Ukko-Pekka Luukkonen is on a conditioning assignment as he prepares to make his 2025-26 season debut after recovering from a pair of preseason injuries. The question is whether the Buffalo Sabres will have a full-time spot for him when he returns.
Alex Lyon has played at a Vezina Trophy-level while replacing UPL as the Sabres' starting goalie and Colten Ellis was terrific during his first appearance for the Blue and Gold on Wednesday night. Does that bring a trade into the equation for Buffalo general manager Kevyn Adams?
It's certainly possible. Matt Larkin of Daily Faceoff listed both Luukkonen and Lyon as potential trade targets for the Edmonton Oilers, who've received up-and-down play from Stuart Skinner and Calvin Pickard over the past two seasons.
"He's a gamble, but the former elite prospect's upside also hasn't gone anywhere, and he's signed through 2028-29 at a reasonable $4.75 million AAV," Larkin wrote about UPL. "He's also never played for an NHL team besides the lowly Sabres."
He added Lyon has "demonstrated an ability to get hot and hold his own as a starter for extended stretches."
Buffalo Sabres' impending goalie decision could open the door for an early-season trade
The Sabres find themselves with a significantly overcrowded goaltending depth chart. Along with Lyon, Ellis and UPL, they have prized prospect Devon Levi and former Colorado Avalanche starter Alexandar Georgiev with the AHL's Rochester Americans.
It doesn't make sense for Buffalo to hold all of those netminders for the entire season, and keeping three in the NHL isn't preferred since it's tough to get them all consistent starts.
In addition, the Sabres can't send Ellis to the Amerks without clearing him through waivers, which is exactly how they acquired the 25-year-old Canadian when the St. Louis Blues tried to sneak him through to the AHL before the start of the regular season.
The easiest solution? Trading either UPL or Lyon.
Luukkonen looked like a star on the rise when he posted a .910 save percentage in 2023-24, which led Adams to give him a five-year contract extension, but his play dropped off significantly last season (.887 SV%) and he's battled injuries since the start of training camp.
The 26-year-old Finland native represents a high-upside target for the Oilers, who'd have to work some salary-cap magic to acquire a goalie. They only have $326,000 in current cap space, per PuckPedia.
Yet, the uncertainty is whether Buffalo would feel confident trying to hunt down a playoff spot with Lyon and Ellis as their main goalie tandem. Levi, who's essentially been forgotten to open the season, would then become the next man up.
Lyon and Ellis have held down the fort extremely well so far, but neither one has a track record of handling an NHL starter's crease for an entire season. (In fact, Ellis just made his NHL debut Wednesday.)
So trading Lyon represents the safer option for the Sabres. Doing so while he's sporting a .924 SV% would come with its own set of risks, but his career numbers (.903 SV% in 119 games) suggest he won't play at that elite level for the entire campaign.
Lyon would give Edmonton a strong '1B' option to Skinner, and he also gained some playoff experience for the Florida Panthers in 2022-23.
Either way, the Sabres eventually need to create an NHL roster spot for Levi, who likely won't remain content spending much more time in the minor leagues. Although trading UPL would create more flexibility between the pipes in the future, would Buffalo feel comfortable with an Ellis-Levi tandem starting as early as 2027-28?
All told, there are a ton of variables in play for Buffalo and an NHL team, whether it be the Oilers or another club, may be able to get good value on a trade as Adams tries to sort through the matter.
It's a situation to watch over the next few weeks, especially if Edmonton continues to receive roller-coaster results from its goalies.