Erik Karlsson

The Penguins have star defenseman Erik Karlsson‘s name on the trade market and would move him “in a heartbeat” if the opportunity arises, sources tell Josh Yohe of The Athletic.

A move would mark the third trade of the three-time Norris Trophy winner’s career and the second within two years. Pittsburgh acquired him from the Sharks following his renaissance 2022-23 campaign when he erupted for a career-high 76 assists and 101 points on a San Jose team that won just 22 games. They paid a significant price to do so in the three-deal deal with the Canadiens, parting ways with assets like a 2024 first-round pick and serviceable backup, Casey DeSmith, but also partially shedding some dead-weight contracts like Mikael Granlund‘s and Jeff Petry‘s.

That return meant the Sharks aren’t retaining much salary on the high-paid, aging defenseman. His initial cap hit of $11.5MM, attached to his contract that runs through the 2026-27 season, was reduced to $10MM for Pittsburgh. As Yohe reports, the Penguins must retain additional cash to move him. For a contract with two years left on it, there’s a limit to how far they’re willing to go. They only have one salary retention slot remaining until Petry’s and Reilly Smith‘s deals come off the books on July 1. If he moves before the deadline, they won’t be able to retain additional salary on potential trade chip Rickard Rakell.

Any trade talk could also be thrown out the window if Karlsson isn’t willing to waive his no-movement clause upon being asked. He initially waived it to facilitate the move to Pittsburgh, but it travels with him, retaining his power to block a move or waiver placement. While “many assume he would be willing to move on if asked,” Karlsson “seems to genuinely like playing for the Penguins,” Yohe said.

In any event, he and Rakell will remain Pittsburgh’s highest-value trade bait heading into the March 7 deadline after they shipped Marcus Pettersson and Drew O’Connor to the Canucks a few weeks ago. Any rumors regarding players like Kris Letang‘s or Bryan Rust‘s availability are unfounded, as Yohe adds general manager Kyle Dubas remains unwilling to ask them to waive their NMCs before the end of the season.

Individual defensive acumen has always been Karlsson’s biggest weakness, and it’s come to a head in Pittsburgh amid his age-34 season. The dynamic Swede remains a minute-muncher, averaging over 23 minutes per game for the Pens, but his overall possession numbers have continued to deteriorate. He remains an above-average player in that regard because of the sheer amount of offense he generates, though, logging a 52.4 CF% and -2.0 expected rating at even strength that still checks in above a good chunk of his Penguins teammates.

That, plus his three points in three games for Sweden at the 4 Nations Face-Off, is beginning to draw out trade interest, Yohe writes. A move remains possible ahead of the deadline but is more likely to happen this summer, a league executive told him.

Karlsson has played in all 59 games for the Pens this season and hasn’t missed a game since the 2021-22 campaign, so injury concerns won’t be much of a limiting factor. But after his explosion in San Jose, he’s averaged just 56 points per 82 games as a Penguin. He still leads Pittsburgh defenders with 6-34–40 this year, and a good portion of that has come at even strength. Whether that’s enough point production to sway teams to take a flyer on him at a cap hit that’s still likely to be in the $7MM-$8MM range with retention remains to be seen.

Image courtesy of USA Today Sports.