Buffalo Sabres general manager Jarmo Kekalainen doesn't appear desperate to make a high-profile trade before the 2026-27 season gets underway, but his offseason actions suggest he won't be afraid to pull off a blockbuster if the right offer comes along.
Perhaps the best example is Winnipeg Jets goalie Connor Hellebuyck. The Sabres made a push to land the three-time Vezina Trophy winner ahead of the 2026 NHL Draft, but the Jets wanted the No. 4 overall pick without including their own No. 8 selection, so the deal fell apart.
Two months later, Hellebuyck remains on Winnipeg's roster and Buffalo's goaltending situation is still unsettled after neither Ukko-Pekka Luukkonen nor Alex Lyon were able to lock down the starting job during last season's playoffs.
Matt Larkin of Daily Faceoff hinted toward the lingering uncertainty while selecting the NHL's 2025 Hart Trophy recipient as a chief contender for the league's Most Valuable Player award once again.
"Any [Winnipeg] turnaround would be fueled by a resurgent Hellebuyck campaign, which would put him squarely in the MVP race if he can get the Jets back into the postseason," Larkin wrote Tuesday. "We also might see Hellebuyck flourish on a new team if dealt; winning a Hart after a mid-season trade would be unlikely, but it has happened before, as Joe Thornton did it in 2005-06."
What's happening behind the scenes in Winnipeg is unclear — has the 33-year-old Olympic gold medalist become more willing to play another year with the Jets? — but he'd still represent a near-perfect fit for the Sabres on paper.
The Sabres are confident their large contingent of young forwards can replace the production of Alex Tuch, who left for the Washington Capitals in a sign-and-trade deal, and they're betting the group of Olen Zellweger, Louis Crevier and Conor Timmins can fill the void left by Bowen Byram.
Things are a bit more up in the air between the pipes.
UPL, Lyon and Colten Ellis were a highly effective trio during the regular season, as Buffalo ranked third in team save percentage (.907), but not having an unquestioned starter led head coach Lindy Ruff to juggle his netminders in the postseason. It didn't work.
Bringing in Hellebuyck would eliminate those "who should start?" questions late in the campaign, though his recent playoff struggles (.870 SV% in his last 23 starts) are worth pointing out.
A goalie with his decorated track record would still represent a clear upgrade for Buffalo, though.
Extra hurdles now exist in potential Connor Hellebuyck trade talks between Sabres and Jets
While it felt like the pieces were in place for Buffalo and Winnipeg to strike a deal before the draft, things are a lot more murky in late August.
First, Luukkonen was widely expected to get included in any Hellebuyck trade, but he now owns a five-trade no-trade clause, giving him the right to block a deal to the Jets. Lyon or Ellis wouldn't carry nearly as much trade value.
Josh Norris, whose name has popped up in the rumor mill from time to time over the past year, also had a 10-team no-trade list go into effect. It's another variable for Kekalainen to consider as Winnipeg reportedly seeks roster forwards in a Hellebuyck trade return.
Then there's the issue of the draft picks.
Buffalo possessed the No. 4 and No. 20 selections in this year's draft. There was ample speculation it'd move one (or both) of those choices in a win-now trade, but the front office instead kept the picks to select defenseman Daxon Rudolph and center Ilia Morozov.
For the Jets, who are trying to avoid a full-scale rebuild even if Hellebuyck is ultimately traded, there's a massive difference between a top-20 pick in 2026 and a future selection. That's particularly true in this case since the Sabres will be a clear contender with the addition of a top-tier goaltender.
There's a Grand Canyon-sized gap between the No. 4 choice this year and what could be a bottom-five selection in the 2027 first round. It makes the path to an agreement much tougher.
As things stand, it wouldn't be a surprise to see Winnipeg convince Hellebuyck to give the organization a few months to show a bounce-back season is possible. If the Jets are fading out of the playoff race by late February, they can restart trade talks before the deadline.
That'd probably work fine for the Sabres, too. They'll also have a much clearer picture on their path forward by that point, and that includes whether the three-goalie rotation of UPL, Lyon and Ellis is tenable as they try to become a Stanley Cup threat.
So, don't be shocked if the sides circle back during the season rather in the next few weeks before training camp opens.
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