Buyers or sellers: How should the Capitals approach the trade deadline?

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The first day The Banner walked into the Washington Capitals’ locker room, Alex Ovechkin quipped to reporters that he would be traded at the deadline.

The joke got a laugh out of the assembled media because it was just that — a crazy idea that the team would trade its most legendary player. Especially because Ovechkin has a no-move clause and would have to explicitly agree to be dealt.

But, with the trade deadline approaching at 3 p.m. Friday, the Capitals have decisions to make, namely whether they want to be buyers or sellers.

Here’s the case for each scenario.

Sellers

As of Wednesday night, the Caps (69) were four points out of the wild-card spot, behind the Boston Bruins (73) and the Columbus Blue Jackets (70).

They had played more games (63) than any other team in the league, giving them less room for error as they try to catch up.

The max number of points the Caps could finish with is 107. The Bruins have 22 games left, compared to the Caps’ 19, and if they win 17, they eliminate the Caps.

It will be hard, although not impossible, to catch up.

On top of the odds against them, the Capitals also have aging stars in Ovechkin, 40, John Carlson, 36, Trevor van Riemsdyk, 34, and Tom Wilson, 31. They’ve successfully gotten younger — the average age of the team has lowered to the middle of the pack, according to Elite Prospects — but their top five point scorers are 27 or older.

Ryan Leonard, 21, has helped lower the average age and has the seventh-most points on the team, but if the Capitals sell for draft picks, prospects or young stars, they could start to build the future around him.

If the Caps sell, The Athletic’s Pierre LeBrun named Carlson as a surprise trade candidate. Although LeBrun doesn’t think the Capitals will move Carlson, he expects them to take calls because the defenseman is a pending free agent.

LeBrun’s colleague Chris Johnston listed van Riemsdyk as another trade candidate. Another pending free agent, van Riemsdyk could serve in a depth role for a playoff-bound team.

Buyers

The exact man who was joking about being traded might be the reason the Capitals adjust their strategy.

Although there’s a chance at a contract extension, it’s possible this is Ovechkin’s last season.

At 40, he is one of the oldest players in the league. Last April Ovechkin broke Wayne Gretzky’s goal-scoring record, and this season he has built himself a cushion. He’s sitting at 921 goals.

With so many milestones reached, it will come down to whether Ovechkin feels it’s time to retire and whether the team is willing to pay to keep an aging legend on the roster.

If the sides don’t reach agreement, the team might want one last shot at the playoffs with Ovechkin.

On top of that, the team holding the final wild-card spot has been streaky all season. If the Bruins go on a bit of a losing streak and the Blue Jackets lose their momentum, the Caps have a shot at the playoffs. Both teams have games Thursday night before the Friday deadline to help give the Caps’ front office more information to make their decision.

The Capitals reportedly tried to buy before the Olympic break. They were in the conversation for New York Rangers left winger Artemi Panarin, who went to the Los Angeles Kings, according to The Athletic. They were also interested in Quinn Hughes in January.

Word has gotten around that the Capitals are looking for a scoring winger, and this year is known as a buyers’ market with plenty of good players who are trade candidates.

According to PuckPedia, the team has over $14 million in cap space. However, the Caps would have to decide if they want to give up young stars or draft picks to be in contention for the top prospects. The trade for Hughes required the Minnesota Wild to give up three former first-round players, along with a first-round pick.

LeBrun reported the Capitals could be in the mix for Vancouver Canucks right winger Conor Garland. The St. Louis Blues’ Jordan Kyrou is another name The Athletic listed to watch.