Penguins' Erik Karlsson Trade Talk to Continue Into Offseason

The Pittsburgh Penguins are staring down the end of another brutal season, likely missing the Stanley Cup Playoffs for the third straight year. Without any hopes for a playoff berth, the Penguins are once again finding themselves in sell mode ahead of the trade deadline.

While the Penguins carry a roster of veterans any team in the NHL would love to get their hands on, none of them will be on the move this week. Sidney Crosby and Evgeni Malkin are locked in for life. Kris Letang is likely sticking around for a while, too.

Things get questionable, however, when the topic of Erik Karlsson pops up. His experiment in Pittsburgh hasn’t gone as planned and the future Hall of Famer deserves a chance at a Stanley Cup. Does he find a new home before the trade deadline?

Unlikely. Karlsson’s contract is too big for the Penguins to try and offload within a week, but the offseason may see a different story. According to Elliotte Friedman on the 32 Thoughts Podcast, Karlsson trade talk is likely, but during the summer when his contract is more manageable for teams.

“I do think we will see Karlsson talk,” Friedman said. “But I don’t know if I expect it until this summer.”

Friedman breaks down that after the 2024-25 season, Karlsson will have two years remaining on his deal. The Penguins are on the hook for $10 million, with the San Jose Sharks retaining the other $1.5 million.

In actual dollars, however, once bonuses are paid off by the Penguins, Karlsson will only be owed another $11.5 million over two years. Much more affordable for a ton of teams around the NHL.

Karlsson has struggled with the Penguins, especially since coming off of a 101-point campaign in 2022-23 that resulted in his third career Norris Trophy. At 34 years old, though, teams might be more hesitant to take him on at his full price.

If the Penguins move out Karlsson, they’ll likely have to retain on some of his $10 million cap hit. Luckily, the salary cap is expected to take a few huge jumps over the next three years. The Penguins may have to retain, but a rising salary cap makes the end of Karlsson’s deal look even more movable.