After finishing the 2023-24 NHL season as the league’s top regular-season team and winning the Presidents’ Trophy, expectations for the New York Rangers were sky-high. But fast forward to the end of the 2024-25 season, and the mood has completely changed. The Rangers have underperformed, and while they still have a shot at sneaking into the playoffs through the second wild-card spot, it’s clear that this team has fallen far short of where they were last year.
So what happened? And what can be done to turn things around in 2025-26?
A Disappointing Season by Every Measure
The Rangers have simply not looked like a playoff contender this year. Even if they do make the playoffs, expectations are low. They are widely seen as a likely first-round exit. That’s a huge letdown for a team that was once considered one of the league’s best.
Several top players like Igor Shesterkin, Adam Fox, Mika Zibanejad, Artemi Panarin, and Alexis Lafreniere have had below-average seasons. Their struggles have directly affected the team’s performance. Goaltending has not been as sharp, and their once-reliable offensive stars haven’t delivered at the same level as they did during last year’s dominant run.
Cap Space Crunch Makes Improvements Difficult
One of the biggest challenges facing the Rangers is their salary cap situation. They are already committed to around $85.7 million in cap space for next season. With the cap projected to rise to $95.5 million, that still only gives them about $9.8 million in room to work with.
That’s not a lot, especially considering the team needs to re-sign restricted free agent defenseman K’Andre Miller along with six other RFAs. With most of their budget tied up, it’s unlikely the Rangers will be active in the free-agent market—a strategy the franchise has leaned on heavily in the past.
Trade Market May Be the Only Option
With free agency looking like a dead end, the pressure is on GM Chris Drury to get creative through trades. However, that won’t be easy either. The team is filled with expensive contracts and players who underperformed this season. Finding trade partners may be tough unless Drury is willing to take risks or part with young assets.
If no major moves happen, the Rangers might be forced to bring back the same lineup next season. And after what we’ve seen this year, that doesn’t inspire much confidence for a turnaround.
Too Many “What-Ifs” Heading Into Next Season
There’s a lot of hope being placed on players bouncing back next season. The idea is that if Shesterkin returns to his elite form, and if the top stars can shake off their down years, the Rangers could once again be competitive.
But those are big “ifs.” Counting on multiple players to recover form at the same time is risky. There’s no guarantee that the team will suddenly click just because they did so a year ago.
Falling Behind in a Competitive Division
The Metropolitan Division is expected to be even tougher in 2025-26. More teams are improving, and the playoff race will only get tighter. If the Rangers don’t make significant improvements or get big internal boosts, they could once again be stuck fighting for a wild-card spot—or worse, miss the playoffs entirely.
The comparison to the Vancouver Canucks is a fitting one. Both teams had strong seasons last year but have struggled since. Like Vancouver, the Rangers could be on the verge of wasting a talented core if they don’t make bold moves soon.
The New York Rangers are at a turning point. This season has exposed the cracks in what was once seen as a championship-caliber roster. With cap space tight and key players underperforming, the road ahead won’t be easy. GM Chris Drury will need to make smart, possibly bold decisions to reshape this team’s future.
If the Rangers choose to run it back with the same lineup, they risk repeating the same mistakes. For a fanbase hungry for success, a first-round playoff exit—or missing the playoffs altogether—just won’t cut it anymore. Unless things change soon, the Rangers may find themselves heading into a full-blown rebuild instead of contending for a Cup.
