Pittsburgh Penguins Acquire Erik Karlsson In Three-Team Deal
The Erik Karlsson trade saga is finally over. The Pittsburgh Penguins have acquired the 2023 Norris Trophy winner from the San Jose Sharks, according to Daily Faceoff’s Frank Seravalli. Sportsnet’s Elliotte Friedman reports the Montreal Canadiens are involved in the trade to aid in salary considerations. Pittsburgh later officially announced the massive deal, which includes 12 parts and breaks down as follows:
PIT receives: D Erik Karlsson, F Rem Pitlick, F Dillion Hamaliuk, 2026 third-round pick (SJS)
SJS receives: 2024 first-round pick (PIT, top-ten protected), F Mikael Granlund, D Jan Rutta, F Mike Hoffman
MTL receives: 2025 second-round pick (PIT), D Jeff Petry, G Casey DeSmith, F Nathan Legare
San Jose is retaining $1.5MM of Karlsson’s $11.5MM cap hit through 2026-27. Montreal is retaining no salary on Karlsson in this trade, meaning the Penguins have Karlsson at a massive $10MM cap hit for four more seasons. Pittsburgh also retains $1.5625MM, or 25%, of Petry’s cap hit. Montreal will have him at a cap hit of $4.6875MM through 2025.
Sportsnet’s Eric Engels also believes Montreal is not Petry’s final destination. The Canadiens are likely to flip their former number-one defenseman before next season starts, potentially retaining up to 50 percent on his already reduced cap hit, making him cost just $2.34MM against the cap for his new team.
Pittsburgh has a net cap hit loss of $3.1MM in this trade, per CapFriendly. By doing so, they’ll likely be able to activate Jake Guentzel and his $6MM cap hit from LTIR when he’s ready to return to the ice in November without making any corresponding moves. CapFriendly projected Pittsburgh with $2.75MM in cap space, with Guentzel on LTIR to start the season.
Karlsson, 33, ended an up-and-down five-year stint with the Sharks on a high note. Despite playing on a bottom-five team in the league, Karlsson’s 101 points in 82 games were the most from a defenseman in a single season since Brian Leetch in 1991-92. Once viewed as the best defenseman in the NHL during his time with the Ottawa Senators in the mid-2010s, the Sharks acquired him in a blockbuster deal in 2018 and later extended him on a massive eight-year, $92MM contract, giving him the highest cap hit in the league among defensemen.
However, it was a decision that failed to pan out the way San Jose envisioned, as Karlsson struggled with injuries during most of his time in California. To make matters worse, the team around him also crumbled as the Sharks fell out of yearly playoff contention for the first time this millennium.
Pittsburgh hopes Karlsson’s turnaround last season has given him renewed confidence heading into the latter half of his contract – assuming his recent injury history doesn’t come back to bite him. 2022-23 was the first time Karlsson had played in 70-plus games since 2017-18, his last season with the Senators.
Many will be concerned with Karlsson’s defensive misgivings, but some slightly reduced ice time in Pittsburgh should lessen his negative impact on the team’s goals-against total. Likely to slot in on the team’s second pairing behind Kris Letang, Karlsson should be paired with either Marcus Pettersson or free-agent acquisition Ryan Graves on the left side, both players with strong defensive reputations. Advanced metrics peg Pettersson near the top of the league in terms of his individual even strength defensive impact.
Pitlick could be an under-the-radar add for Pittsburgh in this deal from Montreal. While he’s far from being a long-term fixture, he is on the younger side (in Pittsburgh, at least) at 26 years old and will add some higher-upside depth scoring to a Penguins lineup that needs it, especially with Guentzel on the shelf to start the year. In 2021-22, Pitlick notched 15 goals, 22 assists and 37 points in 66 games split between the Canadiens and Minnesota Wild. He’s struggled to develop an all-around game at the NHL level, though, and he’s more of a finishing and playmaking specialist than anything else. His overall play-driving impacts are poor, and it led to Montreal stashing him in the minors for a fair bit of last season. There, he registered 22 points in 18 games with the AHL’s Laval Rocket.
