The Rangers added the Avalanche's 2022 third-round (97th overall) and fifth-round (161st) picks, as well as a third-round pick in the 2023 NHL draft.
Georgiev, 26, had a save percentage of .898 and a 2.92 goals-against average in 33 games last season for the Rangers. He has played five years in the NHL, all with New York, and has a career .908 save percentage and 2.94 GAA. Georgiev had been dangled as available in previous seasons as Igor Shesterkin has emerged as the Rangers' franchise goalie.
He is a restricted free agent with arbitration rights.
The trade likely signals the end of Stanley Cup-winning goalie Darcy Kuemper's brief time with the Avalanche. Acquired last summer in a trade with the Arizona Coyotes after goalie Philipp Grubauer left for the Seattle Kraken, Kuemper went 37-12-4 last season and backstopped the Avalanche to their Stanley Cup victory.
Kuemper is an unrestricted free agent and is expected to receive significant contract offers in a free-agent landscape thin on veteran goalies. The move for Georgiev gives the Avalanche a low-cost goalie tandem with Pavel Francouz, who makes $2 million against the salary cap. Letting Kuemper walk also gives Colorado added salary-cap flexibility as they have only 15 players under contract for next season.