4 Potential Trade Partners for Erik Karlsson

There is less than one week until the 2025 NHL trade deadline, after which rosters are set for the great chase of the Stanley Cup. When the final buzzer sounds at 3 p.m. on March 7, that’s it, and it will be time for general managers to put down their pencils and hand in their work.

The Pittsburgh Penguins will not be part of that Cup chase, but they could significantly alter it by choosing with whom they deal on the trade market. Defenseman Erik Karlsson is the player who could make the biggest impact on a new team, but his salary and history of team failure almost necessarily mean he will not fetch a significant return.

Perhaps many incorrectly assume the Penguins could complete a deal for Karlsson before the deadline. Few teams can take on his $10 million salary cap hit, putting Penguins GM Kyle Dubas in a somewhat uncomfortable position of gambling that he can get a greater value by waiting until the summer or making the trade now.

The salary cap will increase by $7.5 million beginning on July 1, which is the same day Karlsson is due a $5 million signing bonus. On the plus side, Karlsson would be due just $4 million in salary after that, according to PuckPedia.com.

Even cap-strapped teams will have a lot of money to spend after July 1, but will they choose to use the windfall on the soon-to-be 35-year-old Karlsson?

To the Penguins’ detriment, a similar defenseman five years younger is garnering trade talk. The Chicago Blackhawks and Seth Jones have discussed trading him away from Chicago. Jones is 30 years old and commands a hefty $9.5 million salary cap hit.

Unlike Karlsson, Jones has not won three Norris Trophies. Like Karlsson, Jones skates like the wind and can provide copious amounts of offense while sometimes forcing his head coach to keep a cabinet full of extra-strength TUMS to deal with his defensive deficiencies.

Competition in this retail space is not a good thing for the Penguins.

Worse, the Penguins do not have a plethora of trade chips, which is precisely why they won’t make the NHL playoffs this season, just as they’ve watched the postseason on television in each of the last two seasons.

Dubas and his colleagues are still grinding toward the deadline, but the Penguins’ lack of chips at the table puts the focus on Karlsson.

He is a marquee player who lifted Team Sweden to being within an overtime goal of playing Team USA in the Four Nations Face-Off Final. Yes, the hockey world was a bouncing puck away from being denied a rematch of Canada vs. USA in the Final.

Karlsson is that good but has baggage.

The list very well could change in the offseason. For the moment, we’ll focus on potential trades in the next week.

Potential Karlsson Trade Partners–NHL Trade Deaedline

1. Florida Panthers

Karlsson badly wants a Stanley Cup. The Florida Panthers are the two-time defending Eastern Conference champion and the defending Stanley Cup champion. Florida has heart, grit, scoring, and goaltending.

However, Florida has a significant hole on the right side as they have not adequately replaced Brandon Montour, and Aaron Ekblad is in the final year of his contract. Injuries have also slowed the 29-year-old Ekblad.

Coach Paul Maurice is an engaging coach who has extracted the most out of his team while simultaneously fostering an environment that has enticed players to stay.

Florida is tight on cap space, but ring leader Matthew Tkachuk is dealing with a serious injury suffered in the Four Nations tournament. Should Tkachuk not be ready until the playoffs, which are just six weeks away, Florida could easily acquire Karlsson, provided the Penguins take back a modicum of NHL salary or hold back a few million.

Before they place Tkachuk on long-term injured reserve, the Panthers have about $3 million cap space, which would shoot their deadline space to over $6 million when the LTIR designation is applied.

If Florida acquired another player in the $3 million range, their LTIR pool would rise to about $9.5 million. What does Bill Zito think of Noel Acciari?

Karlsson would immediately add an indefensible layer to Florida’s game and most likely would be engaged by the round-table approach to Panthers’ leadership.

2. Detroit Red Wings

Cap space. Desperately trying to end a long playoff drought. Youth.

Detroit needs to upgrade the right side of its defense and has more than enough salary cap space to make it happen without additional moves. The Motor City should be plenty motivated to make a splash.

It’s been nine years since Detroit put on their Sunday best to go to the big dance, and it’s time they go for it. Whether Karlsson would become their first or second-pairing defenseman is irrelevant. He would add offense to a team that is the third-lowest scoring team amongst the Eastern Conference playoff contenders.

Detroit has scored only 173 goals this season, which leads only Ottawa (161) and Boston (164) among the teams with a realistic chance.

Karlsson’s salary and style fit with Detroit. President of hockey operations Steve Yzerman has been slow to act and react in Detroit, choosing to stay the course for his Yzer-plan, but April will mark six years on the job. It’s time Detroit moved forward, and Karlsson could be that big move.

Yzerman is big on value, and he won’t get a better player for less return than Karlsson.

3. Carolina Hurricanes

Last but certainly not least, the Carolina Hurricanes. The Research Triangle was the other finalist for Karlsson in August of 2023 before Dubas pulled off the bank shot with the help of the Montreal Canadiens holding salary by acquiring Jeff Petry and Casey DeSmith (only to deal them away in the following days).

Carolina d-man Brent Burns turns 40 next week and will be a free agent following the season. Could Carolina call a redo on the trade they didn’t make and get Karlsson for little more than a song this time? Carolina is pressed tightly to the cap, BUT might acquiring a player of that status entice Mikko Rantanen to sign that $100 million mega-deal GM Eric Tulski has put in front of him?

Carolina is reaching critical mass on its setup. Despite great regular seasons under coach Rod Brind’Amour, the team has had little playoff success, and it seems top-shelf offensive players aren’t keen on sticking around (Jake Guentzel, Rantanen).

Carolina has some undesirable contracts on the books, including center Jesper Kotkaniemi, whom they signed as an RFA from the Montreal Canadiens. Kotkaniemi hasn’t put up numbers equivalent to a player on a long-term deal making just over $4.8 million. Perhaps getting out of Carolina’s system, which can suppress offense or a different situation, Kotkaniemi would thrive.

Carolina and the Penguins would need to find another $5 million, but between a holdback or third team, it’s entirely possible. Perhaps the question would be–which side would compensate the third team?

4. Surprise!

There are a handful of teams that could be lurking in the shadows, willing to make a big move. No one has ever mentioned the Utah Hockey Club, yet they have the cap space to do it, a new fanbase to impress, and they’re just two points out of a playoff spot.

Utah’s Mattias Maccelli is a talented 24-year-old who is losing his way in the lineup yet makes over $3.4 million—the exact type of player Dubas has been scouring the planet to find. Maccelli had 17 goals and 57 points last season but just eight goals and 18 points this season.

Also: Add Maccelli to your list of potential Penguins trade targets.

Columbus Blue Jackets? They are in a spot no one thought possible after the summer tragedy of losing Johnny Gaudreau in an accident with an alleged drunk driver. As of publishing, Columbus is IN a playoff spot. They have nearly $19 million in salary cap space currently, and that organization could use something good for once. Superstars had avoided Columbus until Gaudreau signed a free agent deal there–perhaps Karlsson looks at the scrappy young team and decides he can help.

Columbus already has Ivan Provorov on the right side, but Provorov has not yet signed an extension and is a free agent after the season. They could demand the Penguins take back an unwanted salary in the deal–such as tough right-handed defenseman (and brief Penguin) Erik Gudbranson, who makes $4 million for two more seasons. Columbus also has a young defenseman acquired in the Patrik Laine trade, Jordan Harris, who has been out of the lineup.

The Tampa Bay Lighting has a defensive corps that could use some offense and a bit of a tweak. GM Julien BriseBois has been one of the most creative team managers in the league. A third team holding a salary or the Penguins holding a big chunk salary would be necessary.