Could Mario Lemieux's Group Repurchase The Penguins?
As the Pittsburgh Penguins’ former ownership group continues to explore the possibility of buying back into the team, the Post-Gazette’s Jason Mackey broke down the potential pros and cons of the move. Fenway Sports Group has said that they’re only interested in selling a small portion of the Penguins, which appears to be something that interests Mario Lemieux and his former leadership group. However, Mackey wonders if there a path to where FSG would consider a full sale. There is precedent for FSG principal owner John Henry selling a team just a few years after purchasing it. As Mackey notes, in 1999, FSG purchased the MLB’s Marlins for $150MM, only to sell them three years later for $158.5MM. With the Penguins largely struggling since FSG’s purchase of the franchise, and the team now fully engaged in a rebuild, now could be the right time make a business decision. Even if Lemieux and his partners were to return as minority owners, Mackey emphasizes how meaningful that would be for the city.
Examining The Penguins’ Defense Core
The Pittsburgh Penguins started the offseason as one of the few teams considered more of a seller than a buyer. Despite that, Penguins general manager Kyle Dubas made some clever acquisitions in free agency and through trades, aiming to bolster a defense that was probably the weakest in the NHL last season. It’s uncertain if this group is any better than before, but they will look quite different when the puck drops in October. New head coach Dan Muse will have many options to choose from when he sets his starting lineup. But how exactly will that group come together?
You can’t talk about the Penguins’ defensive core without mentioning the status of three-time Norris Trophy winner Erik Karlsson, who may or may not be traded before training camp this fall. The Penguins would like to trade Karlsson (as per Josh Yohe of The Athletic), but they don’t see the 34-year-old as a liability and aren’t going to give him away for nothing, and rightfully so. The Penguins might trade Karlsson in the next two months, but if they don’t, they will face a logjam on the right side of their defense, which may not be the worst thing to start the season for various reasons.
The main benefit of having Karlsson is that it could lessen the load on veteran defender Kris Letang, who is coming off arguably the worst year of his career. The now 38-year-old posted nine goals and 21 assists in 74 games last season, marking the first time he didn’t reach 40 points since the 2016-17 season, when he scored 34 points in 41 games and suffered a season-ending neck injury. While injuries and age may have caught up with Letang, it’s also possible that he is being asked to do too much at this stage in his career, and trading Karlsson might not reduce his burden but could increase it. Pittsburgh has never really treated Karlsson as a top-pairing defenseman, but if they do keep him, it’s probably time to let Letang slide into the second pairing and move Karlsson up to the top unit. There’s also a remote chance that the Penguins could move Letang to the much weaker left side if they retain Karlsson, which they have tried in the past.
Behind Karlsson and Letang on the right side are newly acquired Connor Clifton and Matt Dumba, both of whom were salary dumps by their previous clubs. It’s tough to gauge how either man will fit in, but one or both will likely be playing on the third pairing. Clifton provides the Penguins with something they haven’t had in a defenseman for quite some time — a physical player who can throw hits. The 30-year-old struggled to find his game last season in Buffalo and needed a change of scenery this offseason. With one more year left on his contract, the Penguins hope he can rebound and become a valuable asset by the NHL Trade Deadline, making it likely they will shelter him on the third pairing to give him every chance to succeed.
The plan will likely resemble Dumba, who was once considered a top-pairing defenseman but is far from that now. He also plays with an edge, but doesn’t contribute much defensively or offensively beyond his willingness to shoot the puck. The move to acquire Dumba was mainly about the second-round pick that came with him, though he should still see time on the bottom pairing and could be moved up if the Penguins decide to part ways with Karlsson.
The interesting part on the right side involves Penguins’ defensive prospect Harrison Brunicke. The second-round pick in 2024 impressed many during his training camp last year, and he might be ready for NHL minutes this season. The 19-year-old probably won’t make the team due to the number of players on one-way contracts ahead of him on the depth chart. However, if he has another strong training camp, he could push his way onto the NHL roster. The Penguins are very high on Brunicke’s game and even see him as a potential future captain, but Yohe believes he will make his debut at the start of the 2026-27 season.
