With their first round, 17th overall pick at the draft, Winnipeg selected Sergei Bautin from Dynamo Moscow.
He also played for Finland at the 1992 Winter Olympics in Albertville, France, scoring 8 goals and 11 points in 7 games.
On August 24, 1992, Winnipeg traded defenceman Shawn Cronin to the Quebec Nordiques in exchange for Dan Lambert.
Late in training camp, on October 1, 1992, the Jets traded goaltender Stephane Beauregard to the Philadelphia Flyers in exchange for future considerations.
Troy Murray was traded in February, and replaced as captain by defenceman Dean Kennedy.