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After three consecutive seasons without playoff hockey for the Pittsburgh Penguins, it looks like general manager Kyle Dubas has resigned himself to the fact that a rebuild is necessary in Pennsylvania. Multiple players have been named as trade candidates, including star veteran Erik Karlsson, who just turned 35.
As The Athletic's Pierre LeBrun reported on Wednesday, the Swedish defenseman is not opposed to getting another change of scenery after being traded from the San Jose Sharks to the Penguins two years ago.
“My understanding is that Karlsson would be open to waiving to join a contender,” the hockey insider wrote. “That might sound obvious given where the Penguins are — staring down a long rebuild — but he has the hammer via his full no-move, so it’s no small consideration.
“It all depends on how teams view Karlsson, who played very well for Sweden at the 4 Nations in best-on-best. He’s got his deficiencies, to be sure, but he’s also a very good forecheck-breaker along with his natural offensive skill.”
The best year of Karlsson's career ended up being his last with the Sharks; the Swede played a full 82-game slate in 2022-23 and amassed 101 points, earning a third Norris Trophy in the process.
Although he hasn't missed a game over two campaigns with the Pens, his production has fallen off a cliff. Karlsson chipped in 56 points in 2023-24 and added another 53 last year.
Erik Karlsson's cap hit continues to be a deterrent
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As LeBrun reported, there are multiple contenders who could benefit from Karlsson's services — but his $10 million cap hit is certainly not appealing. San Jose retained just over 13 percent of what was originally $11.5 million in the trade, but regardless, $10 million is a lot of money.
And most NHL contenders are already having a tough time staying under the salary cap ahead of the 2025-26 season. LeBrun believes that if the Penguins were willing to retain even more salary, a trade would be much more likely to get to the finish line.
“I think the sweet spot for making Karlsson as attractive as possible would be to turn him into a $7.5 million player,” LeBrun speculated. “That would set up a pretty aggressive market for him. But similarly, I sense that the Penguins won’t retain unless paid full value (asset-wise) for doing so. So there’s another asset if you’re trading for him post-bonus.”
Even if a trade does materialize, Karlsson owns a full no-move clause, and could veto any potential trade he doesn't agree with. Still, it seems like he's accepted the fact that he'll probably be getting another change of scenery this summer — and he'll have full control of the destination if that ends up being the resolution.
Karlsson is undoubtedly one of the greatest offensive defensemen in NHL history, but he still remains without a Stanley Cup — or even a trip to the Finals.
That will certainly be in the back of his mind as he weighs potentially joining a fourth team ahead of next season.
