Penguins Ready to Move On From Erik Karlsson

When the Pittsburgh Penguins acquired Erik Karlsson ahead of the 2023-24 season, it seemed like he would be a key piece of an organization looking for one more Stanley Cup run as multiple franchise players near retirement. In a little over a season and a half, it seems the relationship between the Penguins and Karlsson has already grown stale.

Karlsson still has all of the talent that’s made him a future Hall of Famer, but the Penguins are in no position to make a Cup run. Trade theories and interest has increased regarding Karlsson, especially after a very successful stint at the 4 Nations Face-Off representing Team Sweden.

According to the Athletic’s Josh Yohe, Penguins president and general manager Kyle Dubas is open to, and willing to trade Karlsson. It may not happen before this upcoming trade deadline, but the sooner the better.

“One team source told me that, if Dubas could,” Yohe writes. “He would trade Karlsson ‘in a heartbeat.’”

Another source told Yohe that “Karlsson is out there, but Pittsburgh would have to retain” on his massive contract.

Karlsson has a few seasons remaining on a deal that earns him $11.5 million annually. While the Penguins are only on the hook for $10 million of that annual cap hit, that’s still a lot for a team to take on for a 34-year-old defenseman.

Not only is the dollar amount high, but Karlsson also carries a full no-move clause. Any trade Karlsson is involved in must be approved by him before it can be finalized.

It seems unlikely that a $10 million veteran will be moved before this upcoming deadline, but things may change come the offseason. The NHL’s salary cap is set to see a massive increase over the next three years, making Karsson’s cap hit seem more manageable for teams.

"An NHL team executive also told me he believes Karlsson is more likely to be dealt this summer,” Yohe writes. “When the salary cap has risen dramatically."

No matter what way you slice it, it seems clear Karlsson will not finish his current contract in Pittsburgh. Teams around the NHL will certainly have interest, especially as the cap increases. It’s no longer a matter of if the Penguins move on from Karlsson, but when?