The NHL offseason may be approaching its quietest stretch, but NHL News on August 25 is suddenly producing several storylines worth watching closely before training camps open.
The biggest is back in Winnipeg.
Connor Hellebuyck trade speculation has resurfaced after a proposed move involving the Buffalo Sabres reportedly came close earlier this summer but never crossed the finish line. Hellebuyck remains a Jet, yet with training camp approaching, there is growing discussion that Winnipeg could again listen if a contender puts a legitimate offer on the table. The three-time Vezina Trophy winner carries an $8.5 million cap hit through 2030-31 and controls the process with a full no-movement clause.
At the same time, Colorado has its own superstar decision approaching. Avalanche management remains confident Cale Makar will sign, but the calendar suddenly matters because the NHL’s new CBA changes maximum contract lengths after September 15. Add in a potentially massive salary increase for Makar, and Colorado has some fascinating cap mathematics to navigate.
And away from the trade market, NHL expansion is becoming much more than casual speculation.
Latest NHL News and Rumors Shaping the 2026-27 Season
Connor Hellebuyck Trade Rumors Could Reignite Before Training Camp
What makes the Hellebuyck situation interesting is that an earlier round of trade chatter did not produce the expected result.
Reports earlier this offseason suggested Winnipeg came close to sending Hellebuyck to Buffalo before the 2026 NHL Draft. That transaction never happened, and the rumor trail cooled significantly afterward. Today’s update confirms the important part: Hellebuyck is still a Jet, but the story is not necessarily dead.
From my perspective, Winnipeg GM Kevin Cheveldayoff has very little incentive to sell low.
Hellebuyck is 33, which naturally affects the long-term trade-value calculation, but elite goaltending remains one of the hardest assets in hockey to acquire. Winnipeg also has approximately $4.48 million in projected 2026-27 cap space with a full 23-man roster. Hellebuyck accounts for $8.5 million, or roughly 8.2 percent of the $104 million salary cap, through 2030-31.
Here is my proprietary trade-value assessment. This is analysis, not a reported trade offer or information from Hellebuyck’s agent.
The important distinction is that there is no confirmed Hellebuyck trade today. This is renewed speculation around a situation worth monitoring as camp approaches.
Cale Makar Contract Talks Have a Hidden September Deadline
The Avalanche appear significantly more comfortable with their superstar situation.
Colorado president of hockey operations Joe Sakic said the organization continues talking with Makar’s camp and is “pretty confident he’ll be signed before the season starts.” Makar is entering the final year of his current $9 million AAV contract.
There is an added wrinkle.
Makar can sign an eight-year extension through September 15. After that date, the new CBA reduces the maximum contract length to seven years. That doesn’t mean Colorado must complete the extension before September 15, but it gives both sides a meaningful incentive to determine whether an eight-year structure makes sense.
The Hockey News floated approximately $15 million to $16 million annually as a plausible neighborhood, although no publicly sourced Makar demand has been reported.
That’s where the numbers get interesting.
PuckPedia currently projects Colorado with about $32.05 million in 2027-28 cap space, with 17 of 23 roster positions represented in the projection. The NHL’s expected 2027-28 upper limit is $113.5 million.
That is manageable, but it illustrates why every million dollars matters when an elite player moves into the league’s highest salary tier.
NHL Expansion in Houston Suddenly Has a Real Timeline
One of the most significant league-wide developments involves expansion.
In an exclusive interview with The Hockey News, NHL deputy commissioner Bill Daly indicated Houston remains ahead of Austin in the league’s discussions. More importantly, Daly revealed the NHL hopes to have definitive agreements that could commit a franchise as early as December, with play potentially beginning during the 2029-30 season.
That turns expansion from hypothetical chatter into a story with actual checkpoints.
Daly also indicated there currently isn’t the same level of serious ownership interest coming from Canada, although he acknowledged Quebec City has significant positives if a credible ownership group steps forward.
My takeaway is that Houston should now be treated as the clear market to watch. Nothing is finalized, but December 2026 suddenly becomes an important date on the NHL business calendar.
Roger McQueen Could Force His Way Into Anaheim’s Plans
There was also fresh prospect news out of Anaheim today.
Ducks prospect Roger McQueen says he is healthy following the back problems that previously affected his development and is hoping his professional experience with AHL San Diego helps him compete for an NHL opportunity.
For a Ducks organization building around an increasingly talented young core, McQueen is exactly the type of player who can make training camp interesting. If he forces management into a difficult roster decision, that’s a good problem for Anaheim to have.
What Today’s NHL News Really Tells Us
The common thread in today’s NHL News is pressure created by the approaching season.
Winnipeg needs clarity around Hellebuyck. Colorado has a financial and contractual reason to settle Makar’s future before September 15. The NHL itself may be only months away from a pivotal expansion decision.
These aren’t isolated August headlines. Each could have consequences extending well beyond training camp.
The Hellebuyck situation is the one I would watch most closely. If Winnipeg opens camp with its superstar goalie still facing questions about his future, trade speculation will become considerably harder to ignore.
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