Updated Potential Trade Landing Spots for Erik Karlsson Amid NHL Rumors
Even though they aren't shouting it from the rooftops or advertising it in flashing neon lights, it should be obvious that the Pittsburgh Penguins are in a rebuild.
Pretty much everything they have done since last year's trade deadline, when they traded veteran forward Jake Guentzel to the Carolina Hurricanes, has been with an eye toward the future.
The Penguins are accumulating draft picks, have improved the depth of their farm system and made minimal short-term upgrades to the NHL roster. It may not be a total teardown, but it's a rebuild of some degree.
That means the next couple of weeks could be very interesting with the roster, especially as they continue to lose games and get closer to the bottom of the NHL standings.
Pittsburgh has already made a couple of moves this season, and more could be on the way.
The most prominent name who could be on the move is veteran defenseman Erik Karlsson, whose brief time with the Penguins has been underwhelming and perhaps a little frustrating.
The offensive talent is still there, and he can still be a positive player most nights, but things haven't worked out the way anybody hoped when they acquired the Swede from the San Jose Sharks prior to the 2023-24 season.
The Athletic’s Josh Yohe reported this week that the team might be willing to move on from the 34-year-old and concede the move has not worked out.
There are some obstacles, though, including Karlsson’s no-movement clause and the fact that he is still owed $10 million against the cap for another two full seasons.
The Penguins have a salary retention spot remaining, but they probably don't want to use it on a Karlsson trade, and also probably shouldn't use it. So the possibility of a trade is slim.
But since it seems to at least be something they could be considering, let's try to play matchmaker and find some teams that might be able to make a move for him.
Columbus Blue Jackets
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Columbus has the one thing that could make this a discussion: cap space.
Not only cap space, but a lot of cap space.
They also have assets to trade, have played their way into playoff contention this season far sooner than anybody could have expected and could use a big-time right-shot defenseman.
Would Karlsson accept a trade to Columbus? That might be the big sticking point here. The only thing his career is missing at this point is a championship, and while he might be coming to the realization it probably will not happen in Pittsburgh, he is probably going to want to go to a team that could get him closer to that.
Columbus might get him in the playoffs this season. But will it get him a championship?
Carolina Hurricanes
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Carolina clearly has a Stanley Cup-or-bust mentality right now, especially after adding Mikko Rantanen and Taylor Hall a couple of weeks ago.
The Hurricanes keep getting close, but they have been unable to break through and claim the Eastern Conference with this core.
Karlsson would be an intriguing addition because they have several pending unrestricted free agents after this season, including a couple on defense as Brent Burns and Dmitry Orlov are playing on expiring contracts.
While Karlsson still has a $10 million salary-cap number the next two seasons, he is only owed $7.5 million in real money next season and only $6.5 million the year after that.
Those numbers could be attractive to Carolina ownership for a potential star-level player who might help get them over the top.
The hurdle here would be salary-cap space this season, as Carolina has little available and would need to get creative in adding another player of his caliber.
If Pittsburgh won't retain any salary, Carolina would have to send some back the other way, or potentially get a third team involved that could eat some of the remaining money.
Florida Panthers
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The Panthers could use another defenseman, but it's been assumed it would only be a depth defenseman because of their salary-cap situation.
Hear me out, though.
Let's play a hypothetical game of salary-cap roster management.
Let's pretend Matthew Tkachuk's injury is severe enough to keep him out for a couple of months. Maybe the rest of the regular season, when the Panthers wouldn't really need him given how comfortable their playoff position is.
And maybe along with that they decide to put him on the long-term injury list and create the ability to add another big contract to their roster at the deadline.
Maybe Florida uses that flexibility to add a multiple Norris Trophy winner who can still produce offensively from the blue line.
Then the playoffs begin, and a healthy and rested Tkachuk returns to join a team that has now added a future Hall of Fame talent.
With Aaron Ekblad set to be an unrestricted free agent after this season, the Panthers would have a potential replacement already on the roster.
There would also be plenty of motivation for Karlsson to be willing to go here given how much of a Stanley Cup contender the Panthers are.
Florida has a thin farm system and no draft picks in the first three rounds of the 2025 class. But given the nature of Pittsburgh's rebuild, 2026 draft picks—especially a first-rounder—could still be intriguing as potential trade chips.
Vegas Golden Knights
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This would be the same mindset as Florida and would require somebody going on LTIR to open up the salary-cap flexibility. That somebody could be Shea Theodore who was injured during the 4 Nations Face-Off.
Vegas also has a track record and willingness of utilizing every salary-cap loophole it can to build the best team possible.
It also has a track record of involving itself in every big-name player who ever becomes available.
For those two reasons alone, I would put them on a list of teams that could be interested in the Swede.
Detroit Red Wings
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The Red Wings have turned their season around since the hiring of head coach Todd McLellan and are right back in the thick of the Eastern Conference playoff race.
Not only are they in the race, but they also now have a real chance of snapping their eight-year playoff drought.
However, they still have some major flaws on their roster that need to be addressed. Especially on defense.
Moritz Seider and Simon Edvinsson are going to be the foundation of their defense for the next decade, but when those two are not on the ice, the Red Wings get pummeled during 5-on-5 play.
They need another potential impact player on the blue line, and they could use it from the right side.
With forward Andrew Copp now sidelined for the rest of the season, there is a chance to open up some additional salary-cap space. They might prefer to use that on a forward to help replace the 30-year-old, but another impact defender would also be helpful.
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