Leafs trade for Artemi Panarin falls through per Elliotte Friedman

The Bread Man isn't just looking for a new home. He wants a $50 million retirement plan. Elliotte Friedman dropped the news that Panarin and his agent are hunting for a home run extension before he even thinks about waving that no-move clause. He’s 34 years old. Most guys his age are looking for a Cup. Panarin is looking for the vault.

Chris Drury already told him the Rangers won't pay up. They’re sitting last in the East and it's time to tear it down. Panarin has been the only bright spot with 57 points in 52 games, but he’s currently rotting in the press box for 'roster management'. The Rangers are protecting their best trade chip like he’s made of glass.

Toronto fans spent the week dreaming of Panarin feeding Auston Matthews. It made sense for about five seconds. The Leafs are rotting at the bottom of the Atlantic and desperately need a spark to save their season. Brad Treliving checked in, but Friedman already threw a bucket of ice on that fire. The answer was a flat 'no'.

The price tag for a superstar like this is astronomical. Look at the Brock Nelson trade from last year. The Islanders fleeced Colorado for top prospect Calum Ritchie and a first-round pick. If Nelson gets you a haul like that, Panarin costs the sun and the moon.

New York wants 'win-now' assets and blue-chip kids. For the Leafs, that conversation starts and ends with Easton Cowan. You’re talking about Cowan, multiple first-round picks, and probably a roster player just to make the money work. Treliving has almost no draft capital left to burn.

The salary cap is the final nail in the coffin. Panarin’s $11.64 million cap hit is a monster. Toronto is already cap-strapped and can't afford to add another aging 30-plus player to their expensive core. Panarin wants security, not a two-month rental in a locker room that’s already falling apart.

Drury is holding out for a 'Brock Nelson plus' type of return. He wants a haul that jumpstarts the Rangers' rebuild. But Panarin holds a full no-move clause and won't waive it for a basement dweller. He wants that $50 million bag guaranteed before he packs his bags.

Toronto's interest was likely just due diligence. Treliving had to call, but he doesn't have the bullets in the chamber to win a bidding war against teams with actual prospects. Trading Easton Cowan for a 34-year-old winger when you’re last in the division is a fired-into-the-sun type of move.

The Bread Man stays in the press box for now. The Rangers are stuck with a superstar who won't play and a trade market that’s terrified of his next contract. If Drury can't find a buyer by February 4, things are going to get very ugly in New York.

One thing is certain. He won't be wearing a Maple Leaf on his chest.

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