The Toronto Maple Leafs are continuing their pursuit of a big-ticket blue liner, setting their sights on Pittsburgh Penguins D-man Erik Karlsson.
A report by James Murphy from RG Media , citing an anonymous NHL source who confirmed the Maple Leafs and Penguins have discussed a trade involving the three-time Norris Trophy winner.
The source purportedly stated:
“There’s more than just hearsay when it comes to the Leafs and Erik Karlsson right now.”
While “more than hearsay” remains a vague term, it alludes to a potential swap in which the Maple Leafs would add Karlsson to their blue line.
The source went on to add:
“There’s probably going to be salary retained, but the thought that there’s some kind of bad blood between Dubas and the Leafs still that would prevent something like this is crazy. This is a business, and if there’s enough interest from both teams and they figure out the cap hit and money, then that’s all that matters.”
The “bad blood” refers to Penguins’ GM Kyle Dubas, former GM of the Toronto Maple Leafs, who might harbor mixed feelings toward the Leafs organization stemming from his dismissal in 2023. However, as the report points out, business is business. As such, no bad feelings would get in the way of this potential deal.
So, if a deal could be made between the Leafs and Penguins, both sides would be remiss if they didn’t at least consider it.
It’s worth pointing out that the Penguins have been rumored to have Karlsson on the trade block. An earlier report in Heavy made notice of Karlsson’s name floating in offseason trade circles. However, a deal has yet to materialize.
Maple Leafs Need to Make Math Work to Land Karlsson
The biggest obstacle, as the league source noted, is Karlsson’s onerous cap hit. Karlsson is on the books for $10 for two more seasons.
However, Karlsson’s actual cap hit is $11.5 million. $1.5 million was retained by the San Jose Sharks when they traded Karlsson to Pittsburgh in 2023.
Despite the retention, the Maple Leafs will need to get Pittsburgh to keep a chunk of Karlsson’s cap hit to make the math work. According to the current CBA, a player’s salary can only be retained up to 50% by a single team. Moreover, there can only be two retentions.
So, the best the Maple Leafs can hope for is that the Penguins hold on to $5 million of the current $10 million, and leave the Leafs on the hook for the remainder.
Leafs Might Not Pay Such a High Price for Karlsson
The Maple Leafs might not have to pay an exorbitant price to land Erik Karlsson. Yes, the price will be higher if the Penguins are asked to retain salary. But even then, the price tag wouldn’t be that high, as Karlsson has reportedly requested a trade from Pittsburgh.
Additionally, Karlsson is two years removed from his 101-point season in San Jose. He’s notched half of those totals in his two years with the Penguins.
That situation means that Karlsson’s trade value isn’t quite as high as it once was. But then again, the Penguins could be enticed to take a couple of bad contracts off the Leafs’ hands just to make things work.
David Kampf and Ryan Reaves come to mind as potential trade candidates. Similarly, blue liner Morgan Rielly could be in play. The Maple Leafs, however, have been adamant thus far that Rielly is not on the block.
Ultimately, the Penguins are heading toward a rebuild. So, the club could be enticed to take a package of futures. Perhaps top prospect Easton Cowan gets the needle moving. As it stands, Leafs GM Brad Treliving isn’t pulling any punches. The team wants to land a high-end, scoring blue liner. The need is greater now that the team will need to find a way to replace Mitch Marner’s production.
Maple Leafs in Hot Pursuit of 3-Time Norris Trophy Winner: Report