division and 10 points behind the Boston Bruins, who hold the second wild card into the playoffs from the Eastern Conference.

This is a team that could bounce back next season with rest, rehab and roster tweaks, so there is no need for a fire sale. But the Panthers could try to get something for players who could become unrestricted free agents July 1: forwards A.J. Greer and Tomas Nosek;  and goalies Sergei Bobrovsky and Daniil Tarasov. They made their first move on Thursday, trading defenseman Jeff Petry to the Minnesota Wild for a conditional draft pick in the 2026 NHL Draft.  

Bobrovsky is by far the biggest name. The 37-year-old goalie is 22-19-1 with a 3.13 goals-against average, an .873 save percentage and three shutouts in 43 games this season. But he has two rings, and twice he has won the Vezina Trophy, voted the NHL's best goalie.

Singing the Blues

Another struggling but accomplished goalie could be available.

Jordan Binnington is 8-18-6 with a 3.60 GAA, an .867 save percentage and one shutout in 33 games for the St. Louis Blues this season. But he won the Cup with them in 2019, won the 4 Nations Face-Off with Canada last season and just won silver with Team Canada at the Olympic Winter Games Milano Cortina 2026.

The 32-year-old has one season left on his contract, so there isn't necessarily urgency to get something done. But there could be big changes with the Blues (23-29-9) last in the Central Division and 12 points behind the Seattle Kraken, who hold the second wild card in the Western Conference.

Some of St. Louis' top players could be on the market even though they are locked up on long-term contracts, including defenseman Colton Parayko and forwards Jordan Kyrou and Robert Thomas. Prices would be high.

There were reports this week that the Blues and Sabres had reached a deal that would have sent Parayko to Buffalo, but the Stanley Cup winning defenseman reportedly declined to waive his no-trade clause, killing the trade.

Sabres on verge

The Buffalo Sabres have failed to qualify for the playoffs the past 14 seasons, the longest drought in the NHL.

It looked like they would make it 15 when they replaced general manager Kevyn Adams with Jarmo Kekalainen on Dec. 15. At the time, they were eighth in the Atlantic Division and six points behind the Bruins, who held the second wild card in the East.

But Buffalo has gone 22-5-2 since, the best record in the NHL in that span, and has vaulted to second in the Atlantic. The Sabres (36-19-6) are two points behind the Tampa Bay Lightning for first place.

Kekalainen was known for making bold moves as GM of the Columbus Blue Jackets when he felt they had a chance to win.

Eyes on Yzerman

The Detroit Red Wings have failed to qualify for the playoffs for the past nine seasons, the longest drought in their 100-year history and the second-longest active drought in the League.

At the Deadline last season, Detroit was one point behind the Ottawa Senators, who held the second wild card in the East. The Red Wings' most significant move was acquiring goalie Petr Mrazek and forward Craig Smith from the Chicago Blackhawks for center Joe Veleno. They went 9-8-2 the rest of the season.

In his season-ending media availability, captain Dylan Larkin said guys were "kind of down" about the Deadline. "It'd be nice to add something and bring a little bit of spark on the ice, and maybe a morale boost as well," he said.

Asked about Larkin's comments, GM Steve Yzerman said, "I'm counting on our best players, our leaders, to give us a bit of a morale boost. That's what they're paid for, and that's the expectation from them."

Yzerman later said Larkin's comments were no big deal. But everyone in Detroit will be watching now with the Red Wings (35-20-7) third in the Atlantic, seven points ahead of the Columbus Blue Jackets, the first team below the cut line in the East.

Mammoth moves

The Utah Mammoth have a chance to make the playoffs for the first time and already have made a big move, acquiring defenseman MacKenzie Weegar from the Calgary Flames on Wednesday.

In their second season in Salt Lake City, the Mammoth (32-25-4) hold the first wild card in the West, four points ahead of the San Jose Sharks, the first team below the cut line in the conference.

Weegar gives Utah a 32-year-old veteran with a right shot who moves the puck. He's in the third year of an eight-year, $50 million contract signed with Calgary on Oct. 7, 2022. The Mammoth gave up defenseman Olli Maatta, forward prospect Jonathan Castagna and three second-round picks in the 2026 NHL Draft.

There has been tremendous progress since the NHL established a new franchise in Utah and the team purchased the hockey assets of the Arizona Coyotes. Utah fans will get their first outdoor game when the Mammoth host the Colorado Avalanche in the 2027 Discover NHL Winter Classic at Rice-Eccles Stadium. The playoffs would be an important step.

Seeing Stars

The Dallas Stars consistently make impressive moves and go deep in the playoffs. Jim Nill has won the GM of the Year Award three years in a row. The Stars have made the Western Conference Final each of the past three seasons.

Once again, Dallas is a Stanley Cup contender. The Stars (38-14-9) have won 10 straight games and are second in both the NHL and Central Division standings, six points behind the Avalanche.

They acquired defenseman Tyler Myers from the Vancouver Canucks on Wednesday for a second-round pick in the 2027 NHL Draft and a fourth-round pick in 2029. The 36-year-old fills a need on the right side.

On Thursday, they acquired forward Michael Bunting from the Nashville Predators for a third-round pick in the 2026 NHL Draft.

Dallas' next game will be Friday against … Colorado. The Stars defeated the Avalanche in seven games in the Western Conference First Round last season and might have go through them again this season.

Oil changes

The big question remains for the Edmonton Oilers: Can they surround Connor McDavid and Leon Draisaitl with a strong enough supporting cast to win the Stanley Cup?

Edmonton lost to Florida in the Stanley Cup Final each of the past two seasons -- in seven games in 2024, in six games in 2025. Draisaitl signed an eight-year, $112 million contract Sept. 3, 2024, committing through 2032-33. Then McDavid signed a two-year, $25 million contract extension Oct. 6, committing through 2027-28 and putting the team on notice.

McDavid and Draisaitl once again are among the best in the NHL. McDavid leads the League with 105 points (35 goals, 70 assists) in 62 games. Draisaitl is fourth with 90 points (33 goals, 57 assists) in 59 games. But they need help.

The Oilers (30-24-8) are third in the Pacific Division. They're four points behind the first-place Vegas Golden Knights and three behind the second-place Anaheim Ducks. But they're only one point ahead of the Seattle Kraken, who hold the second wild card in the West, and four ahead of the Sharks, the first team below the cut line.

They acquired forwards Jason Dickinson and Colton Dach from the Chicago Blackhawks on Wednesday for forward Andrew Mangiapane and a conditional first-round pick in the 2027 NHL Draft, after acquiring defenseman Connor Murphy from the Blackhawks for a second-round pick in 2028 on Monday.

Falling Leafs

The Toronto Maple Leafs haven't had success in the playoffs in the past nine seasons, failing to advance past the second round. But now Toronto could fail to qualify for the playoffs altogether for the first time in a decade.

The Maple Leafs (27-24-11) are seventh in the Atlantic and eight points behind the Bruins, who hold the second wild card in the East.

They scratched defenseman Oliver Ekman-Larsson and forwards Scott Laughton and Bobby McMann from their 4-3 overtime loss at the New Jersey Devils on Wednesday and their 6-2 loss to the New York Rangers on Thursday. Ekman-Larsson is signed through 2027-28, but Laughton and McMann are pending UFAs, as are forward Calle Jarnkrok and defenseman Troy Stecher.

The Big Four of Mitch Marner, Auston Matthews, William Nylander and Morgan Rielly was broken up July 1, when Toronto traded Marner to Vegas and he signed an eight-year, $96 million contract. How big will the changes be now?