The Buffalo Sabres are looking to become long-term contenders, but the next step of that path is a relatively complicated one in financial terms. The likes of Alex Tuch and Zach Benson were major contributors to Buffalo's postseason return, but both are heading to free agency.
But with just under $12 million in cap space to work with and an ever-growing price tag being attached to Tuch's contract projections as an unrestricted free agent, it's fair to say that Jarmo Kekalainen and the front office has its work cut out for them.
There is a way out of their predicament. And it starts with veteran forward Jordan Greenway, who was recently pitched by Matt Larkin of Daily Faceoff as one of 10 players that could become cap casualties this offseason. In his piece, Larkin commended Greenway's physicality but claimed that the price tag doesn't do Buffalo any favors.
Trading Greenway, who is in the final year of his current contract, would give the Sabres $4 million worth of cap space. On its own, that could be enough to at least make teams sweat when it comes to prying Benson away via restricted free agency. It could also be enough to get Tuch locked up for this season and for years to come; the Sabres currently have well over $53 million in cap space for the 2027-28 campaign and that number will level out at around $65 million for the 2028-29 and the 2029-30 seasons.
What team could take on Greenway's contract?
The likelier scenario is that a rebuilding team that has significant cap space and plenty of picks will be one to take on Greenway's contract. The lack of consistent offensive production would more than likely keep contenders like the Colorado Avalanche away, meaning that Greenway will likely serve as a player who helps a young team learn how to win and how to play big league hockey.
I had previously hinted at the Canucks being a team willing to take on the contract of Greenway or fellow veteran forward Jason Zucker. The Canucks do have a cap situation that would allow them to take on Greenway's soon-to-expire contract; $22 million is what the team currently has in cap space.
But the New York Rangers could be a slightly more enticing option.
The Rangers are sitting on almost $5 million more cap space than the Canucks, and there is word that they could still ship Vincent Trocheck and his $5.625 million per year cap hit. While Alexis Lafrenière is locked up for the long term, the Rangers have eight forwards who are set to hit restricted free agency in one year; all eight of them are 25 or younger.
A $4 million cap hit for one year might not be the worst thing in the world for a team starting to develop younger prospects and build for the future, but the priority might be locking those players up for the long-term. That would take away some of the appeal of a one-year option, leaving not much else to justify an acquisition.
At the same time, the Chicago Blackhawks could be an interesting and more feasible contender. While the Blackhawks are considerably further ahead in their rebuild than the Rangers or the Canucks, the Blackhawks have $40 million in cap space. Yes, your eyes are correct.
Though we are talking about a Blackhawks team that was at one point this season in the conversation for a playoff spot and one that could be looking to take the next step back towards contention during the 2026-27 campaign, a $4 million contract represents only 10% of their total cap space. While the Blackhawks need to sign former top draft pick Connor Bedard, taking on Greenway's contract still leaves the Blackhawks with $36 million in cap space. Bedard's new deal likely will represent a considerable portion of that cap space, but even then, the team will still have plenty of space to make moves elsewhere.
Greenway could get traded to either three of these teams, though it seems likelier that the Blackhawks throw caution to the wind and opt to add Greenway for his experience and ability to help develop whoever the Blackhawks select with the fourth overall pick.
What would a return look like?
Given that the Sabres have more pressing needs, it seems unlikely that they would be looking to take on any contracts at this point in time, especially when it comes to considering a potential return for Greenway.
Any return involving a draft pick (or maybe two) would be one Buffalo strongly considers, though a lack thereof wouldn't exclude any interested team from negotiations. A seventh-round draft pick in the 2026 draft would likely be the bare minimum. The Sabres could use Greenway's 2023-24 campaign, where he recorded 28 points in 67 games played, as a means to ask for a third-round pick in the upcoming draft; this pick could come in addition to or separate from the seventh-round selection. Both picks are not part of the Sabres' lineup for the 2026 draft, and such a return would give Buffalo a pick in all but the second round.
Both the Rangers and Blackhawks will be able to meet that return, but Vancouver doesn't have a seventh-round pick in this year's draft. That said, the Canucks could get away by sending the Sabres their third-round pick in the same draft, though it's probably a long shot Buffalo could receive that level of compensation.
If a team was hesitant about taking on Greenway's hefty-but-short-on-term contract, the Sabres could package up a non-roster player as a sweetener.
Defenseman Jack Rathbone has spent the last five seasons mired in the AHL with the Abbotsford Canucks, Wilkes-Barre/Scranton Penguins, and Rochester Americans. While there is space for Rathbone to move up into the Sabres' lineup, Radim Mrtka's strong 2025-26 season has him in contention for a full-time spot in the Sabres' rotation, and there is a case to be made in favor of bringing Michael Kesselring back. Alongside the six defensemen already locked up for next season, that's four defensive pairs right there for head coach Lindy Ruff to work with.
In the past, Rathbone has shown that he deserves a roster spot somewhere in the NHL. But even if he gets that roster spot, it doesn't seem like it will be in Buffalo. Having a year to prove himself as part of a rebuilding roster could help him earn his keep in the NHL; considering that Rathbone is 27 years old, the Sabres would have a chance to add some younger defensive prospects by moving his contract.
Either way, the Sabres have a road to free up significant cap space for their offseason roster construction. It's a path the Sabres should seriously consider if they are to keep all of their top contributors from last season.
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