$92,000,000 Erik Karlsson’s future hinges on Penguins’ ownership change amid trade buzz, per NHL insider

Erik Karlsson’s future with the Pittsburgh Penguins is uncertain. In his Thursday column for The Athletic, NHL analyst Josh Yohe reported teams are interested in him. However, his $11.5 million cap hit from his eight-year, $92 million contract is making trades difficult. The Penguins may need to keep part of his salary, a call dependent on ownership changes.

"Keep this in mind: A Penguins ownership change could impact a Karlsson trade," Yohe wrote this week. "(The question is) Will the potential new owners want to retain money on his contract? (Or) Will FSG want to retain money if it owns the Penguins for longer than expected? So, trading Karlsson is a little trickier than it seems on the surface."

Karlsson has two years left on his contract through 2026-27. He joined the Penguins in 2023-24 after winning the Norris Trophy with the Sharks, where he scored 101 points. Over the last two seasons, his numbers declined at Pittsburgh: 11 goals and 45 assists (2023-24) and 11 goals and 42 assists (2024-25) across 82 games. Despite lower production, he led the Penguins' defensemen in scoring.

The Penguins have missed the playoffs for three straight years, finishing with 80 points last season. Karlsson’s contract and lower numbers, including a -24 rating, invited criticism. Currently, the Pittsburgh Penguins are also looking at a rebuild, so moving him is the best option, according to Yohe.

Ownership changes are expected to make things harder. Current Penguins owners Fenway Sports Group are planning to sell a part of their stake.

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Erik Karlsson's potential fit with the Ottawa Senators

According to reports on Erik Karlsson, the Toronto Maple Leafs, Ottawa Senators, and Detroit Red Wings are interested in him. During a Faceoff Live from late July, NHL insider Tyler Yaremchuk and Matt Larkin discussed his fit with Ottawa.

"I think that [Ottawa] is another really good fit," Larkin said about Karlsson's fit with the Senators."... Erik Karlsson coming home would make a lot of sense. ...I totally see it, and especially with Ottawa on the rise... (Karlsson) wants a chance to chase a Stanley Cup,"

Ottawa made it to the playoffs for the first time with Brady Tkachuk as captain. The Sens are looking to build on last season's progress and become a contending team.