The Connor Hellebuyck trade rumors have taken another significant turn, and the St. Louis Blues could become one of the most important teams to watch even if Hellebuyck never comes close to wearing a Blues jersey.
Sportsnet insider Elliotte Friedman reports that the Carolina Hurricanes are currently the most motivated pursuer of Connor Hellebuyck, but there is a major obstacle separating Carolina and the Winnipeg Jets: Alexander Nikishin. Friedman indicated that if Nikishin were willing to sign in Winnipeg, a Hellebuyck deal could already have been much further along. Instead, Carolina has given some teams permission to speak with the unsigned restricted free-agent defenceman, creating suspicion that the Hurricanes are exploring a three-team solution.
That’s where St. Louis becomes fascinating. Friedman identifies the Blues as a consistent pursuer of Nikishin, with some around the league reportedly surprised a deal hasn’t already materialized. That does not mean St. Louis is confirmed to be participating in Hellebuyck negotiations. But it creates a logical trade mechanism that didn’t previously exist.
Why the St. Louis Blues Could Be the Missing Piece in a Connor Hellebuyck Trade
The problem for Winnipeg isn’t necessarily Alexander Nikishin’s talent.
It’s whether he wants to be a Winnipeg Jet.
Nikishin is coming off an excellent rookie season with Carolina in which he produced 11 goals and 22 assists for 33 points in 81 games, finished plus-18 and averaged 18:11 of ice time. He was subsequently selected to the NHL All-Rookie Team. Carolina general manager Eric Tulsky confirmed Monday that Nikishin remains unsigned and said the organization is still attempting to find a resolution.
That’s an extremely valuable young NHL defenceman.
But Friedman reported something more important for these Winnipeg Jets trade rumors: if Nikishin wanted to sign in Winnipeg, Hellebuyck could already be headed toward Carolina. Instead, teams are now being allowed to communicate with Nikishin while Carolina investigates alternatives. Friedman also reported that Nikishin has been looking for approximately $9 million annually over five years, although sources told him the number could fall in the right situation.
St. Louis therefore becomes potentially useful as the team capable of converting Nikishin’s value into assets Winnipeg actually wants.
There’s another layer. The Blues are opening the season without Logan Mailloux, who is expected to be re-evaluated in approximately eight weeks following hand surgery. St. Louis also has Tyler Tucker injured. That doesn’t establish any connection to a Hellebuyck transaction, but it makes the Blues’ previously reported pursuit of Nikishin even more noteworthy.
NHLTradeRumor.com Trade Value Index: Why a Third Team Changes the Deal
Trade Value Index
NHLTradeRumor.com Trade Value Index weighs current impact, positional scarcity, contract/control, age and trajectory, and negotiating leverage. The Winnipeg fit score reflects the reported obstacle to Nikishin signing there. These are editorial analytical scores, not official NHL valuations.
The point of the model isn’t that Nikishin lacks value. It’s almost the opposite. His market value is high, but his usefulness to Winnipeg falls dramatically if the Jets cannot get him under contract.
That’s exactly why St. Louis matters.
How a Three-Team Hellebuyck Trade Could Actually Work
Conceptually, the trade could be constructed like this:
Winnipeg Jets → Carolina Hurricanes: Connor Hellebuyck
Carolina Hurricanes → St. Louis Blues: Alexander Nikishin
St. Louis Blues/Carolina Hurricanes → Winnipeg Jets: NHL-ready players, prospects, draft capital or another asset package that satisfies Winnipeg’s needs.
That is NHLTradeRumor.com analysis, not a reported trade proposal. Friedman has not reported that those three clubs are negotiating that exact transaction.
But structurally, it solves the central problem. Carolina gets the goaltender it wants. St. Louis gets the defenceman it has repeatedly pursued. Winnipeg no longer has to accept a centerpiece who apparently isn’t prepared to sign there.
