The Rangers’ odds of landing the No. 1 pick remained high until the last minute, but the ping-pong balls in this year’s NHL draft lottery did not bounce in their favor. 

Dropping two spots in the initial draft order, which was determined by the inverse order of the regular-season standings, the Blueshirts’ lucky four-number combinations were not so lucky and drew their lowest possible position at fifth overall in the first round of the 2026 NHL draft on June 26 in Buffalo. 

Instead, the ping-pong balls popped the Maple Leafs at No. 1 and the Sharks at No. 2. 

The No. 5 pick may not generate as much excitement as the top two spots, especially since it was the worst possible outcome for the Rangers, but it still has the potential to be an impactful selection. 

Penn State left wing Gavin McKenna is projected to go first overall, ahead of Swedish wing Ivar Stenberg. A strong group of defensemen — lefty Carson Carels and righties Chase Reid and Daxon Rudolph — are expected to follow in any order near the top of the draft board. 

John Lilley usually takes the best-available-player approach to the draft, but the margin after the top two picks could prompt the Rangers director of player personnel and director of amateur scouting to prioritize position. 

No one’s stock has risen more in recent weeks than Caleb Malhotra, who was once valued as a player who could round out the top 10 but is now in no way guaranteed to still be available four picks into the draft. 

Malhotra, who is the son of former Ranger Manny Malhotra, is widely considered the premier center of the draft. He is committed to Boston University for the 2026-27 season. 

Reliability and predictability were a couple of words Rangers head coach Mike Sullivan used often to describe what his team needed more of. Malhotra is often described as a supportive center who has a high hockey IQ and can effectively give his linemates options mid-play. 

It is unclear if Malhotra is ready to step into an NHL lineup as soon as next season. 

The Rangers would certainly benefit from a young center in a pipeline that has been thin down the middle for some time. Considering Vincent Trocheck is likely to be traded this offseason, the Rangers could replenish a bit with the 6-foot-2, 183-pound center. 

Michigan State University commit forward Nikita Klepov, is coming off a 97-point campaign in the OHL and is more likely to be available at No. 5, as is right-handed defenseman Keaton Verhoeff, who is going into his sophomore season at the University of North Dakota. 

Rangers president and general manager Chris Drury currently has two first-round picks to make on June 26, with the second — from the K’Andre Miller trade with Carolina — expected to fall in the Nos. 23-27 range. 

The final position will be decided by the results of the second round of the Stanley Cup playoffs. 

Drury could always utilize one of his two first-rounders and explore the trade market for a big-swing move that would give his organization more of a true retooling feel. 

Toronto landing the No. 1 pick is pure theater on the heels of what appeared to be a very uncomfortable introductory press conference for new general manager John Chayka and senior executive adviser of hockey operations Mats Sundin. 

Perhaps it will help sway Maple Leafs captain Auston Matthews to stay in Toronto as he enters the second-to-last year of his contract. 

The Rangers do need to replenish their prospect pool, but if Matthews — or, say, Brady Tkachuk — wants to come to New York, a first-round pick could help get it done, but more will be needed. 

Of course, it would take a lot more than just their top pick to create a package for that kind of deal. Alexis Lafrenière would have to be involved, as well as other pieces. The Rangers don’t exactly have the assets to rival most other NHL teams that might also pursue a player like Matthews or Tkachuk. 

No. 5 was the worst the Rangers could do Tuesday night. The Rangers will have to decide what’s best to do with it.