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The Penguins Trade That Dubas Almost Made, But Luckily Didn’t

Originally posted on NHL Trade Talk | Last updated Mar 20, 2026 2:07 PM ET

Kyle Dubas should thank his lucky stars that he wasn’t able to trade defenseman Erik Karlsson when he tried last season, but found no takers. Understandably, there was a period of time where it appeared Dubas had made a mistake, adding a former top-tier offensive defenseman to a roster that already had one. But, with Kris Letang‘s sharp decline and Karlsson’s reemergence, things have worked out in the best possible way this season.

According to Josh Yohe of The Athletic:

“Karlsson is the good news. His first two seasons in Pittsburgh could only be described as a massive disappointment. His defense was atrocious at times. His play with the puck was good, but hardly as dominant as the Penguins were expecting when they traded for him. It was widely believed that Pittsburgh president/general manager Kyle Dubas would try to move Karlsson for anything he could get last summer. He did not.”

Yohe goes on to say that this was a blessing in disguise. “Karlsson is one of the NHL’s best players right now. That’s not hyperbole.”

The defenseman has found the fountain of youth and his five goals and 11 assists in the past 10 games only scratch the surface of how important he’s been to the Penguins. With Sidney Crosby on the shelf with an injury and Evgeni Malkin out serving a suspension for have of those games, Karlsson stepped up. Yohe notes, “You can truly appreciate Karlsson’s brilliance only if you’ve been watching him play night in, night out since the NHL returned on Feb. 25 from its Olympic break.”

Yohe adds, “The 38-year-old Letang’s game, meanwhile, is decaying.”

Are the Penguins Now More Likely To Move On From Letang Than Karlsson?

Yohe explains that Letang’s game has been in decline for years. Since 2017, when he underwent neck surgery, he’s not been the same player. He can show well in spurts, but overall, he’s not nearly as productive as he once was.

“Letang has never been all that cerebral, and now that his physical gifts are waning, we’re seeing a once-great player flame out. These days, he hurts far more than he helps.”

Things get interesting when it come to their contracts. It seemed obvious the Penguins, who at one point were deemed sellers, might try to move off of Karlsson’s $10 million AAV. Now, they could let it ride with him over the final season in 2026-27, maybe even offering a short-term extension. Letang, who has two more seasons after this one at $6.1 million per, has to be considered trade bait this offseason.

His full no-trade becomes a 10-team trade-approved list. That gives the Penguins an opportunity to move him. But, like so many Penguins, he’s an icon in Pittsburgh, so a trade becomes complicated.

Yohe admits there’s still a chance Letang finds his game. If that happens, the Penguins will be dangerous. If it doesn’t, both sides need to take a closer look at their respective situations this summer.

This article first appeared on NHL Trade Talk and was syndicated with permission.

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