Hurricanes Must Move on Erik Karlsson Trade Before Penguins amid Latest NHL Rumors

The Carolina Hurricanes have made the postseason in each of the past five seasons but have gone no further than the conference finals. This past season, Carolina was swept by the Florida Panthers.

If the Hurricanes are looking to add one final piece to make a championship run, San Jose Sharks defenseman Erik Karlsson would certainly fit the bill. The reigning James Norris Trophy winner was fantastic this past season, accumulating 25 goals and 101 points along with his seventh All-Star nod.

Karlsson could help a Hurricanes team that ranked 15th in goals scored last season.

According to Josh Yohe of The Athletic, the Hurricanes are interested in acquiring Karlsson on the trade market, as are the Pittsburgh Penguins.

"I can tell you that I've heard the same thing that others have reported, that the Penguins and Hurricanes are the two teams currently vying for his services," Yohe wrote.

Acquiring Karlsson would present challenges, though. The 33-year-old is scheduled to carry a cap hit of $11.5 million this season. The Hurricanes have just $3.4 million in cap space. Even if San Jose is willing to absorb some of Karlsson's contract to facilitate a deal, it's unlikely to take on much of it.

"For people who think we're going to eat 50 per cent of his contract and all this type of stuff, it's probably not going to happen," Sharks general manager Mike Grier said, per Sportsnet's Sonny Sachdeva.

However, Carolina isn't in a position where creating the cap space is impossible. Clubs are also allowed to exceed the cap by 10 percent in the offseason, which would provide the Hurricanes time to make additional moves.

A bigger obstacle may be Pittsburgh's presence in the Karlsson sweepstakes.

Yohe reported back on July 1 that Penguins general manager Kyle Dubas had spoken with Karlsson and could perhaps involve a third team to help orchestrate a trade:

"Dubas engaged in talks with San Jose's star (and very expensive) defensemen Erik Karlsson, a team source who requested anonymity so they could speak freely confirmed to The Athletic. A deal to Pittsburgh, which now appears more unlikely following the spending spree that followed, would have been complex and included a mystery team along with the Penguins and Sharks."

A third team could be necessary for Pittsburgh both to come up with a player package that San Jose wants and to make the financials work—the Penguins are $2.3 million over the cap. Finding one could take time.

That's one reason why the Hurricanes should push to get a deal done now. Another reason is the impending arbitration hearing of Penguins wing Drew O'Connor.

Even with a third team involved, Pittsburgh may have to get creative to jettison enough salary to take in Karlsson. O'Connor's situation could potentially provide it. Under NHL guidelines, the Penguins will get a second buyout window following a restricted free agent's arbitration case is settled or awarded.

O'Connor's hearing is scheduled for August 4, and Pittsburgh will have 72 hours from then to buy out veteran contracts and create additional cap space. This means that August 4 is a potential deadline for teams like Carolina to get out in front of Pittsburgh and make a move on Karlsson.

Of course, Carolina general manager Don Waddell shouldn't wait until the 11th hour to make his move. Karlsson has a full no-trade clause in his contract, and if he becomes sold on the idea of joining Sidney Crosby, Kris Letang and the Penguins, the Hurricanes could miss out entirely.

Other teams may enter the equation too. Sportsnet's Elliotte Friedman linked the Edmonton Oilers to Karlsson at the trade deadline, though obviously, no deal got done at that time.

If the Hurricanes believe that Karlsson is the missing piece to their championship puzzle, they must act sooner than later, and they most definitely must make their move before the pieces fall into place for Pittsburgh.