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Rickard Rakell, Pittsburgh Penguins (Jess Starr/The Hockey Writers)

Surprise Move First?: Ranking Potential Penguins’ Trades for 2025-26

Originally posted on The Hockey Writers | By Jim Parsons | Last updated Sep 23, 2025 11:35 AM ET

As the NHL season approaches, trade speculation around the Pittsburgh Penguins isn’t slowing down. In fact, once the season gets going and the Penguins start to struggle — as many expect they will — trade rumors will ramp up to a fever pitch.

While some names seem all but certain to move, others linger as blockbuster possibilities. Let’s break down the top trade candidates for Pittsburgh this season, categorized by likelihood.

The Penguins’ Likely Trades

Bryan Rust and Rickard Rakell sit atop the “likely” trade list. Both are the type of players who will have value around the NHL, and both might not be part of what the Penguins are ultimately trying to build long-term.

Rust, coming off a career year with 31 goals and 65 points, could be moved if the Penguins find themselves struggling early. He is locked into a salary-friendly deal as the cap rises, and that will have value around the NHL. At 33, his playoff experience and consistent scoring make him a valuable trade chip.

Rakell, meanwhile, posted career highs of 35 goals and 70 points, making him extremely attractive to contenders. The Penguins have discussed being open to a move, but the asking price for Rakell has been high. He’s stayed put because no one has wanted to pay the asking price.

If that changes or the Penguins come down in their ask, Rakell — who has three seasons remaining at $5 million per season on his deal — could be moved.

The Penguins’ Possible Trades

Not in the likely category, but with enough talk surrounding both players that we should put them in the possible category, Evgeni Malkin and Erik Karlsson have generated a lot of talk over the past couple of months.

Malkin, 39 and in the final year of his contract, has said he’d to finish his career in Pittsburgh, but the Penguins seem set on making this his last season with the team. If Malkin feels he’s got more time left in the NHL beyond this year, he’s hinted he might be open to considering other options.

Meanwhile, the Penguins are open to moving Karlsson’s $10 million cap hit. The question is, will anyone take on his deal and will the Penguins have to retain salary? They don’t want to, but they might not have much choice if moving Karlsson is a priority.

Contenders like Carolina, Detroit, Ottawa, and Dallas could show interest in the defenseman, but the money is a hurdle in trade conversations.

The Penguins’ Less Likely Blockbuster

Sidney Crosby remains the ultimate “long shot” trade target. Though he has publicly stated his desire to remain in Pittsburgh, the last couple of weeks have linked him to the Montreal Canadiens. He has denied any interest in moving, but his agent seems to be sending mixed signals to the media, ensuring that a potential trade isn’t completely off the table.

A Crosby trade seems to be what most people outside of Pittsburgh want to see. The argument is that he deserves another shot at the Stanley Cup, and he won’t get it in Pittsburgh. All the while, he’s wrestling with his legacy and being loyal to the only NHL city he’s ever played in.

Complicating matters is the potential sale of the team and Crosby’s importance to the franchise’s value in those sale discussions.

While unlikely, such a blockbuster deal is something that could happen if the season goes sideways and both Crosby and the organization believe it’s time.

Who Gets Traded First?

The Penguins are likely to be one of the more talked-about teams in the NHL this season. It won’t be because of their Cup chances or dominance on the idea. It will be because of potential trades involving Rust, Rakell, Karlsson, Malkin, or even Crosby.

Who is really in play and how likely are any of these pieces to go? Bryan Rust seems like the easy choice, but could a surprise move be made first?