ST. LOUIS — The night of the gold medal game at the 4 Nations Face-Off, St. Louis Blues players held a watch party. They gathered to see teammates Jordan Binnington and Colton Parayko in Team Canada’s much-anticipated rematch with the U.S.
“We were fans, Canadians rooting for Canadians, and vice versa with Americans,” Blues captain Brayden Schenn said. “But I will say a lot of the hooting and hollering was from the Americans when Binnington was making saves.”
Binnington was spectacular, particularly in overtime, preserving what turned out to be a 3-2 victory for Canada on Connor McDavid’s game winner. He silenced a lot of naysayers with his performance.
“He was hearing it for a full year: ‘Canada doesn’t have a goalie’ and this and that about goaltending all over the world,” Schenn said. “It should (change the narrative). He’s playing against some of the game’s best, and he was able to shut the door on them.”
To the Blues, it wasn’t a surprise because of Binnington’s run to the Stanley Cup in 2019 and because, even with a mediocre club the past few seasons, he’s one of the reasons they’ve been as competitive as they have. But to the rest of the NHL, his pedestrian .905 save percentage in the regular season over the past six years and just one playoff series win since 2019 have put those Cup images well in the past.
The 4 Nations Face-Off, however, was a reminder to everyone that when playing high-stakes hockey — whether it’s a best-on-best tournament or the playoffs — Binnington can be a difference-maker. Per MoneyPuck, he saved 0.98 goals above expected in the Canada-U.S. final.
Could the retooling Blues capitalize by trading Binnington if his current value is higher? Do they even want to move him with two more seasons left on a six-year, $36 million contract ($6 million AAV)? Did his showing at the tournament catch the attention of anyone around the league, and if so, who?
History tells us goalie trades have been infrequent over the years, and ones that pay off are even rarer.
Let’s take a look at the dynamics involved in Binnington’s situation and see if it could make sense.
For a while in St. Louis, the question has been: If the Blues are going through a transition phase, why not move Binnington? He’s 31 years old, and if the team isn’t a playoff contender for a few seasons, his contract will be ready to expire when that time comes and he’ll likely be past his prime.
The sense GM Doug Armstrong has given is that if the team wants a chance to win every night, Binnington needs to be part of the equation. The backup is 24-year-old Joel Hofer, a 2018 fourth-round draft pick who appears to have a bright future but has just 54 NHL starts to his name with a 29-21-4 record, 2.80 goals-against average and .908 save percentage.
Armstrong expected the Blues to be a playoff team this season, but they are five points out of the second wild-card spot in the Western Conference with just 24 games to play. They have been woefully inconsistent and, in fact, are the only club in the league that has yet to win three consecutive games this season.
Binnington has not been as good as he was in 2023-24. According to Evolving-Hockey, he has allowed 0.49 more goals than expected over 39 games this season, compared to when he saved 29.7 goals above expected in 57 games last season.
Is that all on Binnington? Is it because of an aging defense that includes Cam Fowler, Ryan Suter, Justin Faulk and Nick Leddy? A combination?
Jordan Binnington’s stats this season don’t quite stand up to previous years. (Dilip Vishwanat / Getty Images)
Either way, even if the Blues appear to be more competitive in the organization’s eyes with Binnington, they are on the verge of missing the playoffs for a third consecutive season, so it’s not as though hanging onto him will be enough to end that drought.
Furthermore, if the team keeps its tandem of Binnington and Hofer intact, it could have as much as $8-9 million wrapped up in netminders next season — a lot considering they could miss the postseason again.
Hofer is in the final year of a two-year, $1.55 million contract ($775,000 AAV) and will be a restricted free agent this summer with arbitration rights. He could push for a deal in Sam Montembeault’s range (a three-year deal worth $3.15 million a year) with the rising cap in mind. It may be time soon for him to command more starts, too.
So for the Blues, this may not be the right time to trade Binnington, but it’s a time to consider the move.
Finding a trade partner won’t be easy for two reasons: Binnington’s on-ice inconsistencies and his contract. The rising cap may help teams absorb the remaining two years, especially with the recent goalie market in mind. Less-proven starters and 1As are pushing into the $5 million range, and maybe Binnington’s experience helps convince teams to take the leap. Teams crunched for cap can also pay the Blues to retain some of it since all three retention slots are open.
Any team considering a Binnington trade likely needs to be somewhere in the playoff mix, because the best thing he can offer is clutch play in a high-stakes environment. That lessens the pool to just a couple of teams.
There are two long-shot playoff teams that could consider a change in net: Utah and Philadelphia. Utah has two capable goalies in Connor Ingram and Karel Vejmelka, but the latter is a pending UFA, and neither has much playoff pedigree to offer. Ownership has shown a willingness to swing big when necessary, and the team has assets to offer the Blues. Plus there is some familiarity with Binnington for Utah general manager Bill Armstrong, who spent nearly two decades with the Blues organization, including time in the front office.
The Flyers, like Utah, aren’t a slam-dunk option either. Management is playing the long game and probably isn’t thinking about ‘right now’ moves. But the team is rocking a pretty inexperienced crease that has had its fair share of struggles, so adding Binnington’s experience could help this year even if the Flyers can’t defy the odds and reach the postseason.
