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Trade Window on 35-Year-Old Defenseman May be Closing

Originally posted on NHL Trade Talk | Last updated Jul 24, 2025 8:16 PM ET

Shayna Goldman of The Athletic writes that Erik Karlsson remains a high-profile trade candidate for the Pittsburgh Penguins, but the window to move the 34-year-old defenseman may be slowly closing.

In a recent article where Goldman ranks trending NHL news topics on a “concern-o-meter”, she’s got a Karlsson trade as a 6.5/10. His contract runs through 2027 and his cap hit is a serious concern for teams looking at him as a trade option.

The Penguins still have up to a year and a half to trade Karlsson, but every game Karlsson plays in a Penguins jersey is a roll of the dice on his trade value. Goldman writes, “Karlsson may have defied typical aging curves, but Father Time eventually comes for everyone — and that can be further exposed depending on his usage and the support around him.”

The bigger issue? The market for Karlsson has cooled significantly.

Teams That Were In on Karlsson Might Now Be Out

Goldman also points out that several teams once considered potential landing spots have pivoted.

The Carolina Hurricanes, long seen as a natural fit, addressed their blue line by acquiring and extending K’Andre Miller. It’s unlikely management takes another big swing on a veteran defenseman so soon.

Meanwhile, the Florida Panthers are likely out of the picture after locking in Aaron Ekblad. Their cap space situation doesn’t likely allow the team to add. In fact, they need to remove a contract, potentially trading Evan Rodrigues or placing Matthew Tkachuk on LTIR.

Ottawa, Karlsson’s original NHL home, seems more inclined to evaluate what they have in younger options like Jordan Spence before entertaining a major cap commitment.

Even the Vegas Golden Knights — seemingly a perpetual fit for big-name trades — appear more focused on pursuing Rasmus Andersson as a younger, more versatile target.

What Will the Penguins Do Now?

GM Kyle Dubas doesn’t have to trade Karlsson this summer, but the number of realistic suitors is dwindling — and the odds of maximizing a return are going down. The best time to sell on Karlsson is now, but if no one is buying, the Penguins need to hope Karlsson gets off to an incredible start.

If Dubas can’t strike while the iron is hot, he’ll be trying to trade an aging star who, while still productive, may not fetch a solid return. If that happens, the Penguins will have to retain more salary than they’d ideally like.

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

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