Trade idea sends Erik Karlsson to Leafs in one-for-one deal

Erik Karlsson. Charles LeClaire-Imagn Images

NHL trade idea sends Penguins' Erik Karlsson to Maple Leafs in one-for-one deal

Originally posted on Athlon Sports | By Antonio Losada | Last updated May 29, 2025 5:32 PM ET

With another early playoff exit behind them, the Toronto Maple Leafs are expected to consider significant changes this offseason.

Among the possibilities floated by NHL insiders is a trade for Pittsburgh Penguins defenseman Erik Karlsson, who could play alongside Morgan Rielly or simply replace him in the lineup.

Speaking on Wednesday's episode of the "DFO Rundown" show, Frank Seravalli raised questions about Toronto’s defensive structure and suggested Karlsson could fill a key role in the Leafs' power-play unit.

“I actually do think they need a power play quarterback, because they have elite offensive talent, and Morgan Rielly’s not a QB,” Seravalli said. “And the question is, who do you pair him with?

"I don’t think Toronto’s outlandish. I really don’t.”

Seravalli entertained the idea of moving Rielly in a hypothetical one-for-one deal in exchange for Karlsson when co-host Jason Gregor pitched it.

“I would," Seravalli said. "I would get off of Morgan Rielly’s contract in the worst way."

Karlsson has two years left on his eight-year, $92 million deal and carries a $10 million cap hit (factoring money retention), but his contract includes a full no-move clause (NMC).

Karlsson recorded 53 points in a full 82-game season this year and remains one of the league’s top puck-movers. Despite having an NMC clause, his future in Pittsburgh is uncertain.

Penguins general manager Kyle Dubas acknowledged the rumors but said the team expects more from Karlsson going forward.

"Erik is and will forever be a polarizing figure," Dubas said. "My view would be we expect him to be one of the people who pulls us from where we’re at into contention. I had a long meeting with him. My push would be that his actions have to match his ambitions."

Karlsson, about to turn 35 on Saturday, has not requested a trade but was noncommittal about his future with the Penguins.

“At the end of the day, it’s a business. Whatever happens is going to happen,” Karlsson said.

This article first appeared on Athlon Sports and was syndicated with permission.

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