Rangers’ poor contract forces them to make a difficult choice about a $68 million forward.

The New York Rangers find themselves in a precarious and unenviable position, facing a difficult choice regarding one of their cornerstone forwards, Mika Zibanejad. The Swedish centerman is currently midway through an eight-year, $68 million contract, a deal that once seemed like a shrewd investment but has become a significant albatross around the team’s neck following a disappointing 2024-25 season. The core of the problem lies not just in his recent performance, but in the stringent terms of his contract, specifically a full no-movement clause (NMC) that grants Zibanejad absolute control over any potential trade.

Zibanejad, who signed the $8.5 million annual average value (AAV) deal in October 2021, was expected to be a consistent offensive force and a reliable two-way center for the Rangers for the foreseeable future, through the 2029-30 season. He had delivered admirably in the seasons leading up to the extension, including a remarkable 41-goal, 75-point campaign in just 57 games during the COVID-shortened 2020-21 season. He even set a career high with 91 points in 2022-23. However, the 2024-25 season saw a noticeable decline in his production and overall impact.

Last season, Zibanejad recorded his lowest goal total since joining the Rangers in 2016, posting just 18 goals and 59 points in 81 games. While 59 points is by no means a catastrophic season for many players, it represents a significant step back for a player carrying an $8.5 million cap hit and who is expected to drive the offense from the top line. More concerning than the raw numbers was his alarming -22 plus/minus rating and a perceived lack of offensive assertiveness, particularly at even strength. Reports indicated he tied for 19th on the team in high-danger scoring chances per 60 minutes at five-on-five. There was a visible struggle, as Zibanejad himself acknowledged, stating in April 2025 that what he went through mentally in the first few months of the season was “probably the toughest I’ve ever been through in my career.” His impact on the ice seemed diminished, and he was even moved from his natural center position to the less demanding right wing for stretches.

This underperformance, coupled with the Rangers missing the playoffs for the first time since 2021, has inevitably sparked intense speculation among the fanbase and media about Zibanejad’s future. The team recently underwent significant changes, including the firing of head coach Peter Laviolette and the hiring of Mike Sullivan. These moves signal a desire for a fresh direction, and typically, underperforming star players on large contracts become prime candidates for a change of scenery.

However, the Rangers’ hands are tied by the no-movement clause embedded in Zibanejad’s contract. This clause, common for elite players but highly restrictive for teams, means the Rangers cannot trade him unless he explicitly waives it. And all indications from Zibanejad and his camp suggest he has no intention of doing so. As recently as April 2025, when asked about his future, Zibanejad simply deferred to his contract: “I know what my contract says. Both parties agreed to it, and like I said, I think I’ve earned it. Until it’s time to adjust it, I have no plans of going [anywhere]. I’ve invested a lot of years here.”¹ His wife, Irma Zibanejad, further shut down swirling trade rumors in June 2025, clarifying that the sale of their townhouse was not a sign of departure and that the couple had just purchased a new home in New York. She even mentioned that new coach Mike Sullivan had flown to meet them, reinforcing Zibanejad’s commitment to the team

This leaves the Rangers in a difficult predicament. They have a core player, at 32 years old, who is locked into a substantial long-term deal that runs until he is 37, and whose recent performance has not matched his cap hit. Yet, they cannot unilaterally move him to create cap space, acquire assets, or simply change the team dynamic.

The choices facing the Rangers are limited and none are without significant drawbacks:

1. Hope for a Bounce-Back Performance: This is arguably the most palatable option, albeit one that requires faith. The Rangers will largely have to rely on Zibanejad to rebound in the 2025-26 season. They will need him to regain his scoring touch, particularly at even strength, and re-establish himself as a dominant two-way center. The coaching change to Mike Sullivan might be a factor, as a new system or new lines could potentially rejuvenate his game. If Zibanejad returns to his 70-80 point form, his contract becomes much more manageable, and the “problem” largely resolves itself. However, there’s no guarantee that a bounce-back will occur, and another sub-par season would only deepen the team’s predicament and further devalue any theoretical trade market, even if he were to waive his NMC later.

2. Internal Adjustment and Line Shuffling: As seen last season, the Rangers already experimented with moving Zibanejad to the wing. They could continue to explore different line combinations and roles for him to maximize his effectiveness. Perhaps placing him with different linemates or giving him a slightly adjusted role could unlock his offensive potential without requiring him to shoulder the full burden of being a top-line center. This strategy would involve working around the contract rather than trying to move it.

3. Explore a “Buyout” (Highly Unlikely and Punitive): A buyout of Zibanejad’s contract is technically an option, but it would be an extremely drastic and financially punitive measure. Buying out a contract, especially one with significant term remaining, creates “dead cap” space for many years, essentially paying a player not to play for you. Given the length and value of Zibanejad’s deal (five more years at $8.5M AAV), a buyout would result in an astronomical amount of dead money that would hamstring the team’s cap flexibility for a considerable period. This option is almost certainly off the table due to its severe financial consequences.

4. Pressure Zibanejad to Waive His NMC (Risky and Potentially Damaging): The Rangers could, theoretically, try to convince Zibanejad to waive his no-movement clause. This would likely involve an uncomfortable conversation where the team expresses its desire to move on. However, this is a dangerous game. Forcing a player’s hand can damage locker room morale, alienate other players, and create an even more toxic situation if he refuses. Furthermore, even if he were to waive it, his diminished performance and hefty contract would make finding a trade partner willing to take on the full cap hit and term a significant challenge. The team might have to retain salary, which again eats into future cap space.

The recent trade of long-time forward Chris Kreider to the Anaheim Ducks indicates that General Manager Chris Drury is not afraid to make bold moves to reshape the roster. However, Kreider did not possess the same full NMC that Zibanejad holds, making his situation far more complex.

For now, all indications point to the Rangers having to adapt their strategy around Mika Zibanejad. With the new coaching staff in place, the immediate focus will be on working with him to help him rediscover his form. The Rangers are betting on a bounce-back. His contract, and more importantly, his control over that contract, means that for the foreseeable future, Zibanejad remains a Ranger. The difficult choice isn’t whether to move him, but rather how to maximize his current value and mitigate the impact of his cap hit while he remains a fixture on the team’s roster. The pressure is on both Zibanejad to perform and the Rangers’ management to construct a winning team around a significant financial commitment they cannot easily shed.