The 2025 NHL Trade Deadline is set for Friday at noon, but the Vegas Golden Knights made some noise on Thursday with the acquisition of Original Misfit Reilly Smith from the New York Rangers.
Vegas traded former first-round pick Brendan Brisson and San Jose’s 2025 third-round pick (from the Tomas Hertl trade) to New York in exchange for Smith, who played six seasons with the Golden Knights and helped them win the Stanley Cup in 2023. The Rangers retained 50 percent of Smith’s cap hit, leaving Vegas on the hook for just $1.875 million.
Smith is in the final year of a three-year deal and is set to become an unrestricted free agent at the end of this season, making him an affordable rental who will fit in seamlessly upon his return.
The move addresses Vegas’ greatest need of secondary scoring on the wing and also should help the penalty kill, which ranks 20th in the NHL (76.8 percent). Smith, who can play on any of Vegas’ four lines, offers excellent versatility and improves Vegas’ forward depth.
Head coach Bruce Cassidy did not confirm if Smith will be available for Friday’s game against Pittsburgh, though he is expected to be in the lineup in one of the final two games of this five-game homestand.
Vegas (37-16-6) is coming off a 5-2 win over Toronto, which puts them six points ahead of Edmonton (35-22-4) in the Pacific Division standings through 61 games. With Edmonton squaring off against Montreal on Thursday, Vegas will have a game in hand prior to Friday’s tilt against the Penguins.
With 21 games remaining, the Golden Knights will need every point they can get, and Smith should help in all three zones and all situations. He’ll likely reunite with William Karlsson when Karlsson returns from injury; the two were dynamic on the penalty kill and could team up to form a formidable third line that can shut down opposing players and produce offensively. There are plenty of options to fill out that line, including Vegas’ other recent addition in Brandon Saad as well as Tanner Pearson, Keegan Kolesar and others.
Karlsson, who has missed the last 14 games and remains on long-term injured reserve, skated again on Thursday in a red no-contact jersey and could return in the coming weeks. He will not play on Friday but hasn’t been ruled out beyond that.
Shea Theodore also remains out of the lineup after sustaining a wrist injury in the 4 Nations Face-Off. He could be moved to LTIR, leaving Vegas with some possible cap flexibility, assuming Theodore will be out for the remainder of the regular season.
But regardless of Vegas’ salary cap picture, the Golden Knights can never be ruled out when it comes to making bold moves. There are rumors that Vegas is in on almost everyone, including Mikko Rantanen, and there are plenty of other options Vegas could be targeting.
General manager Kelly McCrimmon has repeatedly maintained that he doesn’t expect to be overly active at the deadline. Vegas made an intelligent move by bringing Smith back into the fold. Though the price tag was a bit high, Vegas knows exactly what it’s getting in Smith, and the reduced cap charge will simplify matters.
McCrimmon likes the makeup of the current Golden Knights roster and knows from experience that big moves don’t always yield big results.
That being said, the Golden Knights are no strangers to making deals ahead of the trade deadline.
2018 — Vegas acquired forward Ryan Reaves from Pittsburgh in a three-way trade involving Ottawa. The Golden Knights also traded first-, second- and third-round picks to Detroit for forward Tomas Tatar.
2019 — In a blockbuster deal, the Golden Knights landed future captain Mark Stone from Ottawa in exchange for defensive prospect Erik Brannstrom, forward Oscar Lindberg and a second-round pick.
2020 — It was a busy deadline for Vegas ahead of the playoff bubble. The Golden Knights were involved in another three-way deal, this time with Chicago and Toronto, that brought Robin Lehner into the fold. Vegas also traded for veteran blueliner Alec Martinez as well as forward Nick Cousins; the Golden Knights moved Cody Eakin to Winnipeg.
2021 — Yet another three-team trade (with Chicago and San Jose) resulted in the acquisition of forward Mattias Janmark.
2022 — There was plenty of buzz at the 2022 Trade Deadline with one of the most memorable trades in Golden Knights history, but the debacle involving Evgenii Dadonov didn’t end up going through.
2023 — Three players were brought in: Ivan Barbashev from St. Louis, Teddy Blueger from Pittsburgh and Jonathan Quick from Columbus. All three hoisted Lord Stanley’s Cup at the end of Vegas’ historic run.
2024 — The Golden Knights sent shockwaves across the league when they acquired Noah Hanifin and Hertl. Vegas also traded for Anthony Mantha.
2025 – For the first time in franchise history, the Golden Knights brought back a former player with the reacquisition of Smith.
Last year, the Golden Knights made two flashy moves that almost felt like overkill at the time. Both were long-term investments, as Hertl had six years remaining on his contract and Hanifin signed an eight-year extension. However, neither player moved the needle, and the Golden Knights were eliminated in the first round.
On the other hand, Vegas made more minor moves in 2023, including adding Ivan Barbashev, which contributed to the first Stanley Cup in franchise history.
But this is a different team, especially after Vegas experienced widespread turnover last summer with the departure of many key players, including Jonathan Marchessault, Chandler Stephenson, William Carrier and Logan Thompson, among others.
The Golden Knights got off to an excellent 28-9-3 start, which is how they’ve managed to remain at the top of the standings despite a brutal stretch leading up to the 4-Nations break. But home-ice advantage will be key, especially since Vegas is 26-6-3 at home (second only to Winnipeg) but 14-12-3 on the road.
The Golden Knights have shown plenty of promise and have gone 4-1-0 since the 4 Nations break, including winning each of the last three games. But there are injuries to key players as well as to bottom-six forwards Cole Schwindt (though he’s a game-time decision for Friday’s game) and Raphael Lavoie, who exited Wednesday’s game and is considered day-to-day.
