The Winnipeg Jets and Connor Hellebuyck remain in a standoff despite the goaltender's decision to go public with his trade request ahead of the new NHL campaign.
Nick Kypreos of Sportsnet reported Thursday the Buffalo Sabres, San Jose Sharks and Utah Mammoth "continue to monitor" the situation but he noted underlying factors are preventing the Jets from getting the type of offer they want for the three-time Vezina Trophy winner.
"He's 33, with a reputation for not delivering in the Stanley Cup Playoffs, so it's challenging to match a return value with his current and future value," an unnamed NHL executive source told Kypreos.
Hellebuyck is one of the most decorated goalies of his generation. Along with the Vezina Trophies, he's earned four All-Star Game selections, three appearances on the NHL First All-Star Team, a pair of Jennings Trophies and the 2025 Hart Trophy as the league's most valuable player.
In years past, Winnipeg probably would have received something closer to a king's ransom for the veteran netminder, who helped lead Team USA to a gold medal at the 2026 Winter Olympics.
The outlook about his future impact has shifted, though.
Hellebuyck is entering his mid-30s and just delivered the worst statistical season of his career, posting an .895 save percentage in 57 games. He also carries an $8.5 million salary through 2031, which could be a significant long-term hindrance if he doesn't return to form.
Then there's the postseason struggles. The Michigan native has compiled an unsightly .870 SV% across 23 appearances during the Jets' three most recent playoff runs. It's right on the borderline between a small sample size and a legitimate concern.
Jets general manager Kevin Cheveldayoff has held firm, however, and seemingly won't reduce his demands, even if the drama carries into the start of the regular season and beyond.
Hellebuyck is currently suspended for failure to report for training camp, and it's unclear whether his stance will change or if he's prepared to sit out for an extended period if a deal isn't found.
Winnipeg opens the 2026-27 campaign Oct. 2 against the Boston Bruins. Stuart Skinner is slated to take over as the club's starting goaltender for the time being.
Sabres don't appear desperate for a Connor Hellebuyck trade
While Buffalo has been the franchise most frequently linked to a Hellebuyck blockbuster, and there was speculation the sides came close to an agreement leading up to the 2026 NHL Draft, it doesn't feel like the Blue and Gold are going to overpay to get a trade done.
Instead, Sabres general manager Jarmo Kekalainen spent the summer talking up the team's current goaltending trio of Ukko-Pekka Luukkonen, Alex Lyon and Colten Ellis.
"We've gotten good goaltending this year, too. It's an easy position to scrutinize and criticize," Kekalainen said on the 32 Thoughts podcast in June. "UPL had a .910 save percentage this year. Alex Lyon won a lot of games for us. Even Colten Ellis played some excellent hockey this year. So, I don't think goaltending by any means is a weakness of our team. I think it's a strength of our team."
The Sabres finished third in the NHL in team save percentage during the 2025-26 regular season, but the crease questions reemerged after Luukkonen and Lyon faltered in the playoffs.
While Hellebuyck would represent a likely upgrade when you consider his entire track record, there's a little more uncertainty based on last season's performance. It wouldn't be a no-risk acquisition.
There are also a few extra hurdles in place now than there were ahead of the draft.
Namely, Luukkonen and center Josh Norris, who were both mentioned as possible trade candidates over the summer, had limited no-trade clauses go into effect. NHL insider Elliotte Friedman of Sportsnet recently reported he believes the Jets are on UPL's list.
Does that mean a trade between Buffalo and Winnipeg is completely off the table? No, but it definitely complicates matters, especially if the puck about to drop on a new season.
So, the most likely result is the Sabres moving forward with UPL, Lyon and Ellis to see whether they can replicate last year's success. Head coach Lindy Ruff will likely ride the hot hand unless Luukkonen can take steps to solidify himself as the clear No. 1 option.
Maybe the trio will get off the a slow start and Kekalainen will circle back to Cheveldayoff with a greater sense of urgency. Perhaps another organization suffers an injury within its goalie group and subsequently emerges as an unexpected contender for Hellebuyck.
The bottom line is there are still far more questions than answers about the situation, and a solution may not arrive for quite some time, which isn't ideal for the superstar goalie or the Jets.
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