Could The Penguins Weaponize Their Cap Space Once Again?

When Kyle Dubas took over the Pittsburgh Penguins in 2023, the team had very little in the way of prospects or draft pick capital. They also had an aging, expensive core that had just missed the playoffs and were about the least appealing general manager job in the entire NHL. That first summer, Dubas attempted to retool the team, adding veterans such as defensemen Erik Karlsson and Ryan Graves, as well as forwards Lars Eller and Noel Acciari. The strategy failed as the Penguins struggled throughout the season, and by the 2024 NHL Trade Deadline, they were sellers, trading star forward Jake Guentzel, which kicked off what many thought would be a rebuild. But Dubas used a different strategy and began weaponizing his cap space to retool the team by taking on aging veterans with bad contracts, as well as underperforming vets who were looking to rebuild their stock. Now, with the Penguins coming off a postseason appearance, is Dubas done taking on these contracts, or will he once again try to acquire bad contracts and draft picks with an eye towards the future?

To understand the strategy being discussed, one must look back to July 1st, 2024, when the Penguins acquired Kevin Hayes from the St. Louis Blues. Initially, it was a head-scratcher, as the Penguins didn’t look like a team that would add veterans to their lineup. Once the full trade details were released, Dubas’ thinking became clear: the Penguins walked away with a second-round pick. Dubas deployed the same tactic when he acquired Cody Glass from the Nashville Predators, netting two draft picks. He then used it again in 2025, acquiring Matt Dumba and a second-round pick from the Dallas Stars, as well as Connor Clifton and, you guessed it, a second-round pick from the Buffalo Sabres. These trades were all big wins for Pittsburgh in terms of paying out a bloated contract and collecting picks, but they did nothing for their current NHL roster, with the exception of Glass, who was shipped to the Devils for more draft picks at the trade deadline in 2025.

At the time of those moves, Dubas didn’t have a ton of cap space, but he had enough to get creative. This summer, he is holding north of $40MM in available cap space and could use the same tactic again, but will he? The free agent market is thin, with very few available impact players and quite a few teams with cap space. This could make Dubas’ play a bit of a tough sell, as other teams might pivot to his strategy to scoop up extra picks and prospects if they don’t plan to spend their cap space anyway. But there are a number of teams in cap trouble (Vegas, Dallas, Colorado, and Edmonton) that would probably love to shed a bad contract or two if the price is right.

Edmonton would surely love to dump the two years left on goaltender Tristan Jarry’s contract, but the likelihood of Pittsburgh taking him back is slim to say the least, even if it would be poetic. The same could be said for Dallas, which would probably like to dump Tyler Seguin and Ilya Lyubushkin’s contracts. There are always teams desperate to open up space, and for the last two years they’ve called Dubas and the Penguins.

With all of that being said, there is one other big factor that could influence Dubas’ decision on how to allocate cap space, and that is what if he wants to make some big acquisitions to improve the team for this upcoming season? There might not be a lot of UFAs on the market, but there are a pile of big names who could be on the move, including Jason Robertson, who is an RFA, as well as Auston Matthews, Elias Pettersson and more. All of those aforementioned players make north of $10MM annually, or, in the case of Robertson, will make north of $10MM, and that is a number the Penguins could easily absorb.

But there are a few major reasons that Pittsburgh could pursue a blend of acquiring big names and taking on veterans on bad contracts. They simply have so much cap space, and Dubas has already said he doesn’t want to blow it all on long-term, win-now moves that will box him in financially a few years from now. Dubas is keenly aware that the Penguins aren’t likely to be a Stanley Cup contender next season, and the prospects in the Penguins system aren’t all arriving at once, meaning they will come in waves (or at least that’s what Dubas hopes). There is a very real possibility that Dubas takes on short-term vets who can still play but are overpaid, and also lets his prospects develop in key roles.

It’s a strategy that has paid off handsomely for the Penguins thus far, and one that other teams might start to use as well if they are in a position to do so. A good indication of that is the Chicago Blackhawks taking on Andrew Mangiapane’s contract for this upcoming season as part of the Jason Dickinson move at the deadline. This could drive down the price Dubas receives for taking on bad contracts in the future, but there is no shortage of bad NHL contracts, and Dubas could continue to acquire them as he tries to build the Penguins into a long-term Stanley Cup contender.