- Associated Press - Wednesday, March 5, 2014

NEW YORK (AP) - The New York Rangers and Tampa Bay Lightning pulled off the biggest deal on NHL trade deadline day Wednesday, swapping captains Ryan Callahan and Martin St. Louis.

The surprising move was announced just hours before the afternoon deadline and shortly before the Rangers hosted the Toronto Maple Leafs. St. Louis arrived in time to make his debut with New York, but the Rangers lost 3-2 in overtime.

“I know this is going to be a challenge for me, but I love challenges and I like to rise to the occasion,” St. Louis said after recording three shots in 20 minutes and 11 seconds of ice time Wednesday night. “This is a chance to play the game in one of the biggest markets, and I know what comes with it.”

The Rangers had been trying to sign Callahan, who can become an unrestricted free agent this summer, but weren’t able to reach an agreement with the gritty forward. They sent him packing instead of risking losing him for nothing.

“It’s still tough,” Callahan told Canada’s TSN. “I knew it was an option that was going to happen if I didn’t re-sign. No matter how prepared you are for it or knowing it’s going to come, when you hear that initial ‘You’ve been traded’ it’s definitely a shock.”

New York dealt Callahan, a second-round pick in this year’s draft, and a first-round pick in next year’s draft to Tampa Bay for St. Louis, a disgruntled two-time NHL scoring champion.

The second-round selection this year would become a first-rounder if the Rangers reach the Eastern Conference finals this season. If Callahan re-signs with the Lightning, the teams will then trade picks in next year’s draft. New York would acquire the Lightning’s second-round choice, and Tampa Bay would get the Rangers‘ seventh-round selection.

Callahan was reportedly seeking a six-year deal worth $6.5 million per season. It is believed the Rangers were willing to agree to a six-year term, but not pay more than $6 million a season.

“I truly thought we’d work something out,” Callahan said. “I said all along going through this that I wanted to stay there and get a deal done, and that was the truth. But it’s part of the business that, unfortunately, you have to deal with.”

The 38-year-old St. Louis, who led the NHL in the lockout-shortened 2013 season with 60 points, had been seeking a trade after initially being left off Canada’s Olympic roster by Lightning general manager Steve Yzerman, who served as Canada’s executive director. St. Louis was added when Lightning teammate Steven Stamkos was unable to play because of injury.

Callahan, a Rochester, N.Y., native, was a member of the U.S. Olympic team at the Sochi Games. He plans to wait and get acclimated in Florida before deciding whether to open contract talks with the Lightning.

“I’m extremely excited. I’m going to a great organization, great owners, great GM,” he said. “I’ve heard nothing but good things from players that have played there, and they’re in the playoff hunt, too, which is big.”

Both the Lightning and Rangers are in Eastern Conference playoff positions.

“We’re adding a player that’s got more of an offensive capability,” Rangers coach Alain Vigneault said. “We’re losing Cally’s grit and fire on the ice, but we’re adding some other really important parts to our team. I really believe this makes us a better team.”

St. Louis waived a no-trade clause to come to the Rangers. The right wing has one year left on his contract. He will earn $5 million next season and be a $5.625 million salary-cap charge.

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