The Connor Hellebuyck trade rumors just took another unexpected turn, and this time the San Jose Sharks are moving from speculative outsider to a team worth legitimately watching.
Sportsnet insider Elliotte Friedman appeared on The FAN Hockey Show and, when discussing whether San Jose had explored a deal with the Winnipeg Jets, said the “tires have been kicked.” Friedman did not say a trade was close, nor did he identify which side initiated the conversation. But that’s still an important development. San Jose is no longer simply a destination fans can build in a trade simulator, there appears to have been at least some exploration of the fit.
And the Sharks are more intriguing than their rebuilding reputation suggests.
San Jose went 39-35-8 last season, improved by 34 points and finished only four points outside a playoff position. Macklin Celebrini exploded for 115 points, and the Sharks have assembled one of the NHL’s most interesting collections of young talent.
My read: the question is no longer whether San Jose has enough young talent to interest Winnipeg. The bigger questions are whether the Sharks want to accelerate their timeline this aggressively, and whether Hellebuyck believes that timeline gives him a legitimate chance to win.
Why the San Jose Sharks Suddenly Make Sense for Connor Hellebuyck
This isn’t the first time San Jose has surfaced.
Frank Seravalli recently identified the Sharks as one of the teams he was curious about in the Hellebuyck situation. Friedman’s latest comments give that earlier chatter considerably more weight. It still doesn’t confirm serious negotiations or an offer, but it moves San Jose beyond a purely hypothetical landing spot.
There is also a hockey argument for the fit.
Celebrini, Will Smith and Michael Misa headline an extremely young offensive core, while San Jose made a massive jump in the standings last season. NHL.com noted that the Sharks nearly ended their seven-season playoff drought, and more than half of their goals last season came from players aged 23 or younger.
Hellebuyck, meanwhile, is not a reclamation project.
He struggled by his standards in 2025-26, finishing with a .895 save percentage and 2.86 goals-against average, but one season earlier he won both the Hart Trophy and Vezina Trophy after posting a .925 save percentage. He then helped the United States win Olympic gold in 2026.
Connor Hellebuyck: Three-Year Goaltending Trend
The drop last season is impossible to ignore, but neither should two elite seasons immediately before it. PuckPedia credits Hellebuyck with 33.12 goals saved above expected in 2023-24 and 39.59 in his Hart-winning 2024-25 season.
The Connor Hellebuyck Trade Has a Major Salary-Cap Problem
This is where a Sharks trade becomes much more complicated.
Hellebuyck carries an $8.5 million cap hit through 2030-31. San Jose currently projects to have approximately $3.34 million in cap space, meaning the Sharks cannot simply absorb the contract today without additional maneuvering.
What the Hellebuyck Contract Would Mean for San Jose
Jets–Sharks Salary Cap Calculator
The interesting part is that San Jose’s longer-term financial picture is much easier to navigate. PuckPedia currently projects more than $30 million in 2027-28 cap space, although future roster additions will obviously reduce that number.
That makes this season the difficult part.
Salary would likely need to leave San Jose in the trade, another move could be required, or Winnipeg would have to retain money. Retaining salary on a contract running through 2030-31 would be a substantial commitment by the Jets, so I would view salary going back to Winnipeg as more realistic than assuming major long-term retention.
What Would the Winnipeg Jets Want From San Jose?
This is where fans should separate reported information from trade speculation.
There is currently no confirmed Sharks trade offer that I would treat as established fact. What we do know is that San Jose has accumulated young NHL talent, prospects, and future assets — exactly the type of organizational depth that gives a general manager options in a major trade.
Hellebuyck also has a full no-movement clause this season, so Winnipeg cannot simply create an auction and send him to the highest bidder. Hellebuyck controls whether a destination works for him. Beginning next season, that protection changes to a modified clause requiring a 10-team approved trade list.
That matters enormously when trying to establish his trade value.
NHLTradeRumor.com Trade Value Index
My model still views Hellebuyck as a premium trade asset, but not one for which Winnipeg has unlimited leverage.
A three-time Vezina Trophy winner with five seasons of control has enormous value. On the other side, he’s 33, has publicly requested a trade and can reject destinations. That’s why I would expect Winnipeg to prioritize quality over quantity if San Jose became serious: an NHL-ready piece combined with a premium younger asset or future draft capital makes more sense than piling up secondary picks.
One player I would be extremely reluctant to move if I’m Sharks GM Mike Grier is Yaroslav Askarov. San Jose already has a potential long-term No. 1 goalie, and NHL.com believes Askarov could emerge as the Sharks’ top option as early as this season.
That creates the most fascinating part of the entire rumor.
Acquiring Hellebuyck isn’t simply filling an obvious hole. It would represent San Jose deciding that its competitive window has arrived sooner than expected.
Did the Earlier Sharks Rumor Just Gain Credibility?
Yes, but with an important distinction.
Earlier speculation connecting San Jose to Hellebuyck has now gained additional support because Friedman publicly acknowledged that the possibility has been explored. That does not mean a trade is close, and it does not confirm that San Jose has submitted an offer Winnipeg is considering.
Those distinctions matter.
Hellebuyck publicly requested a trade in August, then failed to report to Jets training camp and was suspended. His position has therefore moved well beyond casual offseason speculation.
My biggest takeaway from Friedman’s comments is that the list of realistic destinations may be changing.
A year ago, putting Hellebuyck and the Sharks in the same sentence would have sounded like connecting an elite veteran goaltender to a rebuilding club. After San Jose’s massive improvement and Celebrini’s emergence, that description no longer tells the entire story.
If Hellebuyck believes the Sharks can become a legitimate Stanley Cup threat over the next two or three seasons, San Jose has enough young talent to at least make Winnipeg listen.
The next thing to watch is whether “tires have been kicked” turns into something more substantial.
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