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Lol, Golden Knights approved as 31st team half-hour before the deadline. Let's see if they get anything done.
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Yeah, technically the deadline is meant for players being moved so they qualify for the Playoffs. Technically, trades can be made after the deadline -- it's just that any players dealt after the deadline aren't playoff eligible... and since most teams willing to add pieces are playoff teams, that's why most deals don't happen past March 1st. Trades after the deadline are a pretty common practice in the MLB, for instance.
That said, since the Golden Knights can't take on any active players (or players with NHL deals no matter what league they're in), they can still make moves... those moves will likely be that of draft picks and c level prospects being moved to LV for protection of players that won't actually be "protected" in the expansion draft, I assume. Sort of like what's been done in past NHL expansion drafts.