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The Connor Hellebuyck trade rumors suddenly have life again, and the Buffalo Sabres may have worked their way back into one of the biggest NHL storylines heading into training camp.
NHL insider Chris Johnston reported that Buffalo has “re-engaged to some degree” with the Winnipeg Jets after the two teams had substantial discussions around the NHL Draft. That doesn’t mean a Connor Hellebuyck trade is imminent. It does mean something important: the Sabres apparently haven’t walked away.
And that changes the conversation.
Hellebuyck publicly confirmed on August 27 that he had requested a trade from the Winnipeg Jets months earlier. With Winnipeg training camp approaching, the pressure on general manager Kevin Cheveldayoff is only increasing.
My read is that Buffalo makes more sense now than it did even a few weeks ago. The Sabres have a young roster capable of providing Winnipeg with NHL talent, prospects and draft capital, while Hellebuyck gives Buffalo something extraordinarily difficult to acquire: a legitimate franchise goaltender with a championship-level ceiling.
The question isn’t whether Buffalo should be interested.
It’s how much the Sabres should be willing to pay.
Why the Buffalo Sabres Are Back in the Connor Hellebuyck Trade Conversation
The most significant part of Johnston’s update is that this isn’t a brand-new connection.
Winnipeg and Buffalo were heavily linked around the NHL Draft, when first-round draft capital reportedly became part of the discussion. The landscape has changed since then, meaning any new trade would have to be constructed differently.
That could actually make negotiations more interesting.
The Jets aren’t dealing with an ordinary starting goalie. Hellebuyck is a three-time Vezina Trophy winner and won the Hart Trophy following the 2024-25 season. Even after slipping to a 23-23-11 record, .895 save percentage and 2.86 goals-against average last season, his overall body of work remains elite.
There is also evidence suggesting 2025-26 shouldn’t automatically be interpreted as the beginning of a dramatic decline. Hellebuyck helped the United States win Olympic gold in February and produced a 1.18 goals-against average and .956 save percentage across five Olympic appearances.
That’s one reason I would be careful about evaluating his trade value solely through last season’s NHL numbers.
For Buffalo, the calculation is different.
A young team trying to become a legitimate contender can spend years searching for certainty in goal. Hellebuyck provides it immediately.
What Would a Connor Hellebuyck Trade Cost the Buffalo Sabres?
Hellebuyck to Buffalo – Modelled Framework
C Noah Östlund
2027 First-Round Pick
This is where I believe the negotiations become difficult.
Winnipeg cannot afford to trade Hellebuyck simply because he wants out. Cheveldayoff needs assets capable of helping the Jets through the next phase of their roster construction.
A package I would explore from Buffalo’s side would be Jack Quinn, Noah Östlund and Buffalo’s 2027 first-round pick for Connor Hellebuyck.
To be clear, that is my proposed framework and not a reported offer.
Quinn gives Winnipeg a 24-year-old NHL forward with offensive upside. Östlund gives the Jets another young centre with development potential, while the first-round pick provides the type of premium future asset typically required when acquiring a player of Hellebuyck’s pedigree.
Would Winnipeg ask for more?
Very possibly.
But Hellebuyck’s public trade request, age, contract structure and no-movement protection all affect Winnipeg’s leverage. The Jets can demand a massive return, but prospective buyers know Winnipeg is attempting to resolve a situation involving a 33-year-old goaltender who has publicly said he believes moving on is his best path forward.
That’s why I don’t believe Buffalo should empty the prospect cupboard.
Connor Hellebuyck’s Contract Makes a Sabres Trade Possible, But Tight
Hellebuyck carries an $8.5 million cap hit through the 2030-31 season.
Buffalo currently projects to have approximately $5.12 million in cap space. That means the Sabres cannot simply absorb the entire contract without moving salary elsewhere.
However, the numbers become surprisingly workable under the hypothetical package above.
Jack Quinn carries a $3.375 million cap hit and Noah Östlund carries approximately an $886,666 cap hit. Sending those two contracts to Winnipeg would remove roughly $4.26 million from Buffalo’s roster while adding Hellebuyck’s $8.5 million.
The net increase would be approximately $4.24 million.
That would leave Buffalo with roughly $885,000 in projected cap room before any other roster adjustments.
In other words, Buffalo doesn’t necessarily need Winnipeg to retain salary.
That matters.
It potentially makes a blockbuster easier to structure while allowing Winnipeg to avoid carrying dead money for five seasons.
Connor Hellebuyck: Is Last Season the Outlier?
My Read: Buffalo Should Push, But Establish a Walk-Away Price
There is one part of this rumor that stands out to me.
Buffalo has already spent years accumulating prospects, young players and draft capital. At some point, those assets have to help the Sabres transition from a promising team into one that expects to win playoff rounds.
Hellebuyck is precisely the type of player who can accelerate that transition.
But there is also considerable risk.
He is 33 years old and signed through age 38. Goaltender performance can fluctuate dramatically, and his .895 save percentage last season was easily below the standard he established during his best years.
That’s why my maximum offer would stop short of Buffalo’s absolute top young core pieces.
I would be comfortable building the package around Quinn, Östlund and a first. I would be far more hesitant if Winnipeg demanded one of Buffalo’s franchise-level young building blocks on top of that.
There is a difference between paying a premium and winning the trade negotiations for Winnipeg.
Earlier Connor Hellebuyck–Sabres Reports Now Look More Significant
Earlier in the summer, Elliotte Friedman indicated he didn’t believe the Winnipeg-Buffalo conversation was necessarily finished after their draft discussions failed to produce a deal.
Now Johnston is reporting that Buffalo has re-engaged.
That doesn’t confirm that an earlier proposed trade was close to completion, nor does it mean Hellebuyck will ultimately become a Sabre. But it does provide a meaningful update: the Buffalo connection appears to have survived the summer rather than disappearing after the draft.
With Hellebuyck’s trade request now public and training camp approaching, the leverage and urgency surrounding the Winnipeg Jets have changed considerably.
Whether that is finally enough to produce a blockbuster remains the biggest question.
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