The Connor Hellebuyck trade rumors have taken another fascinating turn, and this time we finally have a much clearer picture of just how seriously the Florida Panthers pursued the Winnipeg Jets superstar.
According to Elliotte Friedman on 32 Thoughts, Florida was among the teams that made a legitimate push for Hellebuyck before the Panthers eventually went in another direction. Friedman said he believed Florida’s offer included Evan Rodrigues, the draft capital that was later sent to the Ottawa Senators in the Brady Tkachuk blockbuster, and another Panthers roster player who was not Anton Lundell.
Winnipeg rejected the offer.
That decision looks much more interesting today.
Hellebuyck has since publicly requested a trade, failed to report to Winnipeg Jets training camp and was suspended by the team. Meanwhile, Florida no longer possesses most of the pieces it originally had available. Rodrigues was traded to the New Jersey Devils in the Jacob Markstrom deal, while the Panthers used significant draft capital to acquire Brady Tkachuk.
For me, that changes the biggest question surrounding the Hellebuyck situation.
It is no longer simply, What can Winnipeg get for Connor Hellebuyck?
It is becoming: Did the Jets already turn down one of the strongest offers they were ever going to receive?
What the Florida Panthers Reportedly Offered the Winnipeg Jets for Connor Hellebuyck
The scale of Florida’s reported proposal should not be ignored.
The draft package eventually used to acquire Brady Tkachuk included Florida’s 2026 first-round selection, Tampa Bay’s 2026 first-round selection, Florida’s 2027 second-round pick and a conditional 2029 first-round selection.
Add Rodrigues and another NHL roster player, and this was not a token offer from Panthers general manager Bill Zito. Florida appears to have been legitimately investigating what it would take to bring one of hockey’s elite goaltenders to South Florida.
Friedman also made an important clarification: Anton Lundell was not the other player included.
That matters because Lundell remains one of Florida’s most valuable young pieces. The 24-year-old centre carries a $5 million cap hit and recorded 44 points in 64 games last season. If Winnipeg wanted Lundell as the centrepiece of the deal and Florida refused, it is easy to understand why negotiations reached a ceiling.
Why Winnipeg’s Decision Looks Different Now
I can understand why Kevin Cheveldayoff would have been reluctant to move Hellebuyck simply because a large collection of assets was offered.
Hellebuyck isn’t an average starting goalie being shopped because his contract is expiring. He is a three-time Vezina Trophy winner, a former Hart Trophy winner and one of the most important players in Winnipeg Jets history.
Even during a disappointing 2025-26 season, Hellebuyck posted a .895 save percentage and 2.86 goals-against average over 57 games. PuckPedia’s underlying numbers credited him with 5.54 goals saved above expected.
That is significant when compared with Florida’s eventual solution in goal.
Jacob Markstrom finished last season with an .883 save percentage, 3.07 GAA and minus-11.93 goals saved above expected.
Those numbers do not mean Markstrom cannot rebound behind Florida’s structure, and goalie performance can fluctuate dramatically from season to season. But they reinforce why Florida was willing to investigate Hellebuyck in the first place.
Even in what was considered a down season for Hellebuyck, his underlying results were considerably stronger.
Hellebuyck vs. Markstrom: 2025-26 Goalie Snapshot
NHLTradeRumor.com data comparison
Hellebuyck’s 2025-26 season represented a decline from his previous elite standard, but he still finished above expected by PuckPedia’s GSAx measure. Markstrom finished below expected. Team environment and workload should always be considered when comparing goaltenders.
NHLTradeRumor.com Observation: Winnipeg’s Leverage Has Changed
My read is that Winnipeg’s biggest problem isn’t Hellebuyck’s talent. Nobody needs convincing that he can change a team’s ceiling.
The problem is leverage.
Hellebuyck has publicly requested a trade. He did not report to camp. Winnipeg suspended him. He also holds trade protection, which limits how broadly the Jets can shop him.
Every opposing general manager understands those circumstances.
Cheveldayoff does not have to accept a bad trade, and the Jets have publicly maintained that they need appropriate value before moving their franchise goaltender. But the longer this situation remains unresolved, the easier it becomes for potential buyers to argue that Winnipeg’s alternatives are shrinking.
That is what makes the rejected Panthers proposal so compelling in hindsight.
Florida had premium draft capital, NHL players to move and a genuine opening in goal.
Those conditions no longer exist.
NHLTradeRumor.com Connor Hellebuyck Trade Value Index
Player value and Winnipeg’s negotiating leverage measured separately
This proprietary index is not an NHL valuation. Hellebuyck’s elite résumé and contract term keep his individual value high, while his trade request, trade protection and a limited number of realistic buyers reduce Winnipeg’s negotiating leverage.
Could the Florida Panthers Still Trade for Connor Hellebuyck?
Technically, almost anything can be constructed under the NHL salary cap with enough moving pieces.
Realistically, a Panthers-Hellebuyck deal is considerably more difficult now.
Florida currently projects to have only about $34,000 in cap space. Hellebuyck carries an $8.5 million annual cap hit.
Markstrom counts for $6 million and Akira Schmid counts for another $2 million.
Florida Panthers – Hellebuyck Salary-Cap Calculator
NHLTradeRumor.com proprietary calculation
The takeaway: moving Markstrom alone would not create enough room for Hellebuyck. Florida would need additional salary leaving the roster, salary retention or another cap mechanism. This is a hypothetical cap exercise, not a reported trade proposal.
If Florida simply replaced Markstrom’s $6 million cap hit with Hellebuyck’s $8.5 million hit, the Panthers would still need to clear approximately $2.47 million before accounting for other roster considerations.
That is why any renewed Florida conversation would probably require much more than Winnipeg simply agreeing on trade value.
Bill Zito would have to solve the salary cap at the same time.
And after surrendering major draft capital for Brady Tkachuk, Florida also has significantly fewer premium futures available. PuckPedia currently lists the Panthers without a first-round pick in either 2027 or 2028.
That is a major change from the Florida team that initially approached Winnipeg.
Did the Jets Miss Their Best Connor Hellebuyck Trade Opportunity?
It is still too early to definitively say Winnipeg made a mistake.
A better offer could emerge. Another contender could develop a goaltending problem. An injury could suddenly create a motivated buyer. Hellebuyck could even eventually return to Winnipeg; Cheveldayoff has said the door has not been completely closed.
But Florida’s rejected offer now provides something we previously didn’t have: a legitimate benchmark.
Rodrigues, substantial draft capital and another NHL player represented a meaningful collection of assets.
The Jets decided it was not enough.
Every Connor Hellebuyck trade that follows will now inevitably be compared with what Florida reportedly put on the table.
If Winnipeg eventually receives substantially less, this rejected Panthers offer will become one of the defining moments of the entire Hellebuyck saga.
If Cheveldayoff ultimately lands a stronger package, his patience will look justified.
Either way, Elliotte Friedman may have just revealed the trade proposal that sets the standard for everything that happens next.
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