Rangers Roster Revamp
New York Rangers explore Pettersson trade, sign Veleno to bolster depth.
Key Points
Pettersson has a $5.5 million cap hit and is in the second year of a six-year contract, a factor Vancouver must consider as it reshapes its roster and cap ahead of free agency.
The Rangers’ Pettersson move came with an immediate asset flip: Will Borgen was sent to the Bruins in exchange for a 2027 second-round pick and a conditional 2028 third-round pick, signaling broader asset management around the deal.
The timing is driven by July 1, the start of free agency, as front offices scramble to reshape rosters and cap positions ahead of the new season.
Joe Veleno brings a notable background to the Rangers, including exceptional-status eligibility in the QMJHL and being the 30th overall pick in 2018; in 61 Montreal games last season he posted 2-3-5, 166 hits and roughly 12:05 ATOI.
The New York Rangers made a pair of roster moves on July 1, 2026, the opening day of NHL free agency. They acquired defenseman Marcus Pettersson from the Vancouver Canucks for a conditional 2030 first-round pick, then flipped defenseman Will Borgen to the Boston Bruins for a 2027 second-round pick and a conditional 2028 third-round pick, according to NHL.com. Hours earlier, the Rangers had also signed forward Joe Veleno to a one-year, $1.2 million deal.
The moves are part of what the Rangers call a "retool" after missing the 2025-26 playoffs. GM Chris Drury has been aggressive all summer, adding Sean Durzi, Pavel Dorofeyev, and Joonas Korpisalo before Wednesday's flurry of deals, The Hockey News reported.
Pettersson Reunites With Coach Sullivan in New York
Marcus Pettersson is 30 years old and carries a $5.5 million cap hit through 2031. He spent seven seasons under Rangers head coach Mike Sullivan in Pittsburgh before Vancouver acquired him from the Penguins in February 2025. Sullivan wanted a left-side puck-mover to pair with Vladislav Gavrikov, according to Daily Faceoff.
Pettersson played all 82 games for Vancouver last season, posting 3 goals, 15 assists, and an ugly -19 rating. But analysts at Sportsnet noted his 38.22% Goals For percentage reflected Vancouver's league-worst team performance more than his own play. He waived a full no-movement clause to make the deal happen, confirmed Sportsnet at 5:35 PM ET.
Vancouver Gets a Draft Pick — and Clean Cap Space
The Canucks finished near the bottom of the NHL standings in 2025-26. GM Ryan Johnson called the deal a win for Vancouver's future. "I want to thank Marcus for agreeing to the trade," Johnson said. "The additional pick provides Vancouver with a total of eight selections in the 2030 NHL Entry Draft," per NHL.com.
There is an ironic twist here. Vancouver originally got Pettersson from Pittsburgh using a first-round pick they received from the Rangers in the J.T. Miller trade, Sportsnet noted. Now the Canucks are essentially getting another Rangers first — dated four years further out — while shedding $5.5 million in salary with no player coming back.
Borgen Asset Flip Signals Drury's Calculated Approach
Within an hour of the Pettersson deal, Drury moved Borgen to Boston for a 2027 second-round pick. The 2028 third-round pick can upgrade to a second if the Bruins reach the Conference Finals in 2027 or 2028 and Borgen plays at least 50% of playoff games, according to The Hockey News.
The Borgen flip is a sign Drury is managing assets more carefully. Still, the Rangers were left with just $1,982,143 in cap space after the deals, with six restricted free agents still to sign — including Braden Schneider and Vincent Iorio — per PuckPedia. The New York Times noted the Rangers' moves sent "mixed signals" given the team's sixth-worst record over the past two seasons.
Veleno Brings Grit and Penalty-Kill Depth to Fourth Line
Joe Veleno, 26, agreed to his Rangers deal at 1:09 PM ET — just over an hour after free agency opened. He had been an unrestricted free agent after posting 2 goals, 3 assists, and 166 hits in 61 games with Montreal last season, averaging just 12:05 of ice time per night, according to reporting confirmed by NHL.com.
Veleno is expected to be the Rangers' fourth-line center and a key penalty killer. His one-year, $1.2 million contract is a short-term bet on depth and physicality. Veleno was the 30th overall pick in 2018 and once held exceptional-status eligibility in the QMJHL — a rare designation for players considered too talented to play at the junior level at the standard age.
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