The Pittsburgh Penguins hoped to contend this past season after missing the Stanley Cup Playoffs in 2023. And they made a lot of moves to put themselves in a position to win games. They went after multiple veteran players in NHL Free Agency, including defenseman Ryan Graves and forward Lars Eller. They also made a blockbuster three-way trade for Erik Karlsson last August.

However, the results on the ice never matched the team's ambition. Pittsburgh made a run near the end of the regular season. But it wasn't enough to get them into the Stanley Cup Playoffs. The Penguins missed again and are now at an impasse. Do they try to continue adding veterans and compete? Or do they start selling players off to signal the beginning of a complete rebuild?

It seems as if the Penguins haven't found a true answer. They traded Reilly Smith to the New York Rangers this offseason. And they brought in younger players such as Blake Lizotte and Anthony Beauvillier in NHL Free Agency. However, they also traded for veteran Kevin Hayes before the market opened on July 1.

The Penguins still have some cap space to work with. And there is an opportunity to still make their roster better this summer. With this in mind, here are three potential trade targets for the Pittsburgh Penguins with NHL Free Agency looking rather sparse.

Nicholas Robertson has history with Penguins GM

Toronto Maple Leafs left wing Nicholas Robertson (89) skates with the puck against the Tampa Bay Lightning during the first period at Amalie Arena.
Kim Klement Neitzel-USA TODAY Sports

One of more notable moves the Penguins made last summer didn't involve a player. Rather, it was a change in their front office structure. Former Toronto Maple Leafs general manager Kyle Dubas joined Pittsburgh after his contract expired. He spent multiple years in Toronto as their front office decision maker. And one decision he made was to draft forward Nichloas Robertson in 2019.

Robertson has had some hype around his name for a while now. However, he has not had the easiest time in professional hockey. The former second-round pick has struggled with injuries since turning pro. But this past season did see him score 14 goals in 56 games with the Maple Leafs. Additionally, he skated in six games during the 2024 Stanley Cup Playoffs.

These aren't eye-popping numbers from the 22-year-old. But they suggest that he can provide some value to a team if he receives a role in the NHL. Robertson has requested a trade from the Maple Leafs this summer. Perhaps Dubas can bring out the potential he saw in the former Peterborough Petes star back during the 2019 NHL Draft.

Arthur Kaliyev is an interesting option

The Los Angeles Kings have seemingly hit a wall. They have faced the Edmonton Oilers in the first round of the Stanley Cup Playoffs in each of the last three seasons. And each matchup has gone in Edmonton's way. Their big trade for Pierre-Luc Dubois last summer flopped spectacularly. In fact, it flopped so hard that they traded him to the Washington Capitals in a swap of bad contracts this year.

As a result, the Kings may be willing to make some big changes. One potential move they could make involves 23-year-old forward Arthur Kaliyev. Kaliyev is another former second-round pick who went to Los Angeles in the 2019 NHL Draft. However, he hasn't put up big numbers in three NHL seasons. This past campaign saw the former Hamilton Bulldogs star score just seven goals in 51 games.

Kaliyev is currently unsigned as a restricted free agent. In theory, the Penguins could submit an offer sheet for the young winger. However, a trade is more likely to be accepted by the Kings. It's certainly an interesting option for Pittsburgh to explore as the summer rolls on.

Kaapo Kakko is in multiple trade rumors

Unlike the other options on this list, Kaapo Kaako is not a former second-round pick. He went in the very first round of the 2019 NHL Draft. In fact, only one player heard their name called before the Finnish forward. Unfortunately, Kaako hasn't found the success many hoped he would after joining the New York Rangers.

Kaako has now played parts of five seasons in the NHL on Broadway. And for the most part, he has been extremely underwhelming. He did turn in a 40-point performance during the 2022-23 campaign. But this past year saw the former second-overall pick score just 13 goals and 19 points in 61 games. In the Stanley Cup Playoffs, he added two points in 15 games.

Injuries certainly played a part in his down year. That said, it's clear that things simply aren't working for him in New York. A change of scenery could certainly help revitalize his career, however. Learning from Sidney Crosby and Evgeni Malkin on the Penguins could go a long way in turning his career around.