The trade winds are blowing. Earlier this evening, the Chicago Blackhawks and Florida Panthers linked up on a trade sending defenseman Seth Jones to the Panthers in exchange for goaltender Spencer Knight and a conditional first-round pick. Here are the full details of the trade:
Jones had indicated he wanted a trade out of Chicago, and the Blackhawks did right by him sending him to a contender. They retained 25 percent on the remaining five and a half years of his contract, but it was worth it to get out of his deal. As for the Panthers, they paid a high price to acquire Jones, but was it worth it?
Blackhawks Knocked It Out of the Park
Let’s start with the Blackhawks, as acquiring Knight is significant for their rebuild. Arvid Soderblom has taken a step forward in his development this season, saving 5.3 goals above expected, but they now have a goalie of the future in Knight, who they can tandem with Soderblom.
Knight has only played in 23 games this season, but he’s been solid, totaling a .907 save percentage while saving six goals above expected. That’s 6.3 goals better than Sergei Bobrovsky, so you can argue he’s been the better of the Panthers’ two goalies.
Knight is only 23, and goalies tend to come into their own later than defensemen and forwards. The Blackhawks still have work to do building their blue line, but if Soderblom can succeed this season, Knight may also be able to.
The first-round pick isn’t likely to be a high one, no matter what year it’s in since the Panthers should be contenders for the foreseeable future, but that doesn’t matter much since they acquired Knight. They already have a promising prospect pool and have two goalies they can build around with Soderblom and Knight.
Even though the Blackhawks will have a $2.5 million dead cap hit on their books for five-plus seasons, it’s better than having Jones’ full $9.5 million cap hit, given he’s not worth that price. I didn’t expect the Blackhawks to get that good of a return for Jones, but general manager Kyle Davidson pulled it off. There’s not much to hate about this from their perspective.
Blackhawks Grade: A
Panthers Take a Risk on Jones
I’m not sure how Jones not wanting to be in Chicago affected his play, but even if that was the case, he’s not a $9.5 million defenseman. Per The Athletic, Jones’ market value this season has been worth a cap hit of $3.8 million (From ‘NHL Player Cards: Central Division’ – The Athletic, 2/23/2025). Even with retention, the Panthers are taking a risk having Jones on the books at a cap hit of $7 million.
Related: NHL Trade Bait List for 2025 Trade Deadline
At the same time, you never know what a change to a Stanley Cup contender like the Panthers could do. We saw Brandon Montour turn his career around in his three years in Sunrise, and perhaps Jones can do the same on a team that’s significantly better than the Blackhawks. Still, Jones turns 31 at the start of next season, and he’s only likely to decline further as he ages. He already struggles mightily to defend the rush, and that tends to get worse as you age.
They also lose their successor to Bobrovsky in Knight. The Panthers don’t have anyone else in their pipeline, and Bobrovsky has shown signs of slowing down at 36 years old this season. He turns 37 at the start of next season and can probably play another year or two at a capable level, but losing Knight could have long-term ramifications.
Overall, I don’t love this trade for the Panthers. I think Jones can be better than he has for the Blackhawks, but I’m not sure he’ll ever match his cap hit, even at a retained price. Furthermore, they may regret trading Knight as Bobrovsky starts showing signs of decline. Knight was their best remaining tradeable asset, but they probably could have dealt him for a more sure thing.
Panthers Grade: C+