But maybe the best options are two contenders who have some uncertainty in net. Frederik Andersen’s durability is a red flag for the Carolina Hurricanes. While Pyotr Kochetkov has stepped up this year with 12.1 goals saved above expected in 35 games, the Hurricanes may want someone a bit more proven in the playoffs — especially after their shortcomings in seasons past. The Canes’ defense could provide enough support to stabilize some of those inconsistencies for Binnington, but it’s possible the team prefers more of a low-key option with fewer commitments.
One other contender stands out: the Oilers.
Edmonton managed to reach the Stanley Cup Final with a Stuart Skinner-Calvin Pickard tandem last year. While Skinner raised his game when it mattered most — in a strong showing in a deciding Game 6 against the Dallas Stars and in the Final when facing an 0-3 deficit to the Florida Panthers — there are still some reliability issues. Just take this season: While he has given the Oilers a chance with 21 quality starts, he was below average in another 17 appearances, including Saturday’s game against the Flyers. So the Oilers should be able to withstand any regular-season chaos from Binnington because he can bring it when it matters most. That’s if the dollars and cents work out, because the Oilers are facing rising costs between Leon Draisaitl’s new contract, pending RFA Evan Bouchard in 2025 and Connor McDavid in 2026.
If there are interested suitors, can the Blues and another club find a fit? Few impactful goalie trades have been made over the past five years.
Since the 2019-20 season, 65 different goalies have changed teams via trade, according to data provided by the league.
(The list has been filtered to include actual NHL goalies.)
It’s too soon to have a definitive answer on whether the goalie trades of the last few months have worked out, but the deals — from Mackenzie Blackwood to Linus Ullmark, Jacob Markstrom and Darcy Kuemper — all show promising results so far. The New Jersey Devils look playoff-bound thanks to upgrades in net, while the Colorado Avalanche’s chances have seen a serious boost after completely overturning their crease in-season. The Ottawa Senators may even return to the playoffs with Ullmark in the fold.
The Kuemper deals may be the most inspiring for teams interested in Binnington, considering how he bounced back in Los Angeles after a disappointing season in Washington and how well he clicked with the Avalanche when he was acquired in 2021.
Acquiring Joonas Korpisalo really solidified the Kings’ contender status — but he departed as a free agent that summer. Marc-Andre Fleury stuck with the Minnesota Wild and has been a part of their tandem since. Adin Hill is also still with Vegas and was the low-key find the Golden Knights needed in net. He’s the kind of example that works against the idea of trading for Binnington, because other general managers may feel they could find their own hidden gems (similar to how the Vancouver Canucks did with Kevin Lankinen and the Panthers and Toronto Maple Leafs have with Anthony Stolarz).
Vitek Vanecek was temporary help for the Devils; he helped them reach the postseason but crumbled in that environment. That and his durability ended his tenure with New Jersey, who traded him to the San Jose Sharks. Alexandar Georgiev was what the Avalanche needed for a few seasons, and the team found a way out when his play soured. And maybe the lesson there is that teams can find a way to refresh their crease when things stop working — which is encouraging for anyone interested in Binnington, in case he can’t bring clutch play in the postseason again or declines in the last year of his contract.
But there are also some cautionary tales, from Ville Husso and Alex Nedeljkovic to the Senators acquiring Matt Murray back in 2020. To Binnington’s credit, compared to Husso or Nedljokvic, he has a longer track record and is more of a known commodity at this point. But that track record is obviously somewhat of a mixed bag, which doesn’t quite match up with the remaining value on his contract.
The return is what matters to Blues fans because if Armstrong isn’t making the move to benefit the retool, why do it?
Some goalies have gone for first-round picks, like Markstrom and Korpisalo, but both were at the top of their games at the time of the deals. Despite the recent boost in Binnington’s stock from his performance in the 4 Nations championship game, it isn’t enough to put him in the same tier — especially since there aren’t a lot of playoff teams in the market for a starter with a $6 million cap hit.
It’s difficult to compare apples to apples with the 21 goalie trades listed above because many involve package deals. Several included second-round picks in return and even more included third-round picks, like what Jake Allen brought back to St. Louis in a trade with Montreal in 2020 and again when Allen went from Montreal to New Jersey in 2024.
But in any Binnington conversation, it’ll come back to the fact he backstopped the Blues to a Cup.
The key is the Blues don’t have to force a trade right now if the right deal doesn’t materialize, so they have some leverage. That could help management push for a second-rounder or a mid-round pick plus an up-and-coming player (plus a roster player to clear cap). If they’re dealing with a playoff team, they would likely have to take some salary back; St. Louis could retain salary or take back a contract. It wouldn’t necessarily have to be as dramatic as the Kuemper return of Pierre-Luc Dubois and his $8 million cap hit, but the Blues should be willing to bet on a reclamation project as a part of the return.
The bottom line with Binnington: If the Blues keep their franchise leader in wins, it will happen because they believe their tandem with Hofer gives them the best chance to remain somewhat competitive during the retool. If they trade him, it will be more about moving his cap hit and making way for Hofer and less about who will be on their way to St. Louis. He’s an asset, but it would be wise to be realistic about his value and the market, even in the aftermath of his play at the 4 Nations Face-Off.
(Top photo: Bruce Bennett / Getty Images)
