The New York Rangers traded Reilly Smith to the Vegas Golden Knights on Thursday in exchange for former first-rounder Brendan Brisson and a 2025 third-round pick that originally belonged to the San Jose Sharks, according to a league source. The Rangers are retaining 50 percent of Smith’s $3.75 million cap hit.

Smith has 10 goals and 29 points in 58 games this season. New York acquired him over the summer, sending a 2027 second-round pick and 2025 fifth-round pick to the Pittsburgh Penguins. He had 26 goals and 56 points two seasons ago with Vegas, then saw his production dip in 2023-24 with the Penguins, notching just 40 points in 70 games. The Rangers were hoping he could have a bounce-back year and fill a hole on Chris Kreider and Mika Zibanejad’s wing.

Smith is a pending unrestricted free agent. The Rangers held him out of the past three games for roster management purposes as they worked on a trade. As signified by the trade of Ryan Lindgren and Jimmy Vesey to the Colorado Avalanche, the Rangers don’t want to risk losing pending UFAs for nothing. This move further replenishes New York’s stock of draft picks, which the Rangers tapped into at recent deadlines.

Young players like Brennan Othmann and Brett Berard could potentially see more playing time with Smith’s departure. New York is tied for the second wild-card spot with 67 points.

Brisson was the No. 29 pick in the 2020 draft. He has 24 games of NHL experience, nine of which came this season. He had five goals and 19 points in 45 games for AHL Henderson before the trade. The 23-year-old is also the son of NHL agent Pat Brisson. He’ll start with AHL Hartford.

Smith gives the Golden Knights a serviceable middle-six winger they’re familiar with. He played in the Stanley Cup Final twice with Vegas and has 106 playoff games to his name. He had 14 points in 22 games in the 2023 postseason, helping the Golden Knights win the Cup.

Is it good value for the Rangers?

The Sharks pick is probably the most compelling piece the Rangers got back. San Jose is at the bottom of the league standings, so that pick should be very early in the third round.

Brisson, meanwhile, has yet to blossom as an NHLer. The 23-year-old wing has two goals and eight points in his 24 NHL games. He’s not the most well-rounded player but has scored goals at every level except the NHL, though he had only five goals in 45 games with AHL Henderson this year. It’s a worthwhile flier for the Rangers. A change of scenery could do him some good.

This has been a seller’s market. The Rangers have done pretty well in their returns for Lindgren, Vesey and now Smith, which is likely the right approach. They haven’t taken away so much from their team that they can’t contend for one of the final playoff spots, but they have shipped out pending UFAs to get back draft picks they can use this summer — either as picks or in trades for NHL players. — Peter Baugh, Rangers staff writer

Why the Golden Knights made the deal

They’re getting the band back together.

Smith has the fifth most points in Vegas franchise history and won a Stanley Cup with the club in 2023. He also happens to fit Vegas’ biggest need perfectly. He’ll bring depth scoring and another reliable defensive forward who coach Bruce Cassidy can lean on against tough matchups.

Based on Smith’s production alone, this may seem like a steep price to pay, but he’s more valuable to the Golden Knights than just about any other team. It didn’t work out in Pittsburgh or New York, but he’s clearly more comfortable in the Vegas system and should fit back in seamlessly. — Jesse Granger, Golden Knights staff writer

(Photo: Zak Krill / Getty Images)