WINNIPEG — The Winnipeg Jets have done a superb job of blocking out the distraction of their franchise goaltender's trade holdout.
Winning will do that.
The Jets' 4-1-1 start has afforded general manager Kevin Cheveldayoff and his staff the opportunity to take a deep breath. Had Winnipeg stumbled out of the gate, questions surrounding Connor Hellebuyck would have only intensified. Eventually, the outside noise would take its toll inside the locker room.
But as we enter the third week of the NHL schedule, we find ourselves in a holding pattern. There is some chatter about Hellebuyck potentially returning to the team, while a few NHL clubs with slow starts have reportedly shown interest in an upgrade in net.
Most likely, Hellebuyck is traded, and life in Winnipeg without the three-time Vezina and Hart Trophy winner officially begins in earnest.
So, what does a trade for Hellebuyck actually look like?
It starts with acknowledging who holds the cards. The 33-year-old has five more years on his contract at an $8.5-million cap hit — and a full no-move clause.
Combine that with the reality of the NHL goalie market favouring buyers, even for the best netminders in the world. Then add in the Jets front office operating in compete-now mode that requires a premium return, and suddenly, a simple hockey trade seems anything but.
Further complicating matters, there is no public list of approved destinations. What we do know is the Michigan native prefers a playoff-bound team that, most importantly, is based in the U.S.
The Carolina Hurricanes and Buffalo Sabres have dominated the rumour mill.
As the defending Stanley Cup Champions — having finally broken through the crowded Eastern Conference for the first time since 2006 — Carolina wants to keep the good times rolling. The organization has a reputation for being stingy with top assets, but that philosophy appears to be shifting under general manager Eric Tulsky, who has bucked that trend since taking over in 2024.
The Jets and Sabres, who are stocked with promising young players and prospects, were rumoured to have a deal nearing completion during June's NHL draft. But ask people around the Jets organization, and being "close" is in the eye of the beholder.
It certainly doesn't hurt Winnipeg's leverage that both Carolina and Buffalo have underwhelmed in net so far this season. Starters Brandon Bussi and Ukko-Pekka Luukkonen are posting a save percentage of .871 and .850, respectively — ranking 45th and 52nd among NHL goalies.
That slow-start phenomenon extends well beyond the current front-runners, creating a desperation market of teams suddenly window-shopping for an upgrade.
The Utah Mammoth and San Jose Sharks fit the bill. So do the L.A. Kings, who have recently entered the mix after getting underwhelming results from the tandem of Darcy Kuemper and Anton Forsberg.
Then there are the teams in panic mode. The New York Rangers are dealing with a major crease conundrum after losing Igor Shesterkin to a season-ending upper-body injury, threatening to derail their Stanley Cup aspirations. The Florida Panthers, who were considered Hellebuyck's ideal trade partner and have shown interest in the past, lost Jacob Markstrom during Monday's game against Buffalo. Head coach Paul Maurice, who coached Hellebuyck in Winnipeg, said the injury isn't serious, but it's still something to keep an eye on.
Edmonton is considered a dark horse owing to their own struggles between the pipes. But it's hard to imagine Hellebuyck waving for a Canadian market — even for a club that's made it to the Stanley Cup Final in two of the last three seasons.
While teams waver on whether to add a game-changing, yet aging, goaltender, it's important to understand the Jets dictate the asking price. Though the exact package remains fluid, Winnipeg has clear roster holes to fill.
Initially, it was believed any return for Hellebuyck had to include an established goalie. While that still might be the case, the emergence of the Stuart Skinner and Clay Stevenson tandem could alter those plans.
Skinner has meshed seamlessly with his new teammates and captured the hearts of the fan base, who have serenaded the 27-year-old with "Stuuu" chants even during routine saves. Stevenson was a late addition, plucked from the waiver wire as training camp rosters were finalized, but he brings an AHL resume that screams future NHL regular.
It is a small sample size, to be sure, but strong goaltending has allowed Cheveldayoff to remain patient. That isn't even factoring in that the Jets appear to be galvanized by Hellebuyck's holdout, motivated to play a structured, defensive-minded game in front of their new duo.
Because the Jets are steadfast in their belief they can return to the Presidents' Trophy-winning form of 2024-25, Cheveldayoff has been openly reluctant to consider a trade built on future assets. High draft picks might shore up the club's pipeline, but the organization is hunting for pieces that can compete right now.
A nearly unbeaten record through six games only strengthens that resolve. Given that, a top-six left-winger with offensive upside is likely to headline any return to Winnipeg.
That said, any regression in the crease could drastically alter those plans. That is what makes the waiting game both exhausting and vital to the process.
There are also massive salary-cap implications to take into consideration. Hellebuyck's full no-movement clause already complicates the process, but what about players coming back the other way who also have trade protection?
Given Winnipeg is regularly on the modified no-trade lists of elite NHLers, Cheveldayoff has to acutely consider just how plausible a trade actually is. Even players limited to a five-team, no-trade list could be off limits for Winnipeg.
If that drastically shrinks the market, the Jets might be forced to retain part of Hellebuyck's $8.5-million annual salary, or take on another team's high-priced, underperforming contract in order to make the money work. While that might seem like standard NHL business, don't be surprised if Winnipeg scoffs at the idea of taking on a bad contract just to facilitate a trade for their franchise player.
The question at this juncture is just how long can this standoff go on for?
Cheveldayoff has faced this situation before — albeit not as publicly — and has always faced a disgruntled player with patience and poise. Jacob Trouba, Patrik Laine, Evander Kane and Pierre-Luc Dubois all asked for trades, with each garnering a solid return for Winnipeg, one that allowed the team to continue to compete in the tough Central Division.
By all accounts, Cheveldayoff appears to be taking the same approach with Hellebuyck. And if the Jets keep winning, there's potential this could play out for some time.
While Cheveldayoff can afford to wait, there will be buyers up against the clock. While it's still too early to make any drastic decisions, the runway to American Thanksgiving — when teams have the potential to reach full panic-mode if their club is still struggling — is getting shorter by the day.
Indeed, it's often said that the teams in a playoff spot by late November have significantly better odds of making the post-season compared to those that aren't. While there are certainly exceptions to the rule, this would be the nearest timeframe where communication with the Jets could see a notable uptick.
If a rival general manager doesn't blink by then, the NHL trade deadline in early March could prove to be the trigger point. By then, teams will have accrued daily cap space, allowing them to absorb Hellebuyck's salary with far fewer roster adjustments. That should widen the net of potential trade partners, while increasing the odds of a bidding war.
Of course, Cheveldayoff isn't operating in a vacuum. The waiting game only benefits the Jets GM if his team continues to secure points.
What this ultimately boils down to is a game of chicken.
Hellebuyck has the leverage, as trade partners can only work with the pieces and salary cap space they have and Cheveldayoff owns the main asset. Patience is a virtue and something Cheveldayoff has always leaned on as a negotiation tactic — but when the Stanley Cup is your goal, time is something the Jets simply can't afford to waste.