On the left side, the Penguins are a complete mess, and it all starts with Ryan Graves, who signed with Pittsburgh as a free agent on July 1st, 2023. At that time, the Penguins hoped the hulking defenseman would fit nicely alongside Letang and effectively replace the departing Brian Dumoulin. Things didn’t turn out that way, and Graves has been awful in Pittsburgh, sometimes becoming a healthy scratch and being sheltered from tougher competition whenever possible. His signing was the first mistake GM Kyle Dubas made during a summer that proved disastrous for the Penguins. Graves has been borderline unplayable over the last two seasons, and the hope in Pittsburgh is that the new coaching staff can improve his game and extract more than below-replacement-level play from him. Given the Penguins’ lack of high-end options on the left side, Graves will be given a long look to see if he can play a role in the Penguins’ top four.
Beyond Graves, there aren’t many options for Pittsburgh’s top four, but one player who might make it there someday is Owen Pickering. The 21-year-old doesn’t exactly wow with his play, but he showed last season that he’s probably ready to become a full-time NHLer. The 21st overall pick in 2022 played 25 games last season and didn’t look out of place, even though he was given challenging assignments on a very weak team. Pickering even saw some top-four minutes alongside Letang last season, but it will be tough for him to secure a full-time spot this season. Pittsburgh simply has too many players on one-way deals, and while Pickering’s future looks bright, he may have to spend another season in the AHL before earning a full-time role.
After Graves and Pickering, the Penguins have quite a bit of uncertainty on their blue line. This offseason, Pittsburgh signed Parker Wotherspoon to a two-year deal, along with Caleb Jones and Alexander Alexeyev. These players joined a crowded left side that also features Ryan Shea and Sebastian Aho. Among them, Wotherspoon and Shea likely have the best chances at NHL roles, but nothing is guaranteed. Alexeyev is an inauspicious addition, as he played only eight regular-season games last year, but he has good size at 6’4” and is a capable skater who can handle the puck. He might earn a spot on the NHL roster with a solid training camp.
The likeliest defensemen to start the season on the roster for the Penguins are Letang, Karlsson, Clifton, Dumba, Graves, Wotherspoon and Shea. Now, Penguins fans might not love the veteran-heavy defense core. Still, it will give all of the Penguins’ younger defensemen the chance to develop in the AHL with the Penguins’ forward prospects and could lead to something special for the Wilkes-Barre/Scranton Penguins.
Photo by Charles LeClaire-Imagn Images
Penguins' Connor Clifton Eager For Opportunity
When the Pittsburgh Penguins acquired defenseman Connor Clifton and the 39th-overall pick in the 2025 NHL Draft from the Buffalo Sabres in exchange for defenders Conor Timmins and Isaac Belliveau ahead of the 2025 NHL Draft, the biggest asset coming back to Pittsburgh appeared to be the pick. However, Clifton is working hard to make a name for himself with his new team.
- Clifton’s new team—for now—still includes Erik Karlsson, whose name has been a constant in trade rumors. While Karlsson has two years remaining on his contract, giving GM Kyle Dubas some flexibility, The Athletic’s Shayna Goldman notes that Karlsson’s age and the risk of a sudden decline could push the Penguins to move him sooner rather than later. As Goldman notes, the pool of quality defensemen available on the open market is drying up. At the same time, the number of teams with an urgent need for a top-pairing blueliner is also shrinking. The offensive-minded Karlsson put up 11 goals and 53 points for the Penguins last season, but also struggled with defensive breakdowns throughout the season.