The competitition in the Western Conference is steep, and Vegas may look to keep up with the other top teams, including Colorado, Dallas, Edmonton and Winnipeg, who have all made moves and are expected to be active ahead of Friday’s deadline. Plus, Los Angeles will be in the running for several trade targets as the Kings look to avoid a first-round exit for the fourth straight season.
The Golden Knights are 1-0-1 against the Avalanche, 1-1-1 against Dallas, 2-1-0 against the Oilers, 2-0-0 against Winnipeg and 1-2-0 against the Kings so far this season.
But the Golden Knights have limited assets to offer in potential trades, particularly after moving Brisson and the Sharks’ 2025 third-round pick for Smith. Vegas also used its 2025 and 2026 first-round picks in last year’s deadline deals. The prospect pool isn’t flooded with talent, as Vegas has now traded seven of eight players selected in the first round; the only exception is last year’s pick, Trevor Connelly, who doesn’t have much value or widespread appeal given his off-ice issues.
As it stands now, Vegas has its own second-round pick in addition to Washington’s third-round pick from the Thompson deal. The Golden Knights also have their fourth-, fifth- and sixth-round picks in addition to Washington’s sixth.
So will Vegas add another piece to improve the team’s forward depth? Will it make an upgrade on the back end to compensate for Theodore’s injury? Will the Golden Knights add some stability in net with a more reliable backup for Adin Hill?
Anything is possible. That’s particularly true when it comes to the Golden Knights, who have been utterly fearless when it comes to roster construction. Vegas is always all in.
Trade targets
Rantanen is the biggest name on the market, and there is plenty of interest around the league, particularly given Rantanen’s $2.3 million cap hit if Carolina agrees to retain. It’s hard to believe Vegas could offer a package that would compete with other teams in the running, especially without a first in 2025 or 2026, but it’s still in the realm of possibility given Vegas’ history.
Update: Brock Nelson has been traded to Colorado.
Other unrealistic options include Pittsburgh’s Rickard Rakell, who is having a breakout season with 29 goals and 53 points in 63 games and will be in high demand, and Brayden Schenn, who was once rumored to be on Vegas’ radar but seems less likely to be dealt given St. Louis’ solid play following the break. If the Blues do trade him, St. Louis is reportedly seeking multiple first-round picks to retain on Schenn’s rich $6.5 million cap hit through 2027-28. Schenn is the kind of player who thrives in the playoffs, has a history with several Golden Knights players from their days in St. Louis and has won a championship, but it doesn’t make a lot of sense. The 33-year-old has 12 goals and 38 points in 63 games this season.
Alex Tuch’s future in Buffalo is uncertain, but this seems like a longshot, especially since he may not be moved. Tuch is signed for one more year at $4.75 million, the same deal he signed with Vegas back in 2018.
There seems to be a bidding war for players like Philadelphia’s Scott Laughton (who doesn’t make much sense for Vegas anyway) and Chicago’s Ryan Donato, who will be in high demand given his career year 23 goals and 46 points in 60 games) and $2 million expiring cap hit.
Donato would be a strong fit, but someone like Seattle’s Brandon Tanev, Montreal’s Joel Armia or the Islanders’ Kyle Palmieri could be a more affordable option to provide additional depth. Tanev could also improve Vegas’ fourth line, which hasn’t been a consistent factor this season after playing an integral role in 2023.
One player who is more of a reach but who might make sense for Vegas is Boston’s Brad Marchand. The Bruins are rumored to be taking calls on the veteran captain. Marchand would fit the Vegas mold and brings a strong playoff pedigree, reliable two-way play and offensive upside. Marchand wants to win, and it’s possible Boston could retain part of the final year of his contract, which carries a $6.125 million cap hit. Other top teams in the West could also pursue Marchand, so it’ll be interesting to see where he lands. There are likely better fits, however.
If the Golden Knights are interested in adding some depth on the back end, Montreal’s David Savard might be an option, though he’s taken a step back this season. The rugged blueliner is in the final year of a deal carrying a $3.5 million cap hit. It seems unlikely that Vegas would go this route, but there aren’t many players available, particularly now that Carson Soucy has been moved to the Rangers and Jake Walman may be headed to the Oilers. Other defensemen reportedly on the block include San Jose’s Mario Ferraro, Seattle’s Jamie Oleksiak, Chicago’s Connor Murphy and Pittsburgh’s Matt Grzelcyk, but Grzelcyk is the only one on an expiring contract.
It seems unlikely at this point that the Golden Knights will look into acquiring another goalie. Hill is still the guy, and his recent play speaks for itself. Adding a backup in case of injury would make sense, especially given Ilya Samsonov’s track record in the playoffs, but Vegas’ focus seems to be up front.
What exactly that looks like is anyone’s guess.
It’s difficult to gauge which players Vegas is legitimately pursuing, though that’s partly because the Golden Knights never shy away from making bold moves. Vegas will consider its options and do its due diligence, whether that’s on an elite player like Rantanen, a solid veteran rental like Marchand or a more modest pickup like Tanev. Even Brock Boeser could be a possibility.
At the end of the day, as the last seven trade deadlines have demonstrated, never say never when it comes to Vegas.
How to watch
Trade deadline coverage can be found on NHL Network throughout the day, starting at 7 a.m. PT with a simulcast of SportsNet’s Hockey Central. Coverage will continue with NHL Tonight at 11 a.m. PT, NHL Now at 2 p.m. PT and NHL Tonight at 4 p.m. PT.
TSN’s TradeCentre broadcast will be available on ESPN2 from 11 a.m. PT to 1 p.m. PT and streaming on ESPN+ from 5 a.m. PT to 2 p.m. PT.
Additionally, the Golden Knights will host a Trade Deadline Special on KnightTime+ beginning at 11:30 a.m. PT.