NHL trade rumors: Penguins realize $92,000,000 star D-man not part of future, willing to retain salary in potential blockbuster deal

The Pittsburgh Penguins are eager to move on from blue liner Erik Karlsson amid the potential sale of the team.

In a July 29 article in The Athletic by Penguins insider Josh Yohe, the potential sale of the Penguins by its current ownership group, the Fenway Sports Group, back to the consortium led by Penguins legend Mario Lemieux, has kicked Karlsson trade rumors into overdrive.

The biggest issue holding up a potential Karlsson trade is his monstrous cap hit. Karlsson is entering the seventh year of an eight-year $92 million deal, as PuckPedia shows. The deal, as it stands, carries a $10 million cap hit, as $1.5 million of his $11.5 million book value was retained by the San Jose Sharks when Karlsson was moved to Pittsburgh in 2023.

Karlsson also mas a full no-movement clause. That situation means that he’ll have to approve any trade before it can be finalized. That situation likely makes it complex for the Pens to find a trade partner.

That cap hit has scared off some clubs as they just don’t have the cap space to pull off the deal. Some other teams, who might be willing to take on Karlsson’s cap hit, don’t want to pay a high price for Karlsson.

But as Yohe noted, the Penguins want to get a significant return for the Swedish blue liner. That complicates much of the situation. Teams that could be willing to offer value in return for Karlsson want Pittsburgh to retain some salary.

Meanwhile, teams that could take on Karlsson’s full cap hit offer very little. But as Yohe reported, the Pens are willing to retain some salary on Karlsson in order to get a deal done.

The team’s sale ultimately has little bearing on whether Karlsson gets traded or not. The club has determined he’s no longer a part of its plans and would like to move on from him sooner rather than later.

Penguins' Karlsson linked to multiple teams

Karlsson has been linked to multiple teams this offseason - Source: Imagn

Erik Karlsson has been the subject of extensive rumors this summer. The Penguins' blue liner has been linked to just about every team in the league.

The Fourth Period lists three teams as potential destinations: The Florida Panthers, Dallas Stars, and Carolina Hurricanes.

All three clubs have been reported to have made attempts to acquire Karlsson at various points. The Panthers were believed to have pursued Karlsson before landing Seth Jones at last season’s trade deadline.

The Carolina Hurricanes were also believed to have been in hot pursuit. That pursuit might have ended now that the Hurricanes acquired an extended K’Andre Miller.

That leaves the Dallas Stars. The Stars would certainly like to add Karlsson, but have a complicated cap situation that would make it extremely challenging, though not impossible, to add Karlsson.

Other clubs like the Toronto Maple Leafs and Detroit Red Wings have been tossed around in online trade talk. Some chatter has suggested Karlsson could return to Ottawa to finish out his contract.

These unsubstantiated rumors have only added fuel to a fire that will likely burn hotter the longer Erik Karlsson remains with the Penguins.