Mantha Fully Recovered From ACL Tear; Penguins Tried To Sign Him Last Summer
While the Penguins are known to be selling, they did make an intriguing addition in free agency earlier this month as they signed winger Anthony Mantha to a one-year, $2.5MM contract with another $2MM in bonuses tied to games played. Speaking with reporters yesterday including Matt Vensel of the Pittsburgh Post-Gazette, the 30-year-old indicated that he has fully recovered from the torn ACL that ended his 2024-25 campaign after just 13 games. Mantha also noted that Pittsburgh showed interest in him last summer but he ultimately signed a one-year, $3.5MM pact with Calgary. With 303 points in 507 career NHL games, Mantha, if healthy, could be an intriguing piece for the Penguins next season, both as a player and a potential trade candidate.
Free Agent Profile: Matt Grzelcyk
After spending eight seasons with the Boston Bruins, defenseman Matt Grzelcyk signed a one-year prove-it deal with the Pittsburgh Penguins last offseason. While he got off to a slow start in Pittsburgh, Grzelcyk eventually found his stride, posting several career highs along the way, including points (40), blocked shots (101), and games played (82). He also averaged a career-high 20:37 of ice time per game.
For teams looking to add offense this late in free agency, Grzelcyk’s 40 points last season actually leads all remaining unsigned players. However, teams will truly be targeting a reliable third-pairing defenseman who can slide up the lineup and log big minutes when needed.
After a few disappointing seasons to end his stint with the Bruins, the Boston-native signed a one-year, $2.75 MM contract with Pittsburgh in hopes of rejuvenating his career. While he may not have done enough to earn a lucrative multi-year deal, Grzelcyk showed well despite Pittsburgh’s difficult situation and should still warrant a role with an NHL team in need of a left-handed depth option on the blue line.
As the top remaining free agent defenseman, Grzelcyk should find a new home soon. Grzelcyk, 31, is the only defenseman left on the board among ProHockeyRumors’ top 50.
Stats
2024-25: 81 GP, 1 G, 39 A, 40 PTS, -4, 16 PIMS, 101 blocked shots, 43 hits, 20:37 ATOI
Career: 527 GP, 26 G, 149 A, 175 PTS, +131, 253 PIMS, 542 blocked shots, 353 hits, 18:27 ATOI
Potential Suitors
While a reunion with the Penguins once seemed possible, the team’s recent addition of fellow veteran Matt Dumba may have officially closed the door on that option. While Pittsburgh has the cap flexibility to add Grzelcyk, the team currently has eight defensemen signed to one-way deals, with prospects Owen Pickering and Harrison Brunicke waiting in the wings. A hometown reunion with the Bruins also seems out of play, as Boston is limited in both cap space (approximately $2MM per PuckPedia) and need for a left-handed defender. With that said, plenty of other suitors should be in play, as contending teams like the Maple Leafs and younger teams looking to add veteran presence and leadership, such as the Blackhawks, could all benefit from Grzelcyk’s services. The Sharks appeared to be a potential fit for Grzelcyk at the start of free agency but have made blue line deals elsewhere this offseason.
Projected Contract
Before free agency, ProHockeyRumors ranked Grzelcyk as the 22nd-best free agent on the market, and predicted a three-year, $3.67MM AAV deal. He was ranked just ahead of Cody Ceci and Brian Dumoulin, who would both go on to sign multi-year deals with the Kings. However, this late in the process, Grzelcyk is probably more likely to land another one-year deal with a low salary. In fact, Grzelcyk may be looking at an identical contract to the one he signed in Pittsburgh last season, just south of $3MM.
Lemieux Remains Interested In Purchasing The Penguins
- While Fenway Sports Group has said that they’re only interested in selling a small portion of the Penguins, their old ownership group continues to look into the possibility of one day buying a controlling stake, reports Josh Yohe of The Athletic (subscription link). The group, led by long-time Penguin legend Mario Lemieux, sold the team back in 2021 with a franchise valuation of $900MM. Since then, franchise values have gone up with Forbes recently pegging the team’s value at nearly double that amount so re-acquiring even a controlling interest in the team might be costlier than what they received for it not quite four years ago.
