The trade
Capitals get: Defenseman Jakob Chychrun
Senators get: Defenseman Nick Jensen, third-round pick in 2026
Sean Gentille: With each successive addition, the Capitals’ offseason plan has looked a little better and made a little more sense. Credit to GM Brian MacLellan for realizing that his team’s playoff qualification was fueled mainly by luck and circumstance.
In the last few weeks, he’s added a high-ceiling, low-floor center in Pierre-Luc Dubois; a 28-year-old middle-six winger who drives offense and scored 35 goals two years ago in Andrew Mangiapane; a legit time-share option at goalie in Logan Thompson; and now Jakob Chychrun, a left shot defenseman who seems destined to play with John Carlson on Washington’s first pair.
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Two years ago, the price tag would’ve looked a whole lot different. At the time, Chychrun was a rare bird — a defensemen in his early 20s with No. 1 qualifications and a team-friendly contract. The Coyotes held onto him for as long as they could before sending him to Ottawa at the trade deadline in 2023.
His time with the Senators was a bit of a mixed bag, partially because the Coyotes, in their quest to pump up his trade value, had been force-feeding him relatively easy minutes. Still, he settled in for 2023-24 on a crowded left side and put up 41 points. That production, combined with his history of decent two-way impacts, made Chychrun feel like a player whose reputation was finally in the right place, and he still makes just $4.6 million. That’s peanuts for any legit top-four defenseman, and Chychrun is nothing if not that.
He’s a perfect short-term addition for the Capitals, who are trying — and succeeding — to surround Alex Ovechkin with reliably competent teammates for his goal record push. Are they Cup-caliber overall? Nope. But they’re a lot better, a lot more interesting and a lot more capable than they were last month. Beyond the immediate short term, Chychrun — like Dubois and Mangiapane — could be pieces for the post-Ovechkin era. If that works out, great. If not, MacLellan will have done his best in an odd situation.
As for the Senators, Jensen is a 34-year-old right shot who, not long ago, was an undervalued second-pair guy. That helps their mix on defense, but he seems to be on the decline. There’s no way to say right now just what the market on Chychrun was, but it’s fair to call it a highly underwhelming return.
Capitals grade: A-
Senators grade: C
Eric Duhatschek: For the better part of two seasons, or back when Chychrun was playing for the Coyotes, all the trade talk that percolated around him centered on two things. First was his playing ability — that slapshot from the point which in 2020-21, produced a league-leading 18 goals during the 56-game COVID-shortened season. Second was his team-friendly contract. It carried a modest AAV of $4.6 million, which meant Chychrun would also be a bargain-basement addition financially, beyond everything he could contribute on the ice.
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So fast forward to today and suddenly, Element No. 2 is no longer that much in play. Chychrun is down to the final year of his contract which means the Capitals will need to find a way of extending him, at a much higher price going forward. Considering they also added Matt Roy on the opening day of free agency, for seven years at a $5.5 million AAV, it looks like they go into this with their eyes wide open as to the financial cost of an extension.
As for the cost in terms of assets, after just an OK 94-game run in Ottawa, Chychrun had become a slightly distressed asset. Remember, Ottawa gave up a first and two second-round draft choices to acquire Chychrun back at the 2023 trade deadline. But Ottawa’s depth on the left side of the defense meant Chychrun could never find a true home there, playing behind Jake Sanderson and Thomas Chabot. That was just too much money committed to the left side of the defense and it has been clear for a long time that Chychrun would be the odd man out.
The draft choice compensation coming from Washington in the deal is negligible – just a third-rounder. The value comes from Jensen, who played top-four minutes for the Capitals and from Ottawa’s perspective, can play on the right side, where the Senators were thin. Positionally, the trade makes a lot of sense. But in terms of value? Chychrun’s upside is far greater than Jensen’s. He’ll move to the top of the Capitals’ depth chart on the left side, either playing with John Carlson or, if they keep Carlson with Martin Fehervary, with Roy, the newcomer. That’s good work.
Capitals grade: B+
Senators grade: C–
(Photo: Steph Chambers / NHLI via Getty Images)