The Connor Hellebuyck trade rumors surrounding the Winnipeg Jets may finally have found the complication, and potentially the solution, that could push the Carolina Hurricanes deeper into the conversation.
Sportsnet’s Elliotte Friedman reported Monday that Carolina remains highly interested in Hellebuyck, while also discussing the possibility that unsigned Hurricanes defenseman Alexander Nikishin could be used to help construct a multi-team trade. The important detail is that Nikishin is not believed to have interest in signing with the Winnipeg Jets, meaning this probably isn’t as simple as Carolina sending Nikishin directly to Winnipeg.
Instead, Nikishin could become the asset Carolina turns into the pieces Winnipeg actually wants.
That distinction matters.
Hellebuyck remains suspended after failing to report to Jets training camp, and Friedman reported Monday that the three-time Vezina Trophy winner is not expected to return for the beginning of Winnipeg’s season. With Carolina still lurking, Nikishin suddenly looks less like an unrelated contract problem and more like potential trade currency.
Why Alexander Nikishin Changes the Connor Hellebuyck Trade Equation
Carolina doesn’t need to convince anyone that Nikishin has value.
The 24-year-old defenseman played 81 games during his rookie NHL season, producing 11 goals, 22 assists and 33 points. His underlying numbers were strong as well, including a 56 percent expected-goals share and 58 percent Corsi share according to PuckPedia.
Nikishin is now a restricted free agent without a contract. He is offer-sheet ineligible, giving Carolina control over his NHL rights even though the two sides haven’t reached a new agreement.
Sportsnet reported last week that Nikishin had received permission to speak with other teams. Friedman then raised the possibility that Carolina could use its young defenseman as the key asset in a more complicated transaction because the Hurricanes had not abandoned their pursuit of Hellebuyck.
That is where this gets fascinating.
Nikishin apparently isn’t the player Winnipeg can simply acquire, sign and insert into its top four. But Carolina can potentially convert his value into something Winnipeg does want.
NHLTradeRumor.com Performance Snapshot
Why a Three-Team Hellebuyck Trade Could Make More Sense
My read is that Nikishin isn’t necessarily the return for Hellebuyck, he’s the mechanism that could create the return.
There is a significant difference.
Imagine a third club wants Nikishin and can agree to contract terms with him. That organization could acquire his rights from Carolina while sending valuable draft capital, prospects or NHL-ready talent into the transaction. Those assets could then be redirected toward Winnipeg as part of Carolina’s package for Hellebuyck.
That would solve one of the biggest obstacles in a direct Hurricanes-Jets trade: Winnipeg wouldn’t have to acquire the rights to a player who reportedly isn’t interested in signing there.
There is no report that such a completed three-team trade currently exists. But Friedman specifically discussed why another team could be necessary if Carolina attempts to connect these two situations.
That makes this more than simply connecting two available players on a trade board.
It provides a plausible transaction structure.
The Hurricanes Are Almost Able to Absorb Hellebuyck’s Cap Hit Now
The salary-cap mathematics are surprisingly close.
Hellebuyck carries an $8.5 million cap hit through the 2030-31 season. Carolina currently projects to have approximately $8.439 million in cap space.
That leaves a difference of only $60,651 before accounting for any player Carolina sends elsewhere.
Hurricanes–Hellebuyck Salary Cap Calculator
The important observation here is that trading Nikishin itself does not create meaningful cap room, because he is currently unsigned and therefore does not carry a 2026-27 NHL cap hit.
Nikishin is trade currency, not cap relief.
Carolina would still need the transaction or an accompanying roster move to create enough space for Hellebuyck. Considering the Hurricanes currently have a full 23-man projected roster, acquiring a goaltender would naturally require another roster decision anyway.
From a cap perspective, this isn’t an impossible blockbuster. It’s actually remarkably close.
NHLTradeRumor.com Trade Value Index
There is another reason Nikishin makes sense as the centerpiece used to unlock the transaction: age and contractual control.
Hellebuyck remains one of hockey’s most accomplished goaltenders. He has won the Vezina Trophy three times and captured the Hart Trophy in 2024-25, but he’s also 33 and under contract at $8.5 million annually through age 38. His 2025-26 season included a .895 save percentage, although he still finished with positive goals saved above expected.
Nikishin is 24, coming off a strong rookie season and remains under team control as an RFA.
That creates two very different types of trade value.
NHLTradeRumor.com Trade Value Index
The model highlights why a third team is important.
Winnipeg should still be looking for a significant return for a franchise goaltender with five seasons remaining on his contract. But Carolina has a young asset whose value could be easier to monetize with another organization than with Winnipeg directly.
Hellebuyck’s Absence Changes Winnipeg’s Leverage
The Jets have known for months that Hellebuyck wanted a change.
He publicly confirmed his trade request on August 27 after initially making the request privately. When training camp opened in September, Hellebuyck did not report and Winnipeg suspended him.
There had been at least some possibility that time might cool the situation.
Monday’s reporting makes that increasingly difficult to envision.
Friedman reported that Hellebuyck is prepared to miss the beginning of the season rather than return immediately to Winnipeg, while Carolina continues to show interest.
For Winnipeg GM Kevin Cheveldayoff, the challenge is obvious. Hellebuyck remains an extraordinarily valuable player, but every missed game keeps the situation at the center of the Jets’ season.
There is no reason for Winnipeg to give him away.
There is also little incentive to accept an awkward return simply to end the story.
That is why converting an asset such as Nikishin into a package better tailored to Winnipeg’s needs could matter so much.
My Read: Nikishin Could Be the Asset That Breaks the Stalemate
I don’t think the most interesting version of this rumor is Hellebuyck for Nikishin.
I think it’s Hellebuyck because of Nikishin.
Carolina has the type of young, high-value asset that other NHL teams should be willing to pursue. Winnipeg has an elite, accomplished goaltender who wants a trade. And the Hurricanes have a championship-calibre roster with enough cap flexibility to get extremely close to absorbing Hellebuyck’s contract.
The difficulty is connecting those pieces.
A third team potentially does exactly that.
If Carolina can turn Nikishin’s RFA rights into premium assets that Winnipeg values — while simultaneously creating whatever additional salary movement is necessary, the Hurricanes could build a much more appealing Hellebuyck package without asking the Jets to solve the Nikishin contract dispute themselves.
Nothing about that guarantees a trade.
But the latest reporting strengthens an earlier storyline that Carolina has not gone away in the Connor Hellebuyck sweepstakes. The Nikishin situation now provides a logical mechanism for the Hurricanes to become more aggressive.
That is what makes this one worth watching as the regular season begins.
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