Hamaliuk, 22, once had a fair bit of upside – after all, San Jose thought he warranted a second-round selection in the 2019 NHL Draft. Injuries and middling performance since turning pro have wiped out nearly all of his stock, though. He played in just six games last season, all in the ECHL with the Wichita Thunder, although he did look good in limited action with seven points. The Penguins will likely watch him closely in the minors with the AHL’s Wilkes-Barre/Scranton Penguins next season to see if he can recapture some of his former potential.
For the Sharks, trading Karlsson while only retaining $1.5MM is a solid bit of work for general manager Mike Grier. However, the return is rather underwhelming – a likely mid-first-round pick and a trio of depth NHL assets that won’t amount to much value for a rebuilding team. They’ve essentially taken on two bad contracts and a depth defender to rid themselves of long-term financial pain, as despite his elite skill, Karlsson absolutely did not factor into the franchise’s long-term plans post-rebuild.
The trade does provide a fresh start for Granlund, a former top-six fixture who struggled mightily after heading to the Penguins from the Nashville Predators at last year’s trade deadline (just five points in 21 games). He is just one campaign removed from a 64-point season, however, and although his possession metrics are quite poor, he does still carry a fair amount of raw skill that could see him once again elevate into a top-six role on a weak Sharks team, potentially playing alongside Alexander Barabanov and Logan Couture. With two seasons left at a $5MM cap hit, the Sharks could look to flip him at the 2024 trade deadline if he has a strong season, likely with significant salary retention. However, as CapFriendly notes, San Jose has just one of their three salary retention slots remaining for the next two seasons after also retaining salary on Brent Burns when they traded him to the Carolina Hurricanes last summer. In total, the Sharks are left with $7.745MM in dead cap space this year after the two salary retentions, plus the buyouts of goalie Martin Jones and forward Rudolfs Balcers.
Rutta is under contract at $2.75MM for two more seasons, and he’ll likely give the Sharks a fair amount of value. The two-time Stanley Cup champion with the Tampa Bay Lightning could very well step into a top-four role for the Sharks, who will likely roll three pairings by committee this season in the absence of a clear number-one defender. Rutta recorded nine points in 56 games for the Penguins last season, his only season in the Steel City while averaging 17:07 of ice time per game. Pittsburgh signed the 33-year-old to a three-year, $8.25MM contract in free agency last summer.
Clearing Hoffman’s $4.5MM cap hit for this season off the books is a solid bit of business for the Canadiens, who were rumored to be considering waiving Hoffman ahead of next season and assigning him to the AHL’s Laval Rocket. There’s no guarantee he’ll be able to escape the same fate with San Jose, however. The Sharks will undoubtedly prioritize roster spots for younger wingers like William Eklund, Filip Zadina and Fabian Zetterlund, leaving Hoffman without a clear place among the Sharks’ top 12 forwards. Now 33, Hoffman did manage 14 goals and 34 points in 67 games for Montreal last year, but he ranks among the worst play-driving forwards in the league and is solely a power-play specialist at this stage in his career. Some will remember this is technically Hoffman’s second stint as a member of the Sharks organization – San Jose acquired him from Ottawa for a few hours in 2018 before flipping him to the Florida Panthers.
Now, moving on to Montreal, who became an unexpected major player in this deal. Petry may not remain with his former team, as mentioned earlier, and DeSmith may not either. He’s a puzzling addition for a team that already has Sam Montembeault and Jake Allen manning the crease, although Pittsburgh did need to move out a goalie after signing Alex Nedeljkovic in free agency, giving them three NHL goalies on their roster. However, Montreal now faces the same predicament, and DeSmith is unlikely to supersede Allen or Montembeault on the team’s depth chart. If they don’t flip him to another team looking for a backup netminder, DeSmith could be waived to start the season and end up with Laval. He started a career-high 33 games for Pittsburgh last season, and the 31-year-old recorded a 15-16-4 record, .905 save percentage, and no shutouts.
Legare is a depth addition who will suit up for Laval next season. The 22-year-old third-round pick of the Penguins in 2019 is still finding his footing in the minors. Last season, he posted eight goals, 11 assists and 19 points in 68 games with AHL Wilkes-Barre/Scranton.
Photo courtesy of USA Today Sports Images.