There’s another Winnipeg development worth watching. Friedman pointed to newly claimed goalie Clay Stevenson as a potentially important variable. If Stevenson convinces the Jets that he can handle NHL minutes, Winnipeg may become less determined to receive a goaltender in a Hellebuyck transaction. That could considerably widen the type of package GM Kevin Cheveldayoff is willing to consider.
Connor Hellebuyck Salary-Cap Calculator
The cap mathematics show why Carolina is particularly interesting.
We currently list Carolina with approximately $8.43 million in projected cap space, while Hellebuyck carries an $8.5 million cap hit through 2030-31. In a simple static calculation, Carolina is only about $73,000 short of absorbing Hellebuyck outright before accounting for any outgoing player.
St. Louis currently has approximately $1.89 million in projected cap space. If Nikishin’s eventual contract came in at Friedman’s reported $9 million target, the Blues would need roughly another $7.11 million of space before other roster or LTIR adjustments.
Can the Three-Team Structure Fit?
Hellebuyck cap hit: $8.50M
Static gap: ~$73KReported Nikishin target: ~$9.0M
Static gap: ~$7.11MHellebuyck cap hit: $8.50M
Return salary determines final space*Winnipeg’s current PuckPedia figure includes an $8.5M suspension-without-pay adjustment for Hellebuyck, so his cap hit should not simply be added again when estimating post-trade space. Figures are snapshots and can change with roster moves, LTIR, retention and daily cap accounting.
That Winnipeg footnote is important. PuckPedia currently shows an $8.5 million suspension-without-pay adjustment against Hellebuyck, which is why Winnipeg’s present $12.89 million figure looks substantially different from its earlier offseason cap position. Puckpedia
Why Hellebuyck Still Commands a Blockbuster Return
Hellebuyck’s 2025-26 season wasn’t up to his extraordinary standards. He went 23-23-11 with a .895 save percentage and 2.86 goals-against average, after posting 47 wins, a .925 save percentage and 2.00 GAA during his Hart Trophy-winning 2024-25 season. He also underwent knee surgery during last season.
But focusing exclusively on last season would be a mistake.
Hellebuyck is a three-time Vezina Trophy winner, was the 2024-25 Hart Trophy winner and remains signed for five more seasons at an $8.5 million AAV. For a Stanley Cup contender such as Carolina, that contract could become particularly valuable as the NHL salary cap continues climbing.
Connor Hellebuyck: Three-Year NHL Trend
Save Percentage
37 Wins | 2.39 GAASave Percentage
47 Wins | 2.00 GAASave Percentage
23 Wins | 2.86 GAAThe 2025-26 decline introduces legitimate risk, but the previous two seasons illustrate why contenders still view Hellebuyck as a potentially championship-changing acquisition.
What I Think Happens Next
My biggest takeaway isn’t that a Winnipeg Jets–Carolina Hurricanes–St. Louis Blues trade is imminent. We don’t have reporting that says that.
It’s that the mechanism for breaking the stalemate is becoming much clearer.
Hellebuyck reportedly badly wants the situation resolved. Carolina is described by Friedman as the most motivated team. Nikishin is available for discussions with other clubs. And St. Louis has been one of his most consistent pursuers. Those pieces fit together unusually well.
The difficult part remains Winnipeg.
Cheveldayoff cannot afford to turn the best trade asset on his roster into a package built mostly around convenience. The Jets missed the playoffs last season, and Hellebuyck has five years remaining on an $8.5 million contract. Winnipeg has enough control to wait if the return isn’t right. Cheveldayoff publicly said earlier this summer that the Jets were listening, but emphasized that any move has to serve the organization as a whole.
That’s why I believe a third team makes considerably more sense than Carolina continually trying to convince Winnipeg to accept Nikishin.
St. Louis doesn’t need to want Hellebuyck. It only needs to want Nikishin badly enough to provide the asset that Winnipeg actually wants.
And that may be the most intriguing development yet in the Connor Hellebuyck trade saga.
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