Penguins Acquire Arturs Silovs From Canucks
The Pittsburgh Penguins have acquired goaltender Arturs Silovs from the Vancouver Canucks in exchange for forward prospect Chase Stillman and a 2027 fourth-round pick.
Pittsburgh will move to acquire a goalie just a few weeks after trading Alex Nedeljkovic to the San Jose Sharks in exchange for a 2028 third-round pick. In turning to Silovs, Pittsburgh finds a goalie who is both five years younger than Nedeljkovic, and more experienced in the playoffs.
Silovs stepped into the Canucks’ starting role during the 2024 Stanley Cup playoffs with only nine games of NHL experience under his belt, following an injury to Thatcher Demko. He posted one shutout, but otherwise managed a 5-5-0 record and .898 save percentage.
He found his way back to a split role in a crowded Abbotsford Canucks goalie room this season – but fought back into the role of playoff starter after posting a team-best .908 save percentage in 21 games. Back at the helm, Silovs drove Abbotsford to a Calder Cup Championship with a .931 save percentage and 16-7-0 record. He’s a red-hot hand with upside, who will seem to settle in between the role of AHL starter and NHL backup next season. That’s exactly the support Pittsburgh could use, allowing the team to bump Joel Blomqvist up to number-two on the depth chart while still maintaining competition for the backup role.
On the other side, Vancouver invest further into their depth forward group. Stillman was a first-round selection in the 2021 NHL Draft, after a weird draft year where eight games in Denmark’s U20 league, and seven games at the World U-18 Championship, was his only gametime. He returned to the OHL for two seasons following his draft selection, and totaled 97 points in 158 games split between the Sudbury Wolves and Peterborough Petes. He served as an assistant captain for both clubs.
Stillman turned pro with the AHL’s Utica Comets in the 2023-24 season. He recorded a modest 14 goals, 24 points, and 72 penalty minutes in 54 games as a rookie, but struggled to fight his way into a routine, top-end role in the lineup. Those challenges reached a peak on a caved-in Utica lineup this season. Stillman started the year with just nine points in 46 games with the Comets, prompting a move to the Penguins organization at the Trade Deadline. He was traded alongside Max Graham and a 2027 third-round pick in the deal that landed New Jersey Cody Glass and Jonathan Gruden.
Stillman continued to struggle in his move to the Wilkes-Barre/Scranton Penguins. He scored just three points in 21 games with the club, and will now find himself on the move once again. Luckily, he could be headed for a golden opportunity with Abbotsford, who will be looking for a replacement for Sammy Blais‘ top-six role. Blais scored 59 points across 74 games with the AHL’s Canucks last season, and his mix of grit and finesse was a major boost in the team’s run to a league title. Stillman will look to grab hold of that important role, while Silovs tries to find enough footing to jump to the NHL.
Erik Karlsson Open To Being Traded To A Handful Of Teams
With the Penguins known to be sellers this summer, there has been plenty of speculation about the future of some of their veterans. While wingers Bryan Rust and Rickard Rakell have been generating a lot of attention, one other veteran that seemingly could be in play is blueliner Erik Karlsson.
The 35-year-old has two years left on his contract with the Penguins responsible for $10MM of his $11.5MM cap charge and San Jose covering the remainder. Notably, a $5MM signing bonus this summer has already been paid, meaning his total cash compensation remaining is $11.5MM over the final two years combined, $1.5MM of which again is covered by the Sharks.
While Karlsson has a no-move clause, Chris Johnston of TSN and The Athletic recently reported in his latest podcast (audio link) that he is willing to be moved. However, he adds that there are only a few teams the veteran is willing to move to; Johnston didn’t identify any of the potential landing spots Karlsson would be amenable to going to.