Penguins, Sharks Getting Closer To Erik Karlsson Trade
With the window for the Pittsburgh Penguins to clear cap space via a buyout closing today, rumors around the team closing a deal that would bring all-world defenseman Erik Karlsson to Pennsylvania are continuing to heat up. The team is making a “legit attempt” to get a trade done today, Elliotte Friedman of Sportsnet says. Friedman expects a third team to be involved in the transaction to help facilitate any salary cap issues.
During a TV appearance on NHL Network earlier this week, Friedman said that “clarity” could come on a Karlsson trade as soon as this weekend. Considering the general reporting on Karlsson has focused significantly on the Penguins over the past few weeks, it’s beginning to seem like an eventuality that a deal will get done, even if the teams involved can’t iron out all the details today. Karlsson acknowledged that the Seattle Kraken and Toronto Maple Leafs were also in trade talks with San Jose last month. At the same time, the Carolina Hurricanes were widely believed to be in discussions to acquire this year’s Norris Trophy winner.
However, there’s still no indication of what the final trade will look like. Undoubtedly, it’ll become quite a complex deal with multiple salary cap-related maneuvers necessary. Even with winger Jake Guentzel projected to start the season on LTIR, CapFriendly projects the Penguins with just over $2.75MM in cap space, making it a tight fit for Pittsburgh even if they buy out Mikael Granlund today or move him to the Sharks in the final trade. San Jose has expressed unwillingness to retain significant salary in the deal, meaning Pittsburgh will likely have to pay an extra draft pick to a third team to retain additional cash, as Friedman alluded to today. The Penguins will also need to find the cap room to activate Guentzel about a month into the season when he’s slated to return.
Acquiring Karlsson would, at the moment, give Pittsburgh one of the most offensively potent right-side defenses in the league with Karlsson, Kris Letang and Jeff Petry. Petry is not expected to be involved in the pending trade, with previous reports indicating the Sharks are on his 15-team no-trade list. It’ll also be one of the most expensive right sides in the league, with Letang and Petry already costing a combined $12.35MM against the cap.
As a reminder, Karlsson is under contract for four more seasons at an $11.5MM cap hit. The Sharks and a third team are expected to retain at least a combined $3.5MM to bring Karlsson’s cap hit in Pittsburgh down to $8MM or less.
Pacific Notes: Karlsson, Kraken, Oilers
Sharks defenseman Erik Karlsson has made it known he’d like to move to a team that has an eye on winning now. But with four years left on his contract at a cap hit of $11.5MM, a trade is proving to be difficult to do. In his latest piece for NBC Sports Bay Area, Sheng Peng examines another possibility for both sides, a mutual contract termination. He’d be walking away from the remaining $39MM in salary but coming off a Norris Trophy-winning season, it stands to reason he could get a big chunk of that back over the next several seasons with a team that’s more of his choosing. On the flip side, the Sharks wouldn’t get anything in return but would save a significant amount of cash that they’d otherwise be retaining to help facilitate a move. It’s not the likeliest of options at this point but if a viable trade fails to materialize, perhaps it’s an option that is considered at some point.
More from the Pacific:
- Seattle is one of the teams where the backup goalie is not yet set in stone for next season with veteran Chris Driedger set to battle the recently re-signed Joey Daccord for the spot. Geoff Baker of The Seattle Times suggests that the Kraken would be better off with Daccord in the second-string position from an organizational depth perspective since there’s much less of a risk of Driedger and his $3.5MM AAV being claimed than it is for Daccord and his $1.2MM price tag. Daccord was the better of the two goalies with AHL Coachella Valley last season but Driedger’s NHL career numbers (2.45 GAA, .917 SV% in 65 games) are certainly better than Daccord’s (3.64 GAA, .884 SV% in 19 appearances).
- Even with the salary cap expected to rise faster starting in 2024-25, it will certainly be difficult for the Oilers to keep both Connor McDavid and Leon Draisaitl in the fold. Postmedia’s David Staples posits that both middlemen – who could conceivably command the maximum 20% of the cap on their next contracts if they looked to get top dollar – might have to settle for something in the 14% range which, depending on how much the cap moves, could put their contracts both in the $12.5MM territory which is what McDavid is currently making. Can a team with two deals at that price point still have enough depth to seriously contend? That’s a question Edmonton certainly hopes they’ll have a chance to answer. Draisaitl is signed for two more years while McDavid is under contract for three more seasons.
