It's the end of an era.

The Carolina Hurricanes traded their captain Eric Staal to the New York Rangers on Sunday, the clubs announced. TSN's Bob McKenzie was the first to report the deal.

Staal waived his no-movement clause to head to New York, while Carolina received two second-round draft picks - one in 2016 and one in 2017 - and Finnish prospect Aleksi Saarela in return.

(Courtesy: @NHLCanes)

The Hurricanes will retain 50 percent of Staal's remaining salary, according to Sportsnet's Elliotte Friedman. Staal's on an expiring contract, earning $9.5 million in salary. He'll count as $4.125 million against the Rangers' salary cap, and New York will pay him over $900,000 the rest of the way, according to NHL Numbers.

Staal has spent his entire career with the Hurricanes after being drafted second overall by the organization in 2003. He won a Stanley Cup with Carolina in 2006. He's hit the 100-point mark once in his career, and recorded 70 or more points in seven seasons. His production has fallen off a cliff this campaign, though, as Staal has only 10 goals and 23 assists in 63 games.

Trade talks were reportedly intensifying early Sunday afternoon, but the clubs reached an impasse over the inclusion of a first-round draft pick. The Hurricanes wanted one, while the Rangers didn't want to part with one. New York is already without its first-round pick in 2016, and trading its 2017 first-rounder would've meant a fifth straight year of sitting out the first round of the draft.

The #NYR are now down to five picks in June -- the earliest coming in Round 3. But you've got to go for it when you have Lundqvist in goal. — Chris Johnston (@reporterchris) February 28, 2016

Hurricanes' haul

While Hurricanes general manager Ron Francis wanted a first-rounder, his hands were tied due to Staal's no-movement clause. It was thought that New York was the only destination Staal wanted to go to, in order to join his brother Marc Staal, after playing with his other brother Jordan Staal in Carolina. In the end, Francis took what he could in order to get a deal done.

Saarela was a third-round draft pick of the Rangers in 2015, and is only 19 years old. A left-handed shooting center, he's playing in the Finnish Elite League and has 18 goals and 31 points in 46 games.

For @NHLCanes Aleksi Saarela is a very good prospect. High IQ, makes plays. Quick & plays & executes at high pace. Versatile. Competes. — Craig Button (@CraigJButton) February 28, 2016

Saarela was a factor at this year's World Junior Hockey Championship, scoring four goals and adding three assists in seven games, helping Finland win gold.

Looking ahead

The Hurricanes are only four points out of the second wild-card playoff spot in the Eastern Conference, but are looking toward the future. With Staal's contract set to expire, it was clear it was time to move on. The rebuild is underway in earnest in Raleigh.

"Eric has been the face of this franchise for a long time, and we thank him for his dedication, leadership and many contributions on and off the ice over the years," Francis said in a statement. "We felt this was an important opportunity for us to continue our work in building an organization that can consistently compete in the Stanley Cup playoffs."

The Rangers, meanwhile, are desperate to keep their competitive window open. While the Washington Capitals are the class of the East, the Rangers are a solid team with postseason experience. And with Henrik Lundqvist in goal, New York always has a chance to win the Stanley Cup.

Staal joins a talented Rangers squad up front, and will be relied upon to score and provide valuable playoff experience. He remains a very solid possession player (he has a 57-percent Corsi For rating, according to Hockey Reference), and heads to Manhattan with 43 points in 43 career playoff games - though he hasn't played in the postseason since 2009.