Why would he make a panic trade? According to the commentators, he's one of the best GMs in the league, as evidenced by his body of work in Boston.
These are exactly the situations in which GMs do make panic trades. Expectations for the team were incredibly high coming into the season. You have to look at what they have done to get here:
- They replaced the entire coaching staff and General Manager - but notably not Lowe or McTavish.
- They drafted the best player to enter the league since Sydney Crosby.
- They have 6 top 5 overall draft picks - McDavid, Draisaitl, Nugent-Hopkins, Puljujarvi, Larson and Nurse, plus Klefbom who was 19 OA.
- They invested $33M in 4 top forwards - McDavid, Draisaitl, Lucic and RNH
- They Made huge trades to stabilize the Defense (Hall for Larsen) and Centre (Eberle for Strome), Goal (picks for Talbot) and Wing (Scrivens for Kassian / Picks for Maroon). In the Hall and Eberle trades, they (apparently knowingly) gave up value to fill specific needs.
- They brought in major free agents - Lucic, Caggiula and Russell to add toughness, skill and defense respectively.
These moves were designed for a deep playoff run this year and a chance at a championship before the salary cap forces them to retool. If they miss the playoffs, the pressure on Chiarelli, McTavish and Lowe (and maybe McLellan) will be intense. This is a major failure.
The team is clearly built wrong. The NHL has been trending away from these big, slow, "heavy" Boston / LA style teams. They have the fastest, most dynamic skater in the league, but other than McDavid, the team is really slow. The 2 forwards (other than McJesus) who play with pace are having a hard time making the roster (Puljujarvi and Yamamoto). Kassian, who also has good wheels, is playing 8 to 13 minutes per game on the 3rd and 4th line.
They have a defense that can not transition the puck and with all the investment in Larson / Russel / Klefbom, can't defend either. Cam Talbot was brought in to stabilize the goalie position, and after a really good first 2 seasons, is having a very rough stretch right now. I think Talbot is a really good goalie, but the chaos on D is affecting him.
There are defensemen and wingers actively being shopped across the league and Edmonton owns all of its own draft picks for the next 3 years. They also have a "chip" in RNH - who is very useful to them this year, but with their future cap issues, is not going to be a part of their future. This is a perfect situation for a panic trade.