“Clarity” On Erik Karlsson Trade Could Come This Weekend
The Pittsburgh Penguins could finally be inching closer to landing defenseman Erik Karlsson with a second buyout window opening for the team this weekend. The pursuit of Karlsson by the Penguins, Carolina Hurricanes and others has been a dominant storyline for the past two months, and now there’s a sense that some clarity might be on the horizon, Sportsnet’s Elliotte Friedman said on NHL Network yesterday.
Now armed with some additional salary cap flexibility thanks to Jake Guentzel‘s ankle injury that should place him on LTIR for the first month of the season, the Penguins have more dice to roll in regard to a Karlsson deal. The team could also free up more space through that second buyout window, using one on someone like Mikael Granlund, who’s locked in at a $5MM AAV for two more seasons. It would be a change in pace for GM Kyle Dubas, though, who’s expressed publically he’s hesitant to go the buyout route. As GM of the Toronto Maple Leafs, he offloaded a first-round pick for the Carolina Hurricanes to take and buy out the final season of Patrick Marleau‘s contract in 2019.
That being said, there aren’t a whole lot of other options for the Penguins to free up enough space to make a deal unless the Sharks are willing to take on a bad contract or two in return. The latter is unlikely, given they’re undoubtedly going to retain more salary than they’re comfortable with to facilitate a Karlsson trade. With Friedman hearing there’s increased activity this week on the Penguins/Karlsson train, it’s not hard to connect the dots on Dubas’ potential cap-clearing plans.
While the list of teams connected to Karlsson is largely public knowledge at this point, what a potential deal could look like isn’t. It’s been reported multiple times that San Jose will likely have to retain at least $3.5MM of Karlsson’s $11MM cap hit for four more seasons to move him out, but other than that, it’s anyone’s guess as to what amount of roster players, picks, and prospects it’ll take to win a bidding war for last year’s Norris Trophy winner.
Speculatively, one player who could head to San Jose is 23-year-old defenseman Ty Smith. The 2018 17th-overall pick burst onto the scene with 23 points in just 48 games during his rookie season with the New Jersey Devils in 2020-21, but he struggled heavily on the defensive end of things the following season and was traded to Pittsburgh in 2022. He spent most of last season in the minors, only skating nine games with the Penguins, but he’ll need waivers to return there next season if he can’t find a spot in the NHL lineup. On a team with paper-thin defensive depth such as San Jose, he’d likely immediately factor in as a top-four threat.
It’s worth noting that Pittsburgh also has all six of their first- and second-round picks in the next three drafts.
Erik Karlsson Has Spoken With Numerous Teams About A Trade
For the past few weeks, there have been suggestions that Pittsburgh and Carolina are the two front-runners to land Sharks defenseman Erik Karlsson. However, the blueliner himself revealed to SportExpressen’s Adam Johansson that he has spoken to several other teams about the possibility of a swap. The two that he noted specifically were Seattle and Toronto while he acknowledged that there are a few others as well.
Karlsson has been in trade speculation dating back to before the trade deadline with San Jose squarely in a rebuild and the 33-year-old coming off a surprising career year. Last season, Karlsson became the first defenseman in more than three decades to surpass the 100-point mark, helping him take home his third career Norris Trophy.
In doing so, he presented the Sharks with an opportunity to trade his contract, a scenario that didn’t seem all that feasible just a year ago. Karlsson is on the richest deal for a blueliner in NHL history, one that still has four years remaining at a cap hit of $11.5MM. Even though it was a front-loaded pact, there is still nearly $40MM in total compensation owed to him. That’s a particularly notable figure as while there is an expectation that San Jose will need to retain some money, it isn’t going to come close to the maximum allowable of 50% as they’re not going to pay Karlsson nearly $20MM over the next four years not to play for them.
Of course, that also complicates things on the trade front as none of the Hurricanes, Penguins, Maple Leafs, or Kraken have anywhere near enough cap space to take Karlsson on outright. They will need the Sharks to retain a sizable piece while sending a significant salary offset or two to San Jose in order to make the money work. Clearly, it’s a process that is taking some time.
