Connor Hellebuyck Trade Rumors: Did Elliotte Friedman Just Signal a Blockbuster Is Coming?

The Connor Hellebuyck trade rumors surrounding the Winnipeg Jets may have just reached their most important stage yet.

NHL insider Elliotte Friedman delivered perhaps the strongest indication so far that Hellebuyck’s relationship with Winnipeg is approaching the point of no return. Friedman said there appears to be a recognition that a trade “has to happen and is going to happen.” That does not mean a deal is completed, but it changes the tone of this story considerably.

Hellebuyck has already publicly confirmed his desire to leave the Winnipeg Jets, saying that “moving on is the best path forward for me and my family.” Now the question appears to be shifting from whether Winnipeg will trade him to when, and which team will pay the price.

Buffalo, Carolina and Utah have emerged as teams worth watching. And with Winnipeg preparing for training camp, I believe this is exactly the point where the Jets have to determine whether holding out for the perfect return is worth allowing one of the NHL’s biggest stories to follow them directly into the dressing room.

NHL PLAYER PROFILE

Connor Hellebuyck

Winnipeg Jets •Goaltender •#37

2025–26 Regular Season

57GP

23W

23L

11OTL

2.86GAA

0.895SV%

0SO

NHL Career: 625 GP • 345 W • 2.58 GAA • 91.6 SV% • 45 SO

Stats updated: September 11, 2026 at 8:41 AM EDTStatistics source: NHL

Why Elliotte Friedman’s Connor Hellebuyck Update Changes the Winnipeg Jets Trade Market

There has never been much doubt that teams would call the Winnipeg Jets about Connor Hellebuyck.

The important difference now is the apparent belief that repairing the relationship may no longer be realistic.

Hellebuyck formally confirmed his trade request on August 27 after initially making his wishes known privately. Winnipeg general manager Kevin Cheveldayoff had already acknowledged in June that the Jets were listening to offers. Hellebuyck has five seasons remaining on his contract at an $8.5 million annual cap hit and has a full no-movement clause this season, giving him significant control over his eventual destination.

That makes this a fascinating negotiation.

Winnipeg cannot simply auction Hellebuyck to the highest bidder because the goalie has to approve the destination. At the same time, Hellebuyck cannot unilaterally force the Jets to accept an inadequate return.

My observation: this has become less about determining Hellebuyck’s value and more about finding the small number of teams where three things intersect, Hellebuyck is willing to play there, the acquiring club can handle the contract and Winnipeg can receive NHL-ready talent in return.

That is why Friedman again identifying Buffalo is significant.

Sportsnet reported during the NHL Draft that the Sabres and Jets had discussed Hellebuyck and that the goaltender would have been willing to waive his no-movement clause for Buffalo. The fact Buffalo remains connected months later indicates that the original interest was not simply draft-week noise.

Which Teams Could Trade for Connor Hellebuyck?

Buffalo may generate the most attention, but Carolina might have the easiest salary-cap path.

Current PuckPedia projections have Buffalo with approximately $5.12 million in cap space, Carolina at $8.18 million and Utah at $4.58 million. Hellebuyck carries an $8.5 million cap hit.

Here is what that means.

The Buffalo scenario remains particularly interesting because Luukkonen already carries a $4.75 million cap hit. A hypothetical deal involving him would make the Hellebuyck contract considerably easier to accommodate.

That is a cap calculation, not a report that Luukkonen is currently being offered.

Carolina, meanwhile, is only about $320,000 short of accommodating Hellebuyck’s full cap hit based on current projections. From a pure cap perspective, that is significant.

Connor Hellebuyck’s Down Season Should Not Destroy His Trade Value

There is another question Winnipeg has to answer: how much should Hellebuyck’s 2025-26 season affect the return?

He went 23-23-11 with a .895 save percentage, 2.86 goals-against average and zero shutouts. Those numbers are dramatically different from the player who won consecutive Vezina Trophies in 2024 and 2025.

But evaluating Hellebuyck solely on last season would be a mistake.

His 2024-25 season was extraordinary: 47 wins, a .925 save percentage, 2.00 GAA and eight shutouts. He won both the Hart Trophy and Vezina Trophy. Even following his difficult NHL season, Hellebuyck produced a 1.18 GAA and .956 save percentage in five games while helping the United States win Olympic gold.

That matters when establishing trade value.

One poor NHL season raises legitimate questions at age 33, but it does not erase a decade of evidence showing Hellebuyck can fundamentally change the ceiling of a team.

NHLTradeRumor.com Connor Hellebuyck Trade Value Index

My proprietary model still grades Hellebuyck as an elite trade asset, but not one without complications.

That final category is crucial.

Hellebuyck may be worth an enormous amount to the right contender, but Winnipeg’s bargaining position is weaker than it would be if 31 teams could freely bid.

What Should the Winnipeg Jets Want in a Connor Hellebuyck Trade?

Friedman’s reporting suggests Winnipeg does not want to simply collect draft picks and prospects. That makes sense.

The Jets still have Mark Scheifele, Kyle Connor, Adam Lowry and other established NHL players. This is not necessarily an organization interested in tearing everything down.

If I am Cheveldayoff, my priority is an NHL-ready player who can immediately address another weakness in the lineup, plus a goaltending solution and enough additional value to justify moving one of the most accomplished goalies of his generation.

That is also why Buffalo makes so much sense conceptually.

The Sabres possess NHL talent, young players and goaltenders who could potentially form the basis of a hockey trade rather than a futures-only package.

Again, that does not mean a specific Buffalo offer is currently sitting on Cheveldayoff’s desk.

The larger point is that the ingredients exist.

And after Friedman’s latest comments, the Connor Hellebuyck story feels different.

For months, the Winnipeg Jets could reasonably maintain that reconciliation remained possible. Now one of hockey’s best-connected insiders is indicating the opposite.

My read is that the next meaningful Hellebuyck report may no longer be another update about negotiations. It could be the trade itself.

That does not guarantee something happens tomorrow or even before training camp. Cheveldayoff has every incentive to wait until an acceptable hockey trade materializes.

But if Winnipeg, Hellebuyck and the interested teams all understand that the relationship has reached its conclusion, the biggest obstacle may no longer be deciding whether to make a trade.

It is finding the blockbuster that finally gets everyone to say yes.

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