The Pittsburgh Penguins traded for Erik Karlsson before the 2023-24 campaign. Pittsburgh hoped trading for the future Hall of Fame defenseman would bring them into Stanley Cup contention status. Karlsson recorded the first 100+ point season by a blueliner since Brian Leetch in 1992-93 before joining the Penguins. And he won the Norris Trophy as the best defenseman in the league as a result.

Karlsson has not reached those same elite offensive heights in Pittsburgh. The veteran has still provided an important offensive spark for this team. He recorded back-to-back 50+ point seasons for the Penguins in these last two seasons. However, his defense has been abysmal, and reports indicated Karlsson was beginning to wear thin on management early in the year.

Pittsburgh has not made the Stanley Cup Playoffs in each of the last three seasons. This could lead the team to make some significant changes over the summer. Here is why trading Karlsson is one of the moves the Penguins must make during the 2025 NHL offseason.

Penguins could be major players in free agency

Pittsburgh Penguins defenseman Erik Karlsson (65) skates with the puck against the Nashville Predators during the first period at PPG Paints Arena.
Charles LeClaire-Imagn Images

The Penguins already have significant cap space heading into the 2025 offseason. Pittsburgh has about $24.5 million in available space leading into July 1. They do not have any major free agents or restricted free agents to sign, either. Vasiliy Ponomarev and Matt Grzelcyk are the most notable players they need to re-sign.

The Penguins have the 10th most amount of cap space heading into the offseason, according to PuckPedia. This could allow Pittsburgh to pursue some significant moves this offseason. No matter whether they decide to attack free agency or the trade market, the Penguins have the room to make their mark.

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However, they could make an even bigger mark if they trade Karlsson. The veteran defenseman is set to make $10 million in each of the next two seasons. Moving a significant amount of this cap space off their books puts them in an even better position. They could stomach larger contracts if they decided to trade for, say, Elias Pettersson from the Vancouver Canucks.

Whether the Penguins will go big this offseason remains to be seen. However, having all the options on the table makes sense for this team. In order to do this, though, they need to trade Karlsson at some point this summer.

Erik Karlsson trade could bring future assets

Pittsburgh has done well to stock its draft capital over the years. They have 18 picks in the first three rounds of the next three NHL Drafts. Five of these picks are in the first round, with two of them coming in 2026. This is a good foundation, but they could give themselves more future assets with a Karlsson trade.

The Penguins could target draft picks in a deal for the veteran defenseman. However, they could also do what they did with the Jake Guentzel deal. Pittsburgh traded Guentzel to the Carolina Hurricanes in a deal involving draft picks, prospects, and a roster player in winger Michael Bunting.

The Penguins need to improve their prospect pipeline, but they also could use younger players who are NHL-ready. This is a tough ask, for sure. But Karlsson can still provide high-end offensive play. And that's a valuable asset in today's league. There are teams out there who could be willing to pay something of value to see what Karlsson could do for their team on the ice.