The Pittsburgh Penguins’ magic from last season has run out.
They currently have the second-worst record in the Eastern Conference and could be approaching a significant roster shakeup.
Sidney Crosby and Evgeni Malkin have been Penguins for over two decades. Trading them would likely be at their wish.
There isn’t that same kind of sentimentality in Pittsburgh with three-time Norris Trophy winner Erik Karlsson.
General manager Kyle Dubas is reportedly exploring the trade market as the Penguins look to get younger, potentially putting one of the NHL’s most accomplished defencemen in an interesting position.
Erik Karlsson emerges as potential Penguins trade candidate
Pittsburgh’s struggles have accelerated conversations about the organization’s direction, with Sportsnet insider Elliotte Friedman suggesting the Penguins could make changes relatively quickly.
On Friday, Friedman indicated that Dubas has been actively exploring opportunities involving veteran players, although the asking prices remain high.
Among those players is Karlsson, who has a full no-movement clause and therefore has complete control over whether he accepts a trade.
“Guys like (Evgeni) Malkin and (Erik) Karlsson, they have a say, right? And they have a lot of say,” Friedman explained Friday on the FAN Hockey Show.
Friedman added that Dubas would want to know where those players would be willing to go rather than simply attempting to force them out of Pittsburgh.
Karlsson is an especially interesting case because the 36-year-old is still capable of providing significant offensive production from the blue line.
The three-time Norris Trophy winner finished last season with 15 goals and 66 points in 75 games. This season, he leads the Penguins with 17 points in 17 games.
Pittsburgh’s direction could make it increasingly difficult to justify keeping an expensive veteran approaching unrestricted free agency.
Karlsson carries a $10-million salary cap hit and is scheduled to become an unrestricted free agent next summer.
With the Penguins looking to bring down the average age of their roster, moving Karlsson could potentially provide valuable draft capital or younger NHL-ready talent.
According to Pittsburgh Hockey Now’s Dan Kingerski, the Boston Bruins, Carolina Hurricanes, Tampa Bay Lightning and Washington Capitals are among the potential destinations that could make sense for Karlsson.
Penguins could need to retain salary to facilitate Karlsson trade
The biggest obstacle to a potential Karlsson trade might be finding a team capable of absorbing his contract.
Even if Karlsson is willing to leave Pittsburgh, his $10-million cap hit would significantly limit the number of potential suitors.
The Penguins could consider retaining salary to make a deal more attractive, potentially opening the door to a wider range of contenders.
Kingerski suggested that even with Pittsburgh retaining 50 per cent of Karlsson’s salary, an acquiring team would likely need approximately $4 million in available cap space to make the financial components work.
There is also the question of what Dubas could realistically expect in return.
Karlsson’s offensive credentials are undeniable, but his age, contract situation and trade protection all complicate his market value.
Kingerski compared the situation to San Jose’s 2022 trade of Brent Burns to Carolina, which brought back forward Steven Lorentz, goaltending prospect Eetu Makiniemi and a third-round pick.
Karlsson is arguably a more accomplished player than Burns was at the time, but Pittsburgh may still have to settle for a relatively modest return rather than expecting a premium package.
Friedman has also indicated that Dubas wants high draft picks or prospects capable of contributing immediately when considering deals involving veterans.
For now, there is no indication that a Karlsson trade is imminent, and the defenceman ultimately controls his own destination.
But with Pittsburgh struggling and Dubas exploring ways to reshape the roster, a potential departure involving one of the franchise’s biggest names is certainly worth monitoring.
A former Norris Trophy winner could become one of the most intriguing trade candidates in the NHL if the Penguins decide it’s time to turn the page.
Penguins could be preparing to trade another key veteran