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Pittsburgh Penguins Acquire Erik Karlsson In Three-Team Deal

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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

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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.

Could Karlsson Consider Contract Termination If He Isn't Traded?

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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.

Crafting A Hypothetical Erik Karlsson Trade To Penguins

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Earlier today, Elliotte Friedman of Sportsnet reported that some “clarity” is expected on the Erik Karlsson trade speculation by this upcoming weekend. It will end just over two months of heavy trade speculation, and all signs point to Karlsson heading East to join the Pittsburgh Penguins.

In other news from Pittsburgh this morning, even though it is never a positive for a player to get injured, strictly speaking financially, the Penguins will open up $6MM in cap space due to forward Jake Guentzel’s ankle surgery, landing him on LTIR to begin the regular season. Once Guentzel is put on LTIR at the beginning of the season, Pittsburgh will have just under $2.8MM in salary cap wiggle room.

Now, with any hypothetical Karlsson trade, a significant hurdle to jump will be how much the San Josh Sharks are willing to retain on his contract. It’s been reported multiple times that the Sharks seem willing to retain 30% of his contract, which would knock Karlsson’s salary down to $8MM over the next four seasons. Keeping this in mind, the Penguins would only need to send around $5.25MM back to the Sharks, if and only if they are not seeking any additional cap space.

The most obvious choice would be to move Jeff Petry’s $6.25MM contract back the other way to San Jose, but with a 15-team no-trade list included in his contract, it would be reasonable to assume the Sharks would be on that list, and the likelihood of Petry accepting a deal to San Jose would be slim. In fact, most of the contracts that the Penguins would want to remove from their roster, have very hefty no-movement clauses, complicating any potential trade in the near future.

However, there is one player who would meet the criteria and was even rumored to be headed toward a buyout in mid-June. That player would be Mikael Granlund, acquired from the Nashville Predators at last year’s trade deadline, and currently sporting a $5MM salary for the next two seasons. Throw in defenseman Jan Rutta and his $2.75MM, also creating an opening on the right-hand side of their blue line, and all of the salary intangibles are worked out.

In terms of which prospects and draft capital should be expected to head back to San Jose, let’s consider General Manager Mike Grier’s first high-profile trade, moving Timo Meier to the New Jersey Devils at last season’s trade deadline. In that deal, the Sharks acquired a salary filler in Andreas Johnsson, a young NHL-ready talent in Fabian Zetterlund, two prospects in Nikita Okhotyuk and Shakir Mukhamadullin, as well as a first and second-round pick.

Given this context, it would be reasonable to assume that Karlsson will command a similar package to Meier, and the Penguins should have the necessary parts to make this happen. The salary fillers are already worked out in Granlund and Rutta, and defenseman Ty Smith seems exactly the type of young NHL-ready talent the Sharks would be pursuing in a package like this. Not too long ago, Smith was projected as one of the better prospects in New Jersey’s system, but ever since coming over in a trade to Pittsburgh, the Penguins just have not been able to give him the amount of ice time that is conducive with his growth.

For prospects, it is going to be very difficult for San Jose to poach away any of Brayden Yager, Owen Pickering, or Joel Blomqvist from the Penguins farm system, but there is another talent that should suffice. Forward Tristan Broz as well as forward Valtteri Puustinen seem like the best choices outside of those top three. Broz is a second-round pick of the Penguins from the 2021 NHL Draft, and he recently wrapped up a 28-point campaign with the University of Denver in the NCAA. Puustinen, on the other hand, is a bit closer to NHL-ready than Broz, scoring 59 points in 72 games in the AHL as a 24-year-old.

Pittsburgh is also in possession of most of its draft picks for the next several seasons, and given the Sharks’ projected draft capital for the foreseeable future, might target top picks during the 2025 or 2026 NHL Draft. In all realism, the Sharks will likely want Pittsburgh’s 2025 first-round pick, as well as a conditional second-round pick in 2026, crafting those conditions in a way where the pick could be upgraded to a first.

And there you have it. The hypothetical trade in its entirety would be the Penguins acquiring Karlsson (30% retained), while the Sharks would acquire, Granlund, Rutta, Smith, Broz, Puustinen, a first-round pick in 2025, as well as a conditional second-round pick in 2026. In any manner, we should know in a few short days what the Karlsson trade package will look like in its entirety.

“Clarity” On Erik Karlsson Trade Could Come This Weekend

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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.

Free Agent Profile: Caleb Jones

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It’s hard to believe it, but the NHL season starts in just over two months. For some NHLers they will soon be making plans to return to their respective cities to begin the upcoming season, for others like defenseman Caleb Jones, his plan is to try to find an NHL job in the next nine weeks.

