The Pittsburgh Penguins had a bitterly disappointing 2022-23 NHL season, as they saw their 16-year playoff streak, the longest in North American sports, come to an abrupt end. While some may call for a full-scale rebuild, that's likely not what's going to happen.

For one, the Penguins don't want to rebuild in the twilight of Sidney Crosby and Evgeni Malkin's careers. For two, their contract situation all but assures that they can't rebuild, as they have several players locked up long-term. As such, the Penguins essentially have to keep competing for the next few years.

New general manager Kyle Dubas recognizes this, and has made several big moves in his first offseason in Pittsburgh. However, he may not be done just yet. Over the last couple of weeks, the Penguins have been connected to one of the biggest trade targets on the market, San Jose Sharks defenseman Erik Karlsson.

It wasn't long ago when Karlsson's best days appeared to be behind him after a lackluster tenure in San Jose. This season though, he exploded for a career-high 25 goals and 101 points, becoming the first blue-liner in 30 years to surpass the century mark. The season culminated in Karlsson winning his third Norris Trophy and first with the Sharks.

With the Sharks in a deep rebuild, they have been looking to trade the star defenseman for a while now. The problem is that Karlsson carries a massive cap hit of $11.5 million for four more seasons, greatly limiting what teams can acquire him. With his value at a peak right now, Karlsson's suitors are reportedly the Penguins and Carolina Hurricanes.

Without further ado, let's break down the perfect trade the Penguins must make for Karlsson.

The perfect Erik Karlsson trade Penguins must offer Sharks

Penguins receive: Erik Karlsson (35 percent retained)

Sharks receive: Jeff Petry, Casey DeSmith, Samuel Poulin, 2024 first-round pick, conditional 2025 second-round pick

For the Penguins

As mentioned previously, the Penguins are going everything in their power to keep their contending window alive. However, this season showed that they need much more oomph. Taking a swing on a 33-year-old defenseman is certainly a gamble, but it immediately makes them a better team right now.

Pittsburgh's offense was fine but unspectacular last season, finishing around the middle of the league in goals scored and power play percentage. Karlsson would immediately solve those issues, and him with Crosby and Malkin would be thrilling to watch.

Cap space is the major concern here, as the Penguins are already in the red after their free agency shopping spree. With the amount of Karlsson's deal the Sharks are retaining, though, and the salary the Penguins are sending out, it should roughly even out.

Even for the risk that comes with this deal, the post-Crosby and Malkin years were always going to be rough. Acquiring Karlsson could allow the Penguins to make one final push for another championship in this era.

For the Sharks

The Sharks are eating a lot of salary in this deal, taking on the cap hit of Petry ($6.25 million), DeSmith ($1.5 million) and retain some of Karlsson's deal (~$4 million), but that's what's necessary to move such a big contract. However, this move isn't a complete and total loss for them.

The other three pieces of the deal could be significant for San Jose in its rebuild. Poulin is a former first-round pick who just made his NHL debut last season, and a larger role with the Sharks could aid his development. The two draft picks would also be huge, especially if that 2025 second-round pick meets the conditions to become a first-rounder. Not a bad haul, all things considered.