Hellebuyck Trade Market: Hurricanes and Sabres Left Standing

Connor Hellebuyck has five seasons left at an $8.5 million cap hit and a full no-movement clause that expires in twelve months, and the list of teams that can realistically pay for him has shrunk to two. Chris Johnston said on The Chris Johnston Show that if Winnipeg's talks reheat later this summer, the race likely comes down to the Carolina Hurricanes and the Buffalo Sabres unless a team nobody has seen yet enters the picture. Free agency has passed, the draft has passed, and the goaltender is still a Jet.

That is the whole shape of this market. Two buyers, one asset, and a contract clause that quietly changes hands on July 1, 2027.

How the Market Narrowed

Buffalo got closest. The Sabres were deep in talks with Winnipeg around the draft, with the No. 4 overall pick central to the package and a player believed to be Jack Quinn attached, and they could not close it. Johnston noted the sides could revisit now that the draft is in the rearview, though he stopped short of calling it likely.

Carolina's pitch of defenseman Alexander Nikishin and a first round pick, reported by Frank Seravalli and corroborated by Elliotte Friedman, was deemed too light by Winnipeg. That offer came after the Hurricanes won the Stanley Cup, so the pick attached to it is a late one, and a late first plus a young defenseman did not move a Jets front office that was already asking for more. "The Hurricanes didn't get a lot done on July 1st, the day itself, but they were in on everything," Johnston said. "I wonder, is there some world where they circle back and find a way to get that done? I think that's a possibility."

Colorado has surfaced in speculation, but taking on $8.5 million in cap requires the Avalanche to move salary out, and they lack the trade capital to interest Winnipeg. Treat that one as noise until an insider attaches a name to it.

The Contract Is the Story

Hellebuyck, 33, signed a seven year, $59.5 million extension in October 2023 that runs from 2024-25 through 2030-31 at an $8.5 million average annual value. The trade protection is where it gets interesting. The deal carries a three year full no-movement clause, then converts to a modified clause with a ten team no-trade list beginning with the 2027-28 season, meaning Hellebuyck submits that list on July 1, 2027.

Right now he holds a veto over every destination. In a year he holds a veto over ten. Winnipeg's leverage does not improve by waiting, and neither does Hellebuyck's. Anybody arguing the Jets should sit on this asset until next summer is arguing that the price goes up when the player's control goes down, which is backwards.

Trade speculation intensified after Winnipeg missed the 2026 playoffs, with Hellebuyck publicly calling the season "unacceptable" and questioning the direction of the club. General manager Kevin Cheveldayoff has confirmed the Jets are listening. Our earlier Hellebuyck trade rumors breakdown covers how the Carolina offer came together in June.

Betting and DFS Impact

The 2026-27 Stanley Cup market is already open, and Carolina sits near the top of it. ESPN listed the defending champion Hurricanes at +700 at DraftKings, with Colorado at +800 and Vegas at +850, though BetMGM and Caesars have Colorado in front. Buffalo lives far down the same board, which is exactly why the Sabres were willing to move the No. 4 overall pick for a goaltender. A long shot does not shorten by drafting.

The asymmetry matters for anyone holding futures. Carolina adding Hellebuyck moves them from a repeat favorite with a goaltending question to a repeat favorite without one, and that is a modest shortening from an already short number. Buffalo adding Hellebuyck is a structural change to a franchise that only just ended the NHL's longest playoff drought, returning to the postseason in 2026 for the first time since 2011, and at +3300 for 2026-27 the same player produces a much larger move off a much longer number. If you want exposure to the trade rather than to the team, Buffalo is the position with convexity. Carolina is the position with certainty.

The Winnipeg side is the underrated read. The Jets' team total and division futures reflect a roster with an elite goaltender. Any package that returns picks and prospects rather than NHL bodies puts pressure on that number well before opening night. Watch the Jets' 2026-27 points total the day a trade lands.

Nothing here is a bet yet. There is no deal, no reported framework, and no timeline. It is a two team market with a public asset and a clause on a calendar, which is the setup that produces movement in August rather than July.

What to Watch Next

Three markers. First, whether Buffalo revisits the No. 4 pick conversation now that the pick is a player and the value is easier to argue about. Second, whether Carolina's cap situation after the Cup run leaves room for an $8.5 million goaltender without gutting the blue line. Third, and most concrete, July 1, 2027, when the full no-movement clause becomes a ten team list. That date is the only hard deadline in this story, and both sides know where it sits.

For the rest of the offseason board, see our John Carlson signs with Tampa Bay breakdown and our Sergei Bobrovsky to Toronto analysis. Chad AI tracks NHL futures and goaltender workload markets inside the app, with the reads on our NHL daily picks page, the AI sports picks hub and the Chad picks hub. ESPN has the full 2026-27 Stanley Cup futures board.

FAQ

Where will Connor Hellebuyck be traded? No trade has been agreed. Chris Johnston said the realistic race is between the Carolina Hurricanes and the Buffalo Sabres if talks reheat later this summer. Buffalo came closest before the draft, offering the No. 4 overall pick and a player believed to be Jack Quinn.

What is Connor Hellebuyck's contract? Seven years and $59.5 million, signed in October 2023, running from 2024-25 through 2030-31 at an $8.5 million cap hit. Five seasons remain after 2025-26.

When does Hellebuyck's no-movement clause change? The full no-movement clause converts to a modified version for the 2027-28 season. He submits a ten team no-trade list on July 1, 2027, which is the only hard date in this negotiation.

How would a Hellebuyck trade move Stanley Cup odds? Carolina opened the 2026-27 market at +700 at DraftKings per ESPN, so adding him shortens an already short number. Buffalo sits far down the board, so the same player produces a much larger move on the Sabres' price. Confirm current numbers at your book before betting either.

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