Connor Hellebuyck is still a member of the Winnipeg Jets, but the silence surrounding his trade market might only be temporary.
Sportsnet provided a significant update Tuesday, reporting that trade conversations involving Hellebuyck have gone quiet after dominating the NHL rumor mill earlier this summer. The interesting part is what could happen next: Elliotte Friedman recently suggested the situation could pick up again as training camp gets closer.
That immediately puts the Buffalo Sabres back on my radar.
Buffalo and Winnipeg already discussed a Hellebuyck trade around the 2026 NHL Draft, and Friedman reported at the time that Hellebuyck was believed willing to waive his no-movement clause to join the Sabres. The conversations ultimately stalled.
Now we’re approaching another natural pressure point on the NHL calendar. If Winnipeg isn’t completely comfortable bringing Hellebuyck into camp with this uncertainty hanging over the organization, Buffalo still looks like one of the most logical teams to make another call.
And if I’m running the Sabres, I’m making it.
Why the Buffalo Sabres Could Revisit a Connor Hellebuyck Trade
Hellebuyck isn’t simply another starting goalie potentially available on the trade market.
He is a three-time Vezina Trophy winner, won the Hart Trophy in 2024-25 and owns one of the strongest résumés of any active NHL goaltender. He also has five seasons remaining on his contract at an $8.5 million cap hit.
There is risk.
Hellebuyck is 33, and his 2025-26 numbers were considerably weaker than his MVP season. He finished 23-23-11 with a 2.86 goals-against average and an .895 save percentage over 57 games.
That is actually what makes this trade discussion interesting.
Buffalo isn’t trying to acquire the goalie who posted an .895 save percentage last season. It would be betting that one difficult season doesn’t erase nearly a decade of elite goaltending.
That is a bet I would seriously consider.
The Sabres are no longer a rebuilding team hoping everything comes together three years from now. Buffalo won the Atlantic Division last season and finally broke its lengthy playoff drought. A move for Hellebuyck would represent something very different: an organization deciding its Stanley Cup window is open right now.
Connor Hellebuyck Career NHL Stats
| Type | GP | G | A | P | +/- |
|---|---|---|---|---|---|
| Regular Season | 625 | 0 | 10 | 0 | 0 |
| Playoffs | 58 | 0 | 0 | 0 | 0 |
What a Sabres-Jets Connor Hellebuyck Trade Could Look Like
There has already been meaningful reporting about what Winnipeg might want.
Sportsnet’s Nick Kypreos reported in July that a potential Buffalo package could involve Ukko-Pekka Luukkonen and Jack Quinn, while Winnipeg’s original ask reportedly included Zach Benson. Buffalo was unwilling to go there. Kypreos also described Buffalo and Detroit as the most logical destinations and believed Winnipeg could revisit the Sabres.
I agree with Buffalo’s stance on Benson.
Giving Winnipeg Luukkonen and Quinn is already substantial. Adding one of Buffalo’s most valuable young forwards on top of that would push the acquisition cost beyond where I’d be comfortable for a 33-year-old goalie carrying five more years of term.
NHLTradeRumor.com Original Hellebuyck Trade Value Model
This is my own evaluation of the major factors Buffalo and Winnipeg would have to balance:
Hellebuyck’s no-movement clause is important here. Sportsnet reported in June that he was believed willing to waive it for Buffalo, which makes the Sabres far more than a random hypothetical destination.
The Salary Cap Surprisingly Isn’t the Biggest Problem
Here’s where the numbers become particularly interesting.
Buffalo currently projects to have approximately $5.124 million in cap space against the $104 million ceiling. Luukkonen carries a $4.75 million cap hit and Quinn carries $3.375 million, while Hellebuyck costs $8.5 million.
Under the previously reported Luukkonen-plus-Quinn concept:
$4.75M + $3.375M outgoing = $8.125M
$8.5M Hellebuyck incoming = only $375,000 in additional net cap commitment
That would leave Buffalo with approximately $4.749 million in projected cap space before replacing the additional vacant roster spot.
If Buffalo filled that spot with a player at the 2026-27 NHL minimum salary of $850,000, my calculation leaves approximately $3.899 million in remaining space. The NHL confirmed the 2026-27 league minimum is $850,000.
That’s a major reason I don’t dismiss this rumor.
The acquisition price could hurt. The cap math doesn’t.
Stuart Skinner Gives Winnipeg an Interesting Safety Net
Winnipeg also signed Stuart Skinner to a two-year, $7.5 million contract this summer, carrying a $3.75 million AAV. Jets general manager Kevin Cheveldayoff explicitly pushed back against the idea that Skinner was signed because of Hellebuyck’s uncertain future, saying there was no specific Plan A, B or C tied to the situation.
Still, from a roster-construction perspective, Winnipeg now has an experienced NHL goalie under contract if circumstances change.
That’s different from saying Skinner was signed to replace Hellebuyck.
It simply gives the Jets options.
An Earlier Hellebuyck Report Has Aged Pretty Well
One element worth emphasizing for readers is how the original draft-week reporting has developed.
Friedman reported on June 26 that Buffalo and Winnipeg had spoken, Hellebuyck was believed willing to go to Buffalo, and discussions had stalled.
Nearly two months later, there still hasn’t been a trade.
So the “stalled” portion of that earlier report proved accurate.
The new development on August 18 isn’t that Buffalo and Winnipeg have restarted negotiations. They haven’t, based on the public reporting available.
It’s that Friedman believes the market could become active again closer to training camp.
That’s an important distinction, and one I would maintain in the headline and throughout the story.
My Take: Buffalo Should Make the Call Again
I don’t think Buffalo needs Hellebuyck.
Luukkonen actually produced a strong 2025-26 season, finishing with a .910 save percentage and 2.52 goals-against average while earning 22 victories.
But championship teams don’t evaluate trades solely by asking whether their current player is good enough.
They ask whether another player can materially raise their ceiling.
Hellebuyck potentially does.
The Sabres would be acquiring age and contractual risk, but they’d also be adding one of the defining goaltenders of his generation to a roster that has already demonstrated it can contend in the Eastern Conference.
If Winnipeg calls demanding Benson, I walk away.
If the conversation comes back to something built around Luukkonen and Quinn?
I would stay on the phone.
And as training camp gets closer, that phone might become considerably more interesting.
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