The Connor Hellebuyck trade rumors connecting the Winnipeg Jets to the Buffalo Sabres are not going away. In fact, the latest update suggests the conversations could be more serious than they appeared following the 2026 NHL Draft.
NHL insider David Pagnotta said discussions between the two teams are “still going” and indicated that Hellebuyck would be willing to approve a move to Buffalo. Pagnotta also suggested there is motivation within the Winnipeg Jets organization to complete a trade before the 2026-27 season begins.
That does not mean a deal is imminent. Hellebuyck has not publicly submitted a formal trade request, while Jets general manager Kevin Cheveldayoff has only confirmed that Winnipeg is listening to offers. However, Hellebuyck’s reported willingness to waive his trade protection for Buffalo removes one of the largest obstacles facing a potential blockbuster.
The bigger obstacle is Winnipeg’s asking price.
Pagnotta indicated that the Jets would want Ukko-Pekka Luukkonen, an established second-line forward and a top prospect from the Buffalo Sabres. That is an enormous package for any 33-year-old goaltender, even one with Hellebuyck’s résumé.
What a Connor Hellebuyck Trade Could Cost the Buffalo Sabres
Hellebuyck is signed through the 2030-31 season with an $8.5 million cap hit. He is also a three-time Vezina Trophy winner, capturing the award in 2020, 2024 and 2025. His 2025-26 NHL numbers were considerably less dominant, however, as he finished 23-23-11 with a 2.86 goals-against average and an .895 save percentage.
His international performance offered a reminder of his ceiling. Hellebuyck helped the United States win Olympic gold in February 2026, recording a 1.18 goals-against average and a .956 save percentage over five appearances.
Luukkonen, meanwhile, went 22-9-3 with a 2.52 goals-against average and a .910 save percentage in 35 regular-season games for Buffalo. He carries a much smaller $4.75 million cap hit through 2028-29.
That statistical comparison is important. Buffalo would not simply be replacing an ineffective goalie with an elite one. It would be trading a younger starter coming off a stronger NHL regular season for an older goalie with a superior career résumé and a much higher postseason ceiling.
Why Buffalo Must Be Careful With Winnipeg’s Asking Price
My view is that Buffalo should pursue Hellebuyck, but it should not accept Winnipeg’s reported asking price without forcing the Jets to compromise.
The Sabres have approximately $8.67 million in projected cap space. Exchanging Luukkonen’s $4.75 million cap hit for Hellebuyck’s $8.5 million cap hit would leave Buffalo with roughly $4.92 million in space before any other pieces are considered.
Connor Hellebuyck Trade Package Scenarios
Estimated Buffalo Sabres cap space under three hypothetical trade packages involving Connor Hellebuyck and Ukko-Pekka Luukkonen.
| Hypothetical Buffalo package | Estimated cap space after trade | Cap space after an $850,000 replacement |
|---|---|---|
| Luukkonen for Hellebuyck | $4.92 million | No replacement required |
| Luukkonen and Ryan McLeod for Hellebuyck | $9.92 million | Approximately $9.07 million |
| Luukkonen and Jack Quinn for Hellebuyck | $8.29 million | Approximately $7.44 million |
These are proprietary estimates based on Buffalo’s projected cap position and the players’ published 2026-27 cap hits. They do not account for additional players, retained salary, performance bonuses or other roster moves.
Ryan McLeod would be the cleanest salary and positional fit as the established forward in a possible package. Jack Quinn possesses greater offensive upside, meaning Buffalo should insist on lowering the quality of the prospect if Quinn is included.
The Sabres should not send Luukkonen, Quinn and one of Konsta Helenius, Daxon Rudolph or Radim Mrtka in the same trade. That would amount to paying for Hellebuyck’s reputation, his Olympic performance and his best NHL seasons while ignoring the risk created by his age, recent decline and five remaining contract years.
Connor Hellebuyck Trade-Value Model
Weighted analysis of Hellebuyck’s performance, contract, age and long-term trade value.
| Trade-value category | Weight | Score out of 10 |
|---|---|---|
| Career résumé and elite ceiling | 25% | 9.5 |
| 2025-26 NHL performance | 20% | 6.0 |
| Contract efficiency | 20% | 6.5 |
| Age and long-term decline risk | 15% | 6.5 |
| Goaltending scarcity | 10% | 9.0 |
| No-move protection and destination control | 10% | 5.0 |
A score above 70 represents a highly valuable player capable of changing a playoff series, but not an asset who should command an unrestricted superstar package.
Buffalo finished the 2025-26 regular season with a 50-23-9 record and advanced to the second round of the Stanley Cup Playoffs. This is no longer a rebuilding team desperate to become relevant. The Sabres are trying to transform a strong roster into a championship roster, and Hellebuyck could provide exactly that kind of short-term upgrade.
The question is whether the upgrade from Luukkonen to Hellebuyck is large enough to justify losing a second-line forward and a premium prospect.
Carolina could also affect Winnipeg’s leverage. The reigning Stanley Cup champions have been connected to Hellebuyck and possess the type of contending roster that could appeal to him. If the Hurricanes remain involved, Buffalo may feel pressure to improve its offer.
The Jets also face pressure. Hellebuyck’s reported willingness to approve Buffalo does not necessarily mean he will approve every interested destination. The fewer teams able to satisfy his trade protection, cap hit and Winnipeg’s asking price, the more difficult it becomes for the Jets to manufacture a bidding war.
The earlier Buffalo-Winnipeg conversations around the draft did not produce a completed trade. The latest update indicates those discussions were not abandoned, while Cheveldayoff’s public confirmation that Winnipeg is listening supports the belief that the situation remains active.
My prediction is that Hellebuyck will be traded before the season, but Buffalo should hold firm. Luukkonen, a legitimate middle-six forward and a good prospect is defensible. Luukkonen, a young top-six forward and an elite prospect would be an overpayment.
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