The Minnesota Wild have bet big on acquiring Dylan Larkin in a trade with the Detroit Red Wings this summer and they had a good reason for it. With Larkin possessing a no-trade clause on his contract and the Vegas Golden Knights and Florida Panthers short on cap space to make a deal happen, it felt like a matter of time until Detroit caved in and sent Larkin to Minnesota. But the staring contest is reaching a breaking point with the regular season approaching and the Wild may finally have a legitimate competitor in the Washington Capitals.
According to Sportsnet’s Elliotte Friedman, the Capitals are one of four new teams that Larkin has added to his list of potential destinations as he seeks a trade from the Red Wings. While the Dallas Stars, Colorado Avalanche and Tampa Bay Lightning may not have the assets or cap space available to pull of a deal, the Capitals may be a worthy contender as they go all-in around Alexander Ovechkin and they may have the ammunition to steal Larkin from under the Wild as the Larkin saga intensifies.
Wild’s waiting game for Dylan Larkin could be ruined by the Capitals
Larkin felt like a perfect match for the Wild when his trade request became public last June. A six-time 30-goal scorer and a member of the United States 4 Nations Face Off and Olympic teams constructed by general manager Bill Guerin, Larkin’s profile would have fit Minnesota’s need for a top-line center like a glove. A deal also could convince Quinn Hughes to sign an extension with the Wild as he continues to mull over his future.
While it made sense for Minnesota to acquire Larkin, it didn’t make sense for the Red Wings to give him away. Detroit hasn’t made the playoffs since Larkin’s rookie season in 2015-16 and Larkin has five years remaining on the eight-year, $69.6 million contract he signed before the 2022-23 season.
Those factors caused former president of hockey operations Steve Yzerman to make “no guarantees” that Larkin’s trade request would be fulfilled. It also required a high asking price in order for Detroit to remain competitive with a report that the Red Wings targeted Matt Boldy as a potential centerpiece of a package.
The Wild rightfully balked at the idea of trading Boldy, but they don’t have the assets to work around it. While Danila Yurov has shown promise, his ceiling is in question and the same concerns exist for other prospects that could be thrown into the deal including 2023 first-round pick Charlie Stramel.
There appeared to be an opening when Yzerman was reassigned midway through the summer. But interim general manager Sean Horcoff has shown no interest in a full-blown rebuild and the stalemate has continued as Larkin has reported to training camp and had his captaincy stripped by the team.
When Larkin had his list narrowed down to Vegas, Minnesota and Florida, the Wild could afford to have their best offer on the table and wait it out as the Golden Knights and Panthers didn’t have incentive to bend over backwards to outbid them. But the Capitals are a worthy challenger that could have the Wild lose out on their waiting game.
The Capitals are the Wild’s biggest threat in the Dylan Larkin sweepstakes
Ovechkin, who is the NHL’s all-time leading scorer with 929 career goals, has returned to the Capitals for a 22nd season. But the team wanted to make sure it’s worth the time after an aggressive offseason.
Washington traded center David Kampf and a 2027 third-round draft pick to the Buffalo Sabres before signing Alex Tuch to an eight-year, $84 million contract. They also acquired Jordan Kyrou from the St. Louis in exchange for forward Connor McMichael, center prospect Milton Gastrin and the 16th overall pick in the 2026 draft.
The Capitals continued to hit the gas signing center Boone Jenner and defenseman Vincent Desharnais in free agency. While they have just $75,417 in cap space according to Puckpedia, they also still have each of their first, second and third-round picks in each of the next three drafts with an additional third-rounder in 2027 and an additional second-rounder in 2029.
In addition, the Capitals have the player to make a deal work. Larkin would be an upgrade over current center Dylan Strome and his $5 million annual average value would make up part of the $8.7 million AAV that Larkin has remaining on his deal. Strome’s play on the ice is also comparable to Larkin, most notably notching 29 goals and 82 points during the 2024-25 campaign, which would give Detroit a current asset to continue pushing for the playoffs.
Washington’s offer could also hit another level by offering young prospects with a higher ceiling than Yurov and Stramel. Ryan Leonard is one prospect who could be offered as the eighth overall pick in the 2023 draft scored 20 goals with 45 points last season. But the Capitals could also offer defenseman Cole Hutson, who scored three goals and recorded 10 points in 14 games after debuting last season, or forward Andrew Cristall, who scored 20 goals and recorded 60 points in 72 games with the AHL’s Hershey Bears.
While each of those prospects have high ceilings, the Capitals are focused on the present to give Ovechkin another shot at a second Cup. They can also trade those players without nuking their depth, which is something the Wild couldn’t do as they need to add a sweetener or a third team to facilitate a deal.
Put it together and the Capitals have a very compelling case to outbid the Wild if they choose to pursue Larkin and it’s the type of team that the Red Wings have been waiting for that can help them give up their former captain without taking a step back.
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