It was surprising to see Jones go unqualified, as the Chicago Blackhawks elected to let him become a free agent rather than offer him a qualifying offer. Chicago needed to tender the 26-year-old at $1.35MM, but he was made a free agent when Chicago didn’t make the offer. Now, almost a month into free agency Jones remains unsigned, a somewhat surprising development for a player who has shown promise in his young career.

Jones, the younger brother of Blackhawks defenseman Seth Jones, was originally drafted by the Edmonton Oilers in the fourth round back in 2015 and played 93 games over parts of three seasons with the club before he was traded to Chicago in July 2021 as part of the Duncan Keith trade. Jones then dressed in 124 games over the past two years with the Blackhawks, putting up 9 goals and 22 assists.

Last year was a career year for Jones, as he had four goals and 12 assists in 73 games while playing over 19 minutes a night. Jones was tasked with playing second-pairing minutes on a very bad Chicago team and faired well despite not contributing much offensively. Jones led the defense core in many analytical categories and did a decent job controlling the play when he was on the ice.

Jones has typically demonstrated a good ability to move the puck well, utilizing his skating to push the puck up the ice and can keep himself mobile in the defensive zone to be a disruptive force on both the penalty kill and at even strength. However, he is not his older brother and doesn’t possess nearly the offensive acumen that Seth has displayed throughout his career.

The issue that Jones may face when trying to lock down an NHL job is that there is a bit of a surplus of left-shot depth defensemen in the NHL. Pittsburgh has Ty Smith and Pierre-Olivier Joseph competing for one spot on their third pairing, as do the Calgary Flames, with Oliver Kylington now returning after a one-year absence. The Ottawa Senators have several solid left-shot options throughout their NHL lineup, as do many other teams. For Jones, he could offer a solid third-pairing option, but there are very few teams who need that right now.

Stats

2022-23: 73 GP, 4-14-16, -19 rating, 40 PIMS, 86 shots, 48.9% CF, 19:13 ATOI
Career: 217 GP, 14-36-50, -39 rating, 80 PIMS, 225 shots, 48.1% CF, 16:49 ATOI

Potential Suitors

Jones would have teams lining up for his services if he was a right-shot defenseman, but he shoots left and typically plays the left side. While his market will be small, there are sure to be teams that could find a role for the younger Jones brother.

In the East, the Buffalo Sabres have Ilya Lyubushkin slated to play as a third bottom-pair left-side defenseman, and while he offers a physical element and does a good job suppressing scoring chances, he is not a good puck mover and isn’t particularly adept at much else. Jones could push Lyubushkin and create healthy competition for playing time in the Sabres defense core. The one barrier for Jones to Buffalo could be that the Sabres have already brought in Erik Johnson and Connor Clifton in free agency, and management may feel that they’ve already brought in enough competition on their back end.

In the West, The Anaheim Ducks have brought in a few NHL veterans to try and give guidance to their young stars. While Radko Gudas will bring some leadership and physicality on the back end, the Ducks could use a few more veterans who can teach their young players to become good pros. Jones could be a solid fit for the role as he has already played on a young, bad, rebuilding team and knows the challenges and tribulations that come with the growing pains of a rebuild.

Sticking with the West, another rebuilding club that could use some help on the backend is the San Jose Sharks. The Sharks aren’t pushing to make the playoffs this year, but that doesn’t mean they should stop looking for improvements. At the moment, the Sharks have 30-year-old journeyman Jacob MacDonald penciled in as their third pairing left side defenseman and Marc-Édouard Vlasic on their second pair. Vlasic was a terrific shutdown defender for a long time, but he has seen notable declines in his game for the past five years or so. Jones would likely offer an upgrade on both men while not costing San Jose much in the way of assets.

Projected Contract

Unfortunately for Jones, he is most likely going to be taking a pay cut from the $1.35MM he made last season. There should be a small market for his services as the season nears, but the native of Arlington, Texas, might have to sign a professional try-out to get teams interested in his services. Matt Dumba and Ethan Bear are both still unrestricted and might attract more interest as they are right-shot defensemen and have better track records. Jones should ultimately be able to find an NHL deal, but when he does, it will likely come in around the league minimum or a tick above it. There were many NHL defensemen who found deals late in the summer last year, and it seems that could happen again this summer with Jones.

Photo courtesy of USA Today Sports Images.

Vladimir Tarasenko Had Offers From Hurricanes, Sharks

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2:40 p.m.: Strickland has modified his initial report, now claiming the Hurricanes’ highest offer to Tarasenko was under $4MM on a one-year deal. The Athletic’s Jeremy Rutherford also reported late last night that the Florida Panthers had submitted an offer for Tarasenko, which Strickland mentioned likely wasn’t a “competitive offer.”

