Despite having coached the Rangers to a regular season first place finish and the Stanley Cup, head coach Mike Keenan left after a dispute with General Manager Neil Smith. During the 1994–95 lockout-shortened season, the Rangers struggled to find their form and lost in the second round of the playoffs. They snuck in with the 8th seed and defeated Quebec in the first round, but were swept by Philadelphia in the 2nd round. Succeeding Rangers coach Colin Campbell orchestrated a deal that sent Sergei Zubov and center Petr Nedved to Pittsburgh in exchange for defenseman Ulf Samuelsson and left winger Luc Robitaille in the summer of 1995.

The Rangers landed an aging Wayne Gretzky in 1996, but even with The Great One, they would fizzle out. Their 1994 stars were aging and many retired or dropped off in performance. Gretzky's greatest accomplishment was leading them to the 1997 Eastern Conference finals, where they lost 4–1 to the Eric Lindros-led Philadelphia Flyers. After General Manager Neil Smith ran Messier, a former Oiler teammate of Gretzky's, out of town in the summer of 1997 and failed in a bid to replace him with Colorado Avalanche superstar Joe Sakic, the Rangers began a streak of seven seasons without making the playoffs, despite routinely having the highest payroll in the league.
In March 2000, Smith was fired along with head coach John Muckler, and, that summer, James Dolan hired Glen Sather to replace him. By the end of the 2000–01 season, the Rangers had landed a lot of star power. Mark Messier had returned to New York, Theoren Fleury joined the Rangers after spending most of his career with the Calgary Flames, and Eric Lindros was traded to the Rangers from the Philadelphia Flyers. The Rangers also acquired Pavel Bure late in the 2001-02 season from the Florida Panthers. It was the rookie season of goalie Dan Blackburn, who made the NHL All-Rookie Team even as the Rangers fell back to last place in the conference. Despite these high-priced acquisitions the Rangers still finished out of the playoffs. Later years saw other stars such as Alexei Kovalev, Jaromir Jagr, Martin Rucinsky and Bobby Holik added, but in 2002–03 and 2003–04, the team again missed the playoffs. Blackburn started strongly in 2002–03, but burned out after 17 games. He missed 2003–04 due to mononucleosis and a damaged nerve in his left shoulder. Blackburn could not rehabilitate the damaged nerve, and was forced to retire at age 22.
2005–Present: Post-Lockout Success
Towards the end of the 2003–04 season Sather finally gave in to a rebuilding process by trading away Leetch, Kovalev, and eight others for numerous prospects and draft picks. With the retirements of Bure and Messier as well as Lindros signing with the Maple Leafs, the post-lockout Rangers, under new head coach Tom Renney, moved away from high-priced veterans towards a group of talented young players, such as Petr Prucha, Dominic Moore, and Blair Betts. However, the focus of the team remained on veteran superstar Jaromir Jagr. The Rangers were expected to struggle during the 2005–06 season for their eighth consecutive season out of the postseason. For example, Sports Illustrated declared them the worst team in the league in their season preview,but behind stellar performances by Swedish rookie goaltender Henrik Lundqvist, Martin Straka, Prucha, and Jagr, the Rangers finished the season with their best record since 1993–94 (44–26–12).
Jaromir Jagr broke the Rangers' single-season points record with a first-period assist in a 5–1 win against the New York Islanders on March 29, 2006.[20] The assist gave him 110 points on the season, breaking Jean Ratelle's record. Less than two weeks later, on April 8, Jagr scored his 53rd goal of the season against the Boston Bruins, breaking the club record previously held by Adam Graves.[22] Two games prior, on April 4, the Rangers defeated the Philadelphia Flyers 3-2, in a shootout, to clinch a playoff spot for the first time since the 1996-97 season.
On April 18, the Rangers lost to the Ottawa Senators 5–1, and, due to wins by division rivals New Jersey Devils and Philadelphia Flyers, the Rangers fell back to third place in the Atlantic Division and sixth in the Eastern Conference to end the season. In the Eastern Conference Quarterfinals the Rangers drew a matchup with the Devils and were defeated in a four-game sweep. In the process they were outscored 17–4, as New Jersey netminder Martin Brodeur took two shutouts and a 1.00 goals-against average to Lundqvist's 4.25. In the first game of the series Jagr suffered an undisclosed injury to his left shoulder, diminishing his usefulness as the series went on. Jagr missed game two of the series and was back in the lineup for game three. He was held to one shot on goal. On his first shift of game four, Jagr re-injured his shoulder and was unable to return.
Jagr fell two points short of winning his sixth Art Ross Trophy as scoring champion in 2005–06 (the San Jose Sharks' Joe Thornton claimed the award, his first, with 125 points), but Jagr did win his third Pearson Award as the players' choice for the most outstanding player. He has thus tied Guy Lafleur in third, and needs one more to tie his ex-centerman, Mario Lemieux, in second and two more to tie Wayne Gretzky in first for times receiving the Pearson Award. On opening night of the 2006–07 season, Jagr was named the first team captain since Messier's retirement.
With the Rangers doing so well in 2005–06, expectations were raised for the 2006–07 season, evidenced by Sports Illustrated then predicting the Rangers would finish first in their division.[26] Realizing that the team had trouble scoring goals in the 2005-06 campaign, the Rangers went out and signed long-time Red Wing Brendan Shanahan to a one-year contract. However, the organization remains committed to its rebuilding program despite the signing of the 37-year-old winger.
Though the Rangers started a bit slow in the first half of the 2006–07 season, the second half was dominated by the stellar goaltending of Henrik Lundqvist. The acquisition of Sean Avery brought new life to the team, and the Rangers finished ahead of Tampa Bay and the Islanders to face Atlanta in the first round of the playoffs. The Rangers swept the series thanks to play from all around the ice. However, the Rangers lost the next round to Buffalo four games to two.
At the 2007 NHL Entry Draft, the Rangers chose Alexei Cherepanov 17th overall. Cherepanov had been ranked by Central Scouting as the number one European skater and was considered to be a top five pick leading up to the draft, but fell due to teams being unsure whether he would ever come to the NHL from Russia. The 2007 free agency season started with a bang for the Rangers signing two high profile centerman, Scott Gomez from the New Jersey Devils for a seven-year, $51.5 million dollar contract as well as Chris Drury from the Buffalo Sabres for a five-year deal worth $32.25 million
Thanks to Wikipedia.org
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