While Karlsson hasn’t been able to come close to the 101 points he put up just two seasons ago, he’s still an above-average offensive blueliner, notching 56 and 53 points over the last two years while logging over 23 minutes a night. While he’s never been elite on the defensive side of things, he’s still a legitimate impact player.
To that end, Johnston notes that Pittsburgh isn’t viewing Karlsson as merely a cap dump. If he is to be moved, GM Kyle Dubas will be expecting a positive-value return and in the current environment, he has a good chance to land that. The UFA market for blueliners is largely dried up now while more than one-third of the league has the cap space to take on the remainder of his contract outright without salary retention. Meanwhile, if Pittsburgh were to retain some money or take players back, several more teams could get into the mix as well.
Depending on which teams Karlsson is willing to move to, Pittsburgh actually might have more realistic options than San Jose did two summers ago when very few teams had the ability to add the bulk of his contract. Despite the drop in production, that should have Dubas in decent shape in terms of trying to build some sort of market for his defender’s services, especially if there are suitors that value the cap hit being higher than the remaining cash outlay.
But, even in a salary cap environment that’s set to jump again considerably next summer, moving Karlsson for even close to full value will be a challenge. That said, the Penguins didn’t pay close to full value for him two summers ago when he was coming off his third Norris Trophy win. So, while Pittsburgh is in decent shape to get something of value for Karlsson, it’s unlikely they’ll get a key element to their rebuild in a package. And with Karlsson holding the cards with a full veto if he doesn’t want to go to a specific team, the Penguins could yet lose some leverage in discussions.
While it might make sense to wait for an in-season move if injuries strike, the summer is generally considered an easier time to make bigger moves work on the salary cap side. With that in mind, Karlsson is a player to keep an eye on in the coming weeks with teams still looking to add to their rosters in a market where demand greatly outweighs supply.
Stars Trade Matt Dumba To Penguins
The Stars are trading defenseman Matt Dumba and their 2028 second-round pick to the Penguins in exchange for defenseman Vladislav Kolyachonok, reports Elliotte Friedman of Sportsnet. Both teams have since announced the trade, which doesn’t include any salary retention.
Completing the deal will make the Stars cap-compliant for the 2025-26 season. Even if Dallas has Kolyachonok on its opening night roster, he costs the league minimum $775K against the cap.
That’s $2.975MM less than Dumba’s $3.75MM cap hit, since Pittsburgh takes on the totality of his salary with no retention on Dallas’ part. That savings puts Dallas, which is currently $1.79MM above the upper limit, back under the cap.
The Stars signed Dumba to a two-year, $7.5MM contract in free agency last summer, viewed as a risky commitment at the time after the 6’1″ righty had just 12 points and a -18 rating in 76 games with the Coyotes and Lightning the year prior. The fears around the contract were quickly realized. Dumba, who turns 31 later this month, had negative possession impacts everywhere he was deployed and was out of the lineup entirely by the time the postseason rolled around.
Dumba played 63 games for the Stars last season, averaging just 15:18 per game with a 1-9–10 scoring line. He logged a minus-five rating in what amounted to his lowest usage since his rookie campaign and was a healthy scratch for all 18 playoff games.
The best years of Dumba’s NHL career came as a top-pairing piece for the Wild, who drafted him No. 7 overall in 2012. He remained there through the beginning of his steep decline in the early 2020s, leaving for Arizona in 2023 in free agency on a one-year contract. After failing to re-establish his value there, he was flipped to the Lightning at the trade deadline for two late-round picks and finished out the year as a bottom-pairing piece in Tampa before signing in Dallas in the offseason.
Dumba’s best season came back in 2017-18 as a 23-year-old, when he finished 19th in the league in scoring among defensemen with 50 points in 82 games and tied for 10th with 14 goals. He also had 12 goals and 22 points in just 32 games the following year before an upper-body injury ended his season. His offensive production never recovered, averaging just 22.4 points per 82 games since returning.
