Cap & Crease
Est. 2026 — Vol. I — Data Feed Active
PUBLIC RECORD · THE DOCKET
TRADE RULINGS
Loading published trade rulings and current grades
Cap & Crease
Est. 2026 — Vol. I — Data Feed Active
← THE DOCKET
TRADE BREAKDOWN · COMPLETED 2026-06-23
STL / WSH
STL +173.8 AS SAVED (the model's value read, after package counting). The model's feasibility audit disagreed with the trade: Washington Capitals requires future assets to move Connor McMichael. SOURCE · tsn.ca
STL model grade A+
Value net +173.8 NAV, 74% of the larger package, ahead.
WSH model grade F
Value net -173.8 NAV, 74% of the larger package, behind.
A grade is the model's value read at the time, as a letter: how far apart the two packages were after package counting, as a share of the larger one. Trades the headline calls fair are a B for both clubs. It leaves out cap, lineup holes, fit, the contention window and injuries, which are listed separately below, and a club can take a lower grade for need. It's not a prediction of who wins the trade; the value model ordered real trades only modestly better than chance.
THE SCALE · v1
- A+: ahead by 28% or more
- A: ahead by 20% or more
- A-: ahead by 15% or more
- B+: ahead by 10% or more
- B: inside the fair band (within 10% or 10 NAV)
- B-: behind by 10% or more
- C+: behind by 15% or more
- C: behind by 20% or more
- C-: behind by 28% or more
- D+: behind by 36% or more
- D: behind by 44% or more
- D-: behind by 52% or more
- F: behind by 60% or more
The before-and-after snapshot was not recorded for this trade: it was saved before that existed. The package, margin and grading details below are as saved.
HOW THE MARGIN IS BUILT · STL gets 249 raw from WSH and sends 60 raw: +189.0. Package counting -15.2 (best player in full, each further player counts for less, negative players count as zero). Margin +173.8.
PER-ASSET COUNTING
STL sends: 60 raw, 60 counted
Jordan Kyrou: raw 60 counted in full
WSH sends: 249 raw, 234 counted
2026 1st Round Pick (STL): raw 65 counted in full
Connor McMichael: raw 158 counted in full
Milton Gastrin: raw 26 → counted 11. Counts for less as an additional player in the package (roster-slot decay and an age penalty).
HOW IT WAS GRADED · AS SAVED · Saved before grading dates were recorded, so the day it was graded, the model version and the data dates are not known. This cannot be called a grade struck at the time of the trade.
WHAT THE MODEL FLAGGED
- Washington Capitals rejects massive underpayment. You are asking Washington Capitals to give up 249 NAV while only offering 60 NAV in return. The offer needs significantly more value to be taken seriously.
- Washington Capitals requires future assets to move Connor McMichael. Washington Capitals is a bubble team — they do not trade prime assets in straight player swaps without draft capital attached.
- Washington Capitals is significantly overpaying. The NAV analysis shows Washington Capitals giving up 249 NAV points worth of assets and receiving only 60 — a 70% gap.