When asked by Johansson if he had a preferred destination, Karlsson declined to provide one, only saying that he knows what he and his family wants and that he hopes he gets that chance. Long citing his desire to land with a contender, wherever (and whenever) he goes, Karlsson should be landing with a team that’s much closer to playoff contention than San Jose currently is.
Update On Erik Karlsson To Pittsburgh Rumblings
Rob Rossi of The Athletic wrote a column today with regard to the Erik Karlsson trade saga. While many of the updates offered were hardly surprising, there were a few pieces of information that gave some insights into how the Pittsburgh Penguins became involved in the trade talks. Pittsburgh always seemed like a team that couldn’t squeeze a player with Karlsson’s cap number into their lineup, but based on the recent reporting it appears that they are the front-runner.
Rossi begins the article by dropping the news that Kyle Dubas reportedly identified Erik Karlsson as a trade target while he was in the interview process with Penguins ownership. Now, aside from the Tristan Jarry extension to this point much of Dubas’ work has been to tinker around the edges of the Penguins lineup. But it does appear that he’s built up the club’s depth in the bottom six and their defense core for the possibility that some players could be shipped out very soon.
Another newer piece of information that Rossi mentions is that Sidney Crosby and Kris Letang have reportedly endorsed the potential Karlsson acquisition and in Letang’s case, he’s even agreed to make changes to his own role within the Penguins lineup. If a potential trade were to go through, Letang would remain as Pittsburgh’s number one defenseman, however, Letang would change his powerplay role to allow Karlsson to quarterback the Penguin’s powerplay.
San Jose was also reportedly interested in defenseman Marcus Pettersson being part of a potential blockbuster, however, Dubas has squashed that notion thus far as head coach Mike Sullivan sees Pettersson and newly acquired defender Ryan Graves as the top two options for the left side of Pittsburgh’s defensive group. Pettersson was terrific for Pittsburgh last season after seeing his name all over trade rumors boards for much of the summer of 2022.
Lastly, Dubas apparently wants to put top-5 protection on any first-round pick he trades in a Karlsson deal and has reportedly floated the idea of putting other conditions such as home-ice advantage on lower-round draft picks that could be involved in the deal.
While it appears that the Penguins are still the front-runner to land the reigning Norris Trophy winner, it doesn’t appear that a trade is imminent anytime soon. Pittsburgh would have to navigate an awful lot of moving parts to push the trade through, however, as we’ve seen in the past these trades can come together quickly when teams are motivated to make the move happen. Regardless of the outcome, it does look like Dubas has plans to continue his makeover of the Penguins roster before the start of the 2023-24 season.
Penguins Notes: Karlsson, Guentzel, O’Connor
Josh Yohe of The Athletic writes that all is quiet on the Erik Karlsson trade talks, but the Pittsburgh Penguins remain very interested in the reigning Norris Trophy winner. Yohe doesn’t know whether a deal will materialize quickly or if it could drag out all summer, but Mark Madden has one theory on the matter that Tim Benz writes about in the Pittsburgh Tribute-Review. Madden says that his sources have told him that the San Jose Sharks have the Penguins and the Carolina Hurricanes’ best offers and everyone is in a holding pattern to see if the Sharks will crack and take one of the deals.
Kyle Dubas and the Penguins would clearly love to complete a deal, but they do have a reasonably good top-4 defensive group should they miss out on landing Karlsson. While trading for Karlsson would dramatically improve the Penguins offense, they do have a good fallback option should he end up elsewhere. At the moment, Pittsburgh has Jeff Petry penciled in on the right side of their second pairing, and while he didn’t play up to his $6.25MM cap hit last year, his pairing with Marcus Pettersson was quite good.
In other Penguins notes:
- Yohe writes in The Athletic that the Penguins and pending unrestricted free agent forward Jake Guentzel have had no talks on a contract extension for the two-time 40-goal scorer. Yohe doesn’t find this surprising given that acting Penguins general manager Kyle Dubas has been busy taking care of other business and adds that he and Guentzel’s agent have a good working relationship. Yohe’s sense is that the Penguins’ veteran players want Guentzel in the fold long-term, and he figures that the two sides will come to an agreement on an extension in the not-too-distant future. Guentzel has scored 76 goals in the past two seasons and has been the most productive winger that Sidney Crosby has played with, however, he is small in stature and will be 30 years old by the time his next contract kicks in. He will also be looking to cash in on what is likely to be the last lucrative long-term deal he will sign.
