The Pittsburgh Penguins are entering a transitional period. Firing Mike Sullivan and hiring Dan Muse as the head coach proved that, as Muse has a developmental past. But they still have veteran players chewing up a lot of cap space and roster space. The Penguins could trade some of those veterans, including Erik Karlsson, before NHL free agency begins. The Fourth Period Insider, David Pagnotta, reported on the trade possibility on Friday.

“Penguins GM Kyle Dubas has been actively exploring the market on defenceman Erik Karlsson, who comes with a $10 million cap hit and has two years left on his contract,” Pagnotta reported.

“In addition to Karlsson, the Penguins are open to taking calls on star forwards Rickard Rakell and Bryan Rust, among others, and there appears to be serious interest in both,” he added.

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The Penguins traded for Karlsson from the San Jose Sharks after the 2022-23 season, hoping for one more push with Sidney Crosby. He had 101 points in his final season with the Sharks but only totaled 109 points in two seasons with the Penguins. He has two years left at $10 million, but the Penguins can retain up to $5 million to facilitate the trade. According to CapWages, he has a full no-move clause, so Karlsson will be a Penguin unless he wants to move.

Rust and Rakell would both provide some space for young forwards to play and the Penguins to be active in free agency. Rust has three years left at $5.125 million per year with no trade protection if they trade him after July 1. Rakell has three years left at $5 million with an eight-team no-trade list.

The Penguins can retain up to three salaries for next year. If they are committed to bottoming out and accruing draft picks, they could retain salary on all three players. But if they are trying to free up space to go after other players, retaining won't be an option.