1:50 p.m.: While star sniper Vladimir Tarasenko did find a home in free agency, it was far from a smooth process. Before signing a one-year, $5MM contract with the Ottawa Senators Thursday night, the 2019 Stanley Cup champion changed his representation early in July after not landing a deal when the UFA market opened on July 1. Shortly before that, multiple reports suggested Tarasenko was close to reaching a pact with the Carolina Hurricanes. Evidently, it didn’t come to fruition.

Despite his goal-scoring pedigree, the lack of widespread interest in Tarasenko made sense. He’s still incredibly skilled, but his ability to drive play is diminishing as he enters his 30s. He’s also had two major shoulder injuries in the past four years. His goal-scoring production also trailed off significantly last season, failing to score 20 goals in a full season for the first time in his career. It appears the Hurricanes, Sens, and San Jose Sharks all made firm contract offers to Tarasenko during his free agency period, though, as Andy Strickland of Bally Sports Midwest reports today.

The Hurricanes and Sharks both made one-year pitches to Tarasenko at $5.25MM and $6MM respectively, Strickland said. Ottawa had also pitched a longer-term offer to Tarasenko at the beginning of free agency, coming in at four years and $22MM (a $5.5MM average annual value). With over $60MM in estimated career earnings to date, per CapFriendly, it’s understandable why Tarasenko would hesitate to commit long-term to a team that’s failed to exit their rebuild stage in earnest.

However, it appears Tarasenko also lost money on a short-term agreement by waiting to sign with the Sens. He’s at a stage in his career where winning is the highest priority, so the basement-dwelling Sharks were likely never in consideration unless they made a truly extravagant offer. He did lose out on $250K by not signing with the Canes, though, a mistake likely caused by waiting out for a better deal. It’s fair to assume Carolina’s offer to Tarasenko was made before they signed defenseman Anthony DeAngelo to a one-year, $1.675MM contract, using up most of their remaining cap space in the process.

In not signing with Carolina, Tarasenko arguably lost out on the best marriage of finances and team competitiveness. There are still many moving parts, including trade rumors surrounding their pending UFA defenseman Brett Pesce and San Jose Sharks star defender Erik Karlsson. Still, the team remains among the favorites to hoist the Stanley Cup in 2024, thanks to a strong returning core and a pair of major UFA pickups in Dmitry Orlov and Michael Bunting.

That’s not to say Ottawa is a bad final fit for the Russian winger. The team does still have playoff aspirations for next season, and a strong rebound campaign from Tarasenko could certainly help lift them to their first postseason appearance since 2017. Even if the injury bug strikes the Sens again or they fall out of playoff contention, a strong individual campaign from Tarasenko alongside a star-studded top-six that includes Brady Tkachuk, Tim Stützle, Joshua Norris, and Claude Giroux could earn him a more lucrative contract next offseason on a contending team. It’s an option made more palatable for Tarasenko by a relatively sharp expected rise in the salary cap’s Upper Limit compared to recent seasons.

Erik Karlsson Has Spoken With Numerous Teams About A Trade

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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.

Latest On Erik Karlsson, Penguins

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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.

San Jose Sharks Sign Kasper Halttunen

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The San Jose Sharks have signed 2023 draft choice Kasper Halttunen to a three-year, entry-level contract, the team said today. CapFriendly reports the deal carries a $940K cap hit with the breakdown as follows:

2023-24: $825K base salary + $95K signing bonus + $30K games played bonus + $82.5K minor salary
2024-25: $855K base salary + $95K signing bonus + $82.5K minor salary
2025-26: $855K base salary + $95K signing bonus + $82.5K minor salary

The hulking Finnish winger already stands at 6-foot-3 and 216 pounds, and he went off the board to the Sharks early in the second round with the 36th overall pick. He didn’t necessarily turn many heads in pro play, recording just one assist in limited minutes throughout 27 games with Liiga club HIFK, but he dominated amongst his age group with 24 points in 18 junior games with HIFK and ten points in five games while captaining the national squad at the 2023 IIHF U-18 World Championship.

The appeal with Halttunen lies mostly with his size and his shot – 18 of those 24 points in juniors were goals, and he had six goals in five games at the U-18s. Some skating issues and concerns about his overall hockey sense let him slip to the second round, and he’ll need a long development track before making an NHL impact.

He’s likely to get loaned back to HIFK for the 2023-24 campaign, which will slide the start of his entry-level contract back another season (assuming he plays less than ten NHL games). It’ll be three or four years before we likely see Halttunen in a Sharks jersey on a full-time basis, but when he does, expect one thing if nothing else – shots on goal.

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