- Dan Kingerski of Pittsburgh Hockey Now wonders if the outcome of restricted free agent Drew O’Connor’s contract negotiations is tied to the Penguins’ desire to facilitate a trade for a defenseman. O’Connor filed for arbitration a few weeks ago meaning that once his case is settled or he re-signs it will open a second buyout window for the Penguins. Pittsburgh currently sits over the salary cap even with O’Connor unsigned but could buyout one of their undesirable contracts to create space once O’Connor puts pen to paper. The 25-year-old isn’t expected to demand much of a cap hit as he posted just five goals and six assists in 46 games last season and spent a good chunk of the year in the AHL, however, the days after he signs his next deal could send shockwaves through the NHL.
Snapshots: Karlsson, McCudden, Valiev
Last week, we covered growing rumors that the Pittsburgh Penguins were pursuing a trade for San Jose Sharks defenseman Erik Karlsson, the 2023 Norris Trophy winner. Today, The Athletic’s Josh Yohe reported some new details on the Penguins’ Karlsson chase, writing “the Penguins were extremely close to landing Karlsson on July 1” and that “a deal was close to being completed that morning.” (subscription link) It’s long been speculated that a third team would be necessary for the Penguins to be able to absorb Karlsson’s cap hit, so it’s possible that this reported deal fell through due to cap-related considerations.
Given just how difficult moving money between teams has been due to the flat-cap environment, it’s no surprise Karlsson remains on the Sharks’ roster nearly two full weeks after that deal was nearly completed. What Yohe’s report indicates, though, is that the Penguins are earnest in their efforts to acquire Karlsson and that the possibility he joins Kris Letang and Ryan Graves on Pittsburgh’s blueline is more realistic than some might think.
Some other notes from across the hockey world:
- The Columbus Blue Jackets announced this morning that assistant coach Kenny McCudden has departed the organization. Blue Jackets GM Jarmo Kekalainen issued a statement that added some clarity to the situation. McCudden was entering the final year of his contract and was slated to work on new head coach Mike Babcock’s staff. In his statement, Kekalainen indicates McCudden had a “desire to either sign a contract extension or look at other opportunities,” while Kekalainen’s preference is that “everyone [on the coaching staff] gets to know each other before deciding on extensions.” So, with those two opposing preferences laid out, McCudden’s departure seems to have been the natural outcome. Now he will seek other opportunities after coaching for eight seasons in Columbus and helping contribute to what was arguably the most successful period in franchise history under former head coach John Tortorella.
- Former Toronto Maple Leafs defenseman Rinat Valiev has been traded in the KHL. According to the KHL’s Admiral Vladivostok, Valiev has been acquired by Ak Bars Kazan, his former club, for monetary compensation. Valiev, 28, left North American pro hockey after the 2019-20 season and didn’t play in 2020-21. He spent 2021-22 mostly with Ak Bars Kazan, skating in two games for their KHL team and 23 games in the VHL, the league below the KHL. Valiev signed a two-year deal with Vladivostok in advance of 2022-23 but played in just 18 games this past season and just two in the 2023 calendar year. He’s been sent back to Ak Bars Kazan and will hope to feature more regularly in their KHL lineup in 2023-24.
Latest On Erik Karlsson Trade Talks
Sportsnet’s Elliotte Friedman reported today on the NHL Network that the San Jose Sharks remain steadfast in their efforts to trade reigning Norris Trophy winner Erik Karlsson. Friedman goes on to say that the Carolina Hurricanes and Pittsburgh Penguins are the two teams that the Sharks are talking to and adds that Carolina may need to work out of a move for defenseman Brett Pesce to acquire some assets to complete a Karlsson deal.
On the Pittsburgh side of things, Josh Yohe of The Athletic wrote an article today that outlined why Erik Karlsson is the type of player that general manager Kyle Dubas needs to acquire. Yohe highlights exactly why Karlsson is the right player for the team and the situation the Penguins are currently in. While most of Yohe’s article is in defense of the Penguins acquiring the defenseman, he also adds a couple of pieces of information regarding a potential move. Yohe says that any move Pittsburgh makes for Karlsson would be complex and would involve a third team, which is no surprise given that Karlsson is owed $11.5MM annually for the next four seasons.
