The Connor Hellebuyck trade rumors haven’t disappeared. They may simply be waiting for the NHL calendar to force the issue.
Nearly two months after the Buffalo Sabres and Winnipeg Jets held legitimate discussions about a blockbuster involving the three-time Vezina Trophy winner, Hellebuyck remains in Winnipeg. The surprising part is that the story may not be finished. Sportsnet’s Elliotte Friedman recently suggested the situation “could be one of those things that picks up closer to training camp.”
That makes September the next pressure point.
There is currently no report that Buffalo and Winnipeg have restarted negotiations, an important distinction after weeks of speculation. But Buffalo remains impossible to ignore because the Sabres already explored a deal and Friedman reported in June that Hellebuyck was believed to be willing to waive his no-movement protection to go there.
For Winnipeg, the question is becoming bigger than whether another team will meet its asking price. The Jets have to determine whether entering another season with uncertainty surrounding the most important player on their roster is really the best path forward.
Connor Hellebuyck Career NHL Stats
| Type | GP | G | A | P | +/- |
|---|---|---|---|---|---|
| Regular Season | 625 | 0 | 10 | 0 | 0 |
| Playoffs | 58 | 0 | 0 | 0 | 0 |
Why the Buffalo Sabres Still Make Sense for Connor Hellebuyck
The Buffalo connection isn’t manufactured trade-board speculation.
Sportsnet reported during the 2026 NHL Draft that the Sabres and Jets had discussed Hellebuyck. Friedman said at the time he believed the goaltender would have been willing to waive his no-movement clause for Buffalo, although those talks stalled.
Jets general manager Kevin Cheveldayoff also publicly confirmed in June that Winnipeg was prepared to listen to offers, telling NHL.com, “Certainly, as an organization we’re going to listen.”
That’s significant.
Hellebuyck isn’t an expiring rental Winnipeg is forced to move. The 33-year-old has five seasons remaining at an $8.5 million cap hit and controls his destination through his no-movement clause. That gives Cheveldayoff the luxury of waiting, but it also complicates the market because the Jets cannot simply accept the highest bid.
Buffalo already cleared perhaps the hardest obstacle: getting Hellebuyck interested.
From my perspective, that’s why I wouldn’t close the book on the Sabres.
They know the player. Winnipeg knows Buffalo’s assets. Hellebuyck apparently viewed Buffalo as an acceptable destination. If the Jets decide in September that a clean break is better than bringing this storyline into opening night, the Sabres are one of the first teams I would expect Winnipeg to call.
What Would a Connor Hellebuyck Trade Cost Buffalo?
The price is where this gets fascinating.
The Fourth Period reported in late June that Buffalo and Winnipeg continued discussing various assets after the draft, with names such as Ukko-Pekka Luukkonen, Jack Quinn, Radim Mrtka, Ryan McLeod and Konsta Helenius among the possible pieces available in discussions. That doesn’t mean all of those players were offered together or remain available today.
The Winnipeg Free Press later suggested that without the fourth-overall draft pick available, Winnipeg would likely focus more heavily on established players and prospects in any renewed negotiation.
My view is that Winnipeg needs more than futures.
If I’m Cheveldayoff, I want three things represented in the package: a viable NHL goaltending solution, an NHL forward capable of helping immediately, and a young asset with significant upside.
Anything substantially below that level doesn’t justify moving a franchise goaltender with five years of contract control.
NHLTradeRumor.com Trade Value Index
The following is an editorial trade-value model, not an NHL team valuation or reported asking price.
The Buffalo Sabres Can Make the Salary Cap Work
Buffalo currently projects to have approximately $5.12 million in 2026-27 cap space, according to PuckPedia. Hellebuyck carries an $8.5 million cap hit, while Luukkonen carries a $4.75 million cap hit.
That creates some interesting possibilities.
If Buffalo acquired Hellebuyck without moving salary, it would need to clear roughly $3.38 million.
If Luukkonen went to Winnipeg in the trade, Buffalo would add only a net $3.75 million in goalie salary and would have approximately $1.37 million remaining before any other roster changes.
If both Luukkonen and Jack Quinn’s $3.375 million cap hit were included, Buffalo would actually retain roughly $4.75 million in space before accounting for replacement players.
Hellebuyck’s Down Year Changes the Negotiation, But Not His Reputation
There is another layer Winnipeg has to consider.
Hellebuyck went 23-23-11 with a .895 save percentage and 2.86 goals-against average in 57 games last season. Those numbers were dramatically below the standard he set in 2024-25, when he posted 47 wins, a .925 save percentage, 2.00 GAA and eight shutouts while winning both the Hart and Vezina trophies.
His 2025-26 season also included knee surgery in November after the Jets said an issue had bothered him since training camp. That doesn’t automatically explain every dip in his numbers, but it’s relevant context when evaluating his season.
I wouldn’t sell low because of one poor statistical season.
A team trading for Hellebuyck isn’t paying for his .895 save percentage. It’s betting that an elite goaltender with multiple Vezinas, a Hart Trophy and Olympic success can still provide several seasons of championship-level goaltending.
That’s a bet Buffalo may be much better positioned to make than Winnipeg.
September Could Finally Force the Jets’ Hand
The earlier Buffalo reports ultimately proved accurate in one important respect: there really were trade discussions. What did not prove accurate was the idea that a deal was imminent. Hellebuyck remains a Jet in late August, and Sunday’s latest roundup noted there has been no indication Buffalo and Winnipeg have revisited negotiations.
That distinction matters.
This isn’t a report that a trade is happening.
It’s a situation worth watching because one of the NHL’s best goaltenders remains surrounded by unresolved questions, the Jets have publicly acknowledged listening to offers, Buffalo previously showed serious interest, and Friedman believes activity could increase closer to training camp.
My read: if Hellebuyck is still a Jet when training camp opens, the first week of camp becomes extremely important.
If both sides look comfortable moving forward, Winnipeg can shut down the trade discussion and try to bounce back.
If uncertainty remains, September may finally create the urgency that July and August never did.
And if the Jets decide it’s time?
The Buffalo Sabres should still be near the front of the line.
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