NHL Notebook: Will the Penguins trade Erik Karlsson?

Will we see a big trade made before NHL teams open their respective training camps in mid-September?

Matt Larkin noted on Daily Faceoff Live earlier this week that the Pittsburgh Penguins are the team to watch on the trade front this summer. After missing the playoffs in back-to-back years, general manager Kyle Dubas appears ready to take the Pens in a different direction.

They have chips that I think a lot of teams could use. It’s been the narrative this off-season. They’re the one team that is truly committed to rebuilding and tanking because, of course, the gods are going to give them Gavin McKenna as they do every 20 years. Pittsburgh gets that superstar.

So, I’m looking at Bryan Rust. I’m looking at Rickard Rakell. There are a few teams that still need a top-six forward. If you can make money work, I think Winnipeg does. I think Toronto does. Buffalo is pretty desperate for some kind of veteran help, and Erik Karlsson, to me, is the really intriguing name. He has two years left, if you retain half that salary, he’s a bargain all of a sudden, and there are teams that could use his veteran savvy, his puck-moving ability on the right side.

The Penguins have Sidney Crosby and Karlsson signed for two more seasons at $8.7 million and $10 million, respectively. Evgeni Malkin is a free agent at the end of the 2025-26 season, while Kris Letang is locked up for three more years.

Among the potential fits for Karlsson if the Penguins decide to move on from the multi-time Norris Trophy winner is the Ottawa Senators. Larkin suggested that the up-and-coming Sens would benefit from a reunion with their former captain.

I think that [Ottawa] is another really good fit. They’re playing Nick Jensen up in the lineup with the second pair with Thomas Chabot. But ideally, Jensen could be a luxury third-pair defenseman. You do have a Jordan Spence coming in now on the right side, so you have to figure that out.

But in terms of just mobility and leadership and just a fun story at a reasonable price on retained money, I think Erik Karlsson coming home would make a lot of sense. Especially because, of course, his wife Melinda Curry, they met in Ottawa, so that would be a homecoming for their family.

I totally see it, especially with Ottawa on the rise. You know Erik Karlsson wants a chance to chase a Stanley Cup, it’d be kind of fun. He hasn’t really had a good run at it since he was there in 2017, and maybe this is the fit that he needs.

More News and Notes from Around the NHL…

• The Carolina Hurricanes have locked up Jackson Blake with an eight-year, $45 million extension. Blake still had one year left on his entry-level deal, which carries a $905,833 cap hit through the 2025-26 season, but with the new CBA expected to eliminate eight-year extensions and deferred money starting next summer, the Canes moved early to get a deal done. While the $45 million total suggests a $5.625 million cap hit, Elliotte Friedman reports the cap hit will be closer to $5.1 million thanks to deferred payments, another tool on its way out in the next CBA. The exact breakdown isn’t known yet. Blake is coming off a strong rookie year in Carolina, finishing with 17 goals and 34 points in 80 games.

• The Seattle Kraken avoided arbitration with Kaapo Kakko, re-signing the Finnish winger to a three-year deal worth $4.525 million per season. The deal was announced Tuesday by GM Jason Botterill, just hours after Kakko was listed among seven players with upcoming arbitration hearings. Botterill admitted getting this one done was a priority. Kakko had signed a one-year, $2.4 million deal with the Rangers in June 2024 but was moved to Seattle in December in exchange for Will Borgen and two draft picks. After a rough start to the season in New York, Kakko found his game down the stretch in Seattle. He tallied 10 goals and 30 points in 49 games with the Kraken, finishing the year with a career-best 44 points in 79 games overall.