As the NHL season unfolds, limited salary-cap space has not deterred several teams from making proactive moves. Since the start of the campaign on October 4, a total of six trades have occurred. The most recent transaction involved the Pittsburgh Penguins sending center Lars Eller back to the Washington Capitals on November 12. Prior to this, the Vancouver Canucks traded winger Daniel Sprong to the Seattle Kraken on November 8. The ongoing trade rumor mill remains active, as analysts speculate on which players may be next to switch teams, particularly focusing on a Western Conference club that is expected to contend for the playoffs after a busy offseason acquisition phase. Additionally, two Eastern Conference teams are facing scrutiny due to their lackluster starts this season, further fuelling trade discussions.

Among the notable trade candidates is Philadelphia Flyers defenseman Rasmus Ristolainen, who has faced criticism for his defensive performance in the past. However, his play has reportedly improved this season while filling in for the injured Cam York, particularly alongside Travis Sanheim. On November 14, Sportsnet's Elliotte Friedman highlighted that Flyers associate coach Brad Shaw has been instrumental in enhancing Ristolainen's play, sparking speculation that he could become a valuable asset for the rebuilding Flyers. On November 5, Anthony Di Marco of Daily Faceoff mentioned that Ristolainen could attract interest from other teams, with the Flyers possibly setting an asking price that includes a first-round pick or equivalent value. While Anthony SanFilippo from On Pattinson reported on November 14 that Ristolainen has gained traction in trade discussions, suitable offers had not yet been received. The following day, The Athletic's Kevin Kurz noted that while the Flyers were receiving inquiries about Ristolainen, the team had no intention to trade him merely to offload his contract and had not established an asking price. He suggested that Ristolainen’s market value might increase as the March 7 trade deadline approaches, depending on how much of his salary the Flyers are willing to retain.

In a different scenario, on March 6, 2024, the Buffalo Sabres unexpectedly traded center Casey Mittelstadt to the Colorado Avalanche in exchange for defenseman Bowen Byram. This transaction marked a rare one-for-one exchange of quality players, differing from the typical pre-deadline trades, which often involve dumping expiring contracts for picks and prospects. Currently skating alongside captain Rasmus Dahlin on Buffalo's top defensive pairing, Byram has already registered 11 points in 18 games while maintaining a plus-seven rating. However, trade rumors have started to circulate about Byram. During a November 8 episode of Sportsnet's 32 Thoughts podcast, Elliotte Friedman reported that teams were probing Sabres general manager Kevyn Adams about Byram and struggling forward Dylan Cozens. Despite this interest, Adams is prioritizing roster improvement without compromising the team's future. On November 14, TSN's Darren Dreger indicated that while Adams is open to considering “something bigger,” he is unlikely to part with his top young talent unless the offer is exceptional. Thus, the consensus remains that moving Byram looks like a challenging prospect unless an enticing offer is put forth.

The Boston Bruins are experiencing a shaky start this season, finding themselves barely clinging to the final playoff spot in the Eastern Conference. This precarious position has led to growing speculation about potential changes within the organization if performance does not improve soon. On November 12, James Murphy from RG.org stated that a well-placed NHL executive hinted at possible upheaval in the Bruins' structure, though it was unclear if this would manifest as a trade or coaching change. Following this, Elliotte Friedman from Sportsnet reported on November 17 that the Bruins were actively exploring ways to shake things up, and that internal tensions were increasing within the organization. Forward Trent Frederic emerged in trade discussions on November 5, with Kevin Weekes from ESPN suggesting that multiple teams have shown interest in the 26-year-old, who is set to become an unrestricted free agent next summer.

In the Western Conference, the offseason acquisition of high-profile free agents, including Steven Stamkos, Jonathan Marchessault, and Brady Skjei, has yet to yield positive results for the Nashville Predators, who are languishing at the bottom of the standings. On November 5, Alex Daugherty from The Tennessean reported on the possibility of general manager Barry Trotz initiating a rebuilding process should circumstances fail to improve. Trotz later clarified that his approach would not involve a complete teardown of the roster but rather a strategy to remain competitive while allowing young prospects to develop. He mentioned the search for a second-line center while considering the option of moving Stamkos into that position, paired with promotions of promising young talents from the AHL. On November 14, TSN's Darren Dreger noted that Trotz possesses significant draft capital to leverage for long-term solutions, holding three first-round and two second-round picks in the upcoming 2025 draft. Just two days later, Elliotte Friedman confirmed that Trotz continues to seek a center while also considering potential defensive acquisitions.

Amidst the trade speculation, the Pittsburgh Penguins face disappointment as aspirations for one last playoff run appear increasingly unattainable due to early struggles this season. With only seven wins in their first 20 games, the Penguins are near the bottom of the Eastern Conference standings. On November 14, they made a significant move by trading veteran checking-line center Lars Eller to the Washington Capitals in exchange for two draft picks, leading analysts to question whether general manager Kyle Dubas may be initiating a fire sale. Just prior to the Eller trade, Taylor Haase of DK Pittsburgh Sports reported that Dubas had expressed an openness to considering trade offers for all players apart from captain Sidney Crosby. Following the trade, Friedman speculated that players like Marcus Pettersson and Drew O'Connor could follow suit. He indicated that there is little chance of Dubas moving Crosby, Evgeni Malkin, Kris Letang, or Erik Karlsson due to no-movement clauses in their contracts. While a complete roster overhaul is unlikely due to the presence of these veteran players, Dubas may explore trades for other veterans with expiring contracts who do not fit into the team's long-term vision.