The move comes with Vegas in need of immediate cap relief, with the club sitting roughly $2.5 million over the salary cap limit before making this deal. In moving out Pacioretty and Coghlan, the Golden Knights clear more than $7.7 million off their total, with Pacioretty set to earn $7 million in 2022-23 and Coghlan earning $762,500.
In return for the pair of players, the Golden Knights are receiving future considerations.
Joining Vegas in 2018 via a high-profile trade that sent Nick Suzuki, Tomas Tatar, and a 2019 second-round pick to the Montreal Canadiens, Pacioretty amassed 97 goals and 194 points over his four seasons with the Golden Knights.
He posted 19 goals and 37 points through 39 games last season during a campaign that saw plenty of time missed due to injury. Overall, the 33-year-old has topped the 20-goal plateau eight times over the course of his career, topping 30 goals six times and hitting a career-high 39 back in 2014.
Coghlan, 24, has spent parts of two seasons with Vegas after a pair of campaigns with the AHL's Chicago Wolves. The defenceman averaged just over 14 minutes of ice for the Golden Knights last season, posting 13 points through 59 games.
Pacioretty and Coghlan will now move to a Canes team that already loaded up with another high-profile deal earlier Wednesday, acquiring veteran defender Brent Burns from the San Jose Sharks in a five-piece swap.