Friedman reported Tuesday on his 32 Thoughts Podcast that one hold-up to the potential deal was that teams wanted the Sharks to retain more of Karlsson’s cap hit. He went on to add that at the trade deadline in March San Jose was willing to retain between 18-20% of Karlsson’s cap hit to facilitate a deal. Friedman believes the Sharks will need to retain closer to 30% of the deal which would turn Karlsson into an $8MM player for the acquiring team, and should net the Sharks a better return. Something they are open to. Friedman also reported today on the NHL Network that he believes the Sharks have pursued unrestricted free-agent defenseman Matt Dumba as a possible replacement for Karlsson.
At this point, it almost feels as though the Penguins must acquire Karlsson. Not only would they block Carolina from adding Karlsson to their already stacked defensive unit, but it would help to jump-start their offence which became stale last year for long stretches. Pittsburgh feels like a team that needs a jolt as they have been unable to get out of the first round of the playoffs since 2018 and didn’t even qualify for the postseason last year. Adding a 101-point defenseman would also alleviate some of the offensive pressure off Sidney Crosby, Evgeni Malkin, and the rest of the Penguins’ top-6 forward group who almost single-handily carried the team last season. And while Dubas has been busy overhauling the black hole that was the Penguins’ bottom six, he still hasn’t added much in the way of offensive firepower.
Multiple Teams Engaging In Erik Karlsson Trade Talks
An expectedly hot trade market could soon see a rather Earth-shattering trade. Newly-crowned Norris Trophy winner Erik Karlsson of the San Jose Sharks has been on the trade block for quite some time, and he’s made it known he’d like to get dealt to a contender.
Now, we have some clarity on some teams EK65 could suit up for next season. The Toronto Maple Leafs, Carolina Hurricanes, and Seattle Kraken have reportedly initiated discussions with the Sharks regarding the possibility of acquiring the star defenseman, says Pierre LeBrun of The Athletic. LeBrun also indicates, though, that Karlsson has not yet provided Sharks general manager Mike Grier with a list of preferred destinations, leaving the trade negotiations as an “open canvas.”
Karlsson boasts a massive $11.5MM cap hit through 2027 and has long been considered one of the most dynamic defensemen in the league. However, injuries had plagued the Swedish defenseman in recent seasons, dampening his on-ice impact. 2022-23 saw him shake off most of the rust, though, becoming the first defenseman to record 100 points in a season since Brian Leetch in 1991-92. Nevertheless, his defensive deficiencies combined with the concern for re-injury will likely involve the Sharks, and potentially a third party, retaining massive amounts of his salary.
The Maple Leafs are definitely the team who would need the most help via salary retention to get a deal done. They are slated to have around $14.75MM in cap space with defenseman Jake Muzzin headed for long-term injured reserve, but they need to fill at least five roster spots at forward and get a new contract signed for netminder Ilya Samsonov. A trade, however unlikely it may seem, could include T.J. Brodie, who’s locked in at a $5MM cap hit next season and is a UFA in 2024. Karlsson would essentially replace his spot in the lineup.
Few teams would complement Karlsson’s puck-moving style as well as Carolina. This is likely a fallback option for them if they can’t reach an extension with Brett Pesce, although it’s hard to imagine two players at further ends of the defense spectrum. One would have to wonder about the necessity of acquiring Karlsson for the ‘Canes, though, as a former teammate of Karlsson’s, Brent Burns, is already under contract through 2025, and they’re still working on acquiring Anthony DeAngelo from the Philadelphia Flyers (which, legally, can’t be completed for another few weeks for cap circumvention purposes).
As for the Kraken, the budding franchise has apparently wasted no time in trying to solidify themselves as a championship contender after winning their first playoff series this spring. They’ve got a bevy of talented forwards and a true four-line attack, but their biggest roster hole lies with a second-pairing right-shot defenseman behind shutdown stalwart Adam Larsson. They do have the cap room to make it work – their only notable expenditure this offseason will be re-signing blueliner Vince Dunn, which could cost them around $7MM per season. It still would leave them with about $13MM in cap space and very few other roster holes to fill, making this a very doable task for the Kraken with 35-50% salary retention.
More to come…