It’s unclear if Dumba will have much of a role in Pittsburgh’s lineup next season. They have three right-shot defenders ahead of him on the depth chart in Connor Clifton, Erik Karlsson, and Kris Letang, although Karlsson is well-known trade bait this summer. If he remains in the picture, though, Dumba could start the season in the press box – or even on waivers and buried in the minors – unless someone shifts to their offside.
Dumba’s price tag is exceedingly steep for the No. 6/7/8 defender he is at this stage of his career, one Dallas simply couldn’t afford to shoulder with their cap crunch after extending Mikko Rantanen and retaining UFAs Jamie Benn and Matt Duchene. They part with a second-round pick to wipe his deal off the books one year early – a steep price considering the market for cap dumps this summer, although they do well in acquiring a serviceable depth piece in Kolyachonok. They’re now without a pick before the third round in 2028.
The Penguins already had a bit of a crunch among depth defensemen after signing Alexander Alexeyev, Caleb Jones, and Parker Wotherspoon in free agency. It isn’t surprising to see them unwilling to take on a defenseman without moving one out.
They picked up Kolyachonok, a 24-year-old 6’2″ lefty with some untapped two-way potential, off waivers from Utah in February last season. He didn’t get into much game action, though, recording two assists and a minus-five rating in 12 appearances while averaging 14:20 per game. There wasn’t going to be much opportunity for him in Pittsburgh with their aforementioned additions and younger, higher-profile names like Owen Pickering pushing for more NHL ice time.
Kolyachonok, a second-rounder in 2019, has 14 points in 74 career NHL games with a minus-seven rating and 72 hits. He’ll presumably compete with veteran Alexander Petrovic to exit training camp as the extra defenseman on the NHL roster.
Sean Shapiro of DLLS Sports was first to report the Stars and Penguins were working on a trade centered around Dumba and Kolyachonok.
Image courtesy of Jerome Miron-Imagn Images.
Teams Maintain Interest In Penguins’ Rakell And Rust
With the main wave of free agency behind them, teams that missed out on big-name signings may now be shifting their focus to the trade market. And at the top of that list are Pittsburgh Penguins forwards Bryan Rust and Rickard Rakell, the Fourth Period reports.
Trade speculation surrounding both players isn’t new, especially given that the Penguins are one of the few teams currently in a rebuilding phase. While GM Kyle Dubas hasn’t explicitly stated that either player is off-limits, it’s believed the Penguins would need to be blown away by an offer to part with them. There doesn’t appear to be immediate urgency to move either winger, especially since both have team-friendly deals.
Rust has three years remaining on his contract, which comes with a $5.125MM AAV. The 33-year-old is coming off a career-best season, posting 31 goals and 65 points in 71 games. He has spent his entire career in the Penguins organization after the team selected him in the third round (80th overall) in the 2010 draft. In 638 career games, he’s recorded 427 points, with his 203 goals ranking ninth in franchise history. Rust also excels as a penalty killer and has a history of elevating his game and scoring timely goals in the playoffs. While Rust has expressed interest in remaining in Pittsburgh, his no-trade clause recently expired, thus taking that decision out of his hands.
Rakell bounced back with a strong 2024-25 season after a down year the previous season. In 81 games, Rakell posted a career-best 35 goals and 70 points in 81 games last season, mainly playing alongside Rust and Sidney Crosby. The sharpshooting right winger has three years remaining on an extremely team-friendly $5MM AAV contract. Rakell has eclipsed the 30-goal plateau three times in his career, and the 20-goal mark six times.
Several teams have been recently linked to the duo, including the Hurricanes, before inking Nikolaj Ehlers to a new six-year contract. The Fourth Period also includes Toronto, Los Angeles, San Jose, New Jersey, Buffalo, and Seattle among the teams looking to upgrade their top-six.
While Dubas and the Penguins’ front office would need to be impressed to make a move, with over $15 million in cap space (per PuckPedia), they could be open to taking on a large salary if it sweetens the deal and keeps the other team cap-compliant.