George McPhee trades
| Nashville Predators acquire | Date | Washington Capitals acquire | ||
|---|---|---|---|---|
 | Jeff Nelson | August 19, 1998 | future considerations |  |
| Calgary Flames acquire | Date | Washington Capitals acquire | ||
|---|---|---|---|---|
 | 2000 9th round pick (#289-Bjorn Nord) | August 7, 1998 | Rick Tabaracci | |
| future considerations | ||||
| Colorado Avalanche acquire | Date | Washington Capitals acquire | ||
|---|---|---|---|---|
 | 1998 3rd round pick (#79-Evgeny Lazarev) | June 27, 1998 | 1998 4th round pick (#106-Krys Barch) | |
| 1998 4th round pick (#107-Chris Corrinet) | ||||
| 1998 5th round pick (#118-Mike Siklenka) | ||||
| Washington Capitals acquire | Date | Tampa Bay Lightning acquire | ||
|---|---|---|---|---|
| 1998 3rd round pick (#59-Todd Hornung) | June 18, 1998 | Bill Ranford |  |
| 1999 2nd round pick (#29-Michal Sivek) | ||||
| Toronto Maple Leafs acquire | Date | Washington Capitals acquire | ||
|---|---|---|---|---|
 | Sylvain Cote | March 24, 1998 | Jeff Brown | |
| Washington Capitals acquire | Date | Florida Panthers acquire | ||
|---|---|---|---|---|
| Esa Tikkanen | March 8, 1998 | Dwayne Hay |  |
| conditional 1999 pick (#103-Morgan McCormick) | ||||
| Chicago Blackhawks acquire | Date | Washington Capitals acquire | ||
|---|---|---|---|---|
 | Martin Gendron | October 10, 1997 | 1998 5th round pick (#125-Erik Wendell) | |
| 1998 6th round pick (#166-Jonathan Pelletier) | ||||
| Calgary Flames acquire | Date | Washington Capitals acquire | ||
|---|---|---|---|---|
| Eric Charron | September 4, 1997 | future considerations (1998 7th round pick (#179-Nathan Forster)) | |