4 NHL Trade Packages For Erik Karlsson Amid Rumors

The Pittsburgh Penguins remain one of the most fascinating teams to watch this offseason as they still hold three of the most intriguing trade chips that could still be available. That not only includes forward Bryan Rust and Rickard Rakell, but also defenseman Erik Karlsson.

It remains to be seen if any of them will be dealt this summer, but there is a good chance at least one will be changing teams as part of the Penguins' ongoing rebuild.

Karlsson has spent the past two seasons in Pittsburgh during a roller-coaster tenure. He arrived with much fanfare and hype two years ago in the hopes he could help keep their window for contention open a little while longer. It did not work out as planned, as the Penguins missed the playoffs the next two seasons.

While Karlsson's offensive production remains mostly strong, his defensive play has dropped off, and his overall play is not what it was when he was at his Norris Trophy peak.

The Penguins would probably love to move on from his salary, and Karlsson would probably welcome a chance to play on a team closer to the playoffs so he can maybe play for a Stanley Cup-winning team.

There are some obstacles.

Along with his declining play, he also has a salary-cap hit of $10 million per season over the next two years.

He also has no-trade protections and can dictate where—or if—he moves.

But there are still some factors that could produce a trade, and he still might be able to help a contender.

The key for the Penguins is not necessarily getting a huge return, but getting out from a contract they no longer want on their books.

So let's take a look at four potential options that might make some sense.

Carolina Hurricanes

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The Trade:

Hurricanes get: Erik Karlsson

Penguins get: Shayne Gostisbehere, conditional second-round pick, mid-level prospect

One of the things that could make Karlsson more attractive to a contender is that while his salary-cap number is still significant, the amount of actual cash he is owed isn't.

The Penguins already paid him a $5 million signing bonus this offseason, meaning any team that acquires him would only owe him $4 million in actual cash this season.

He is also only owed $7.5 million in actual salary next season.

That is only $11.5 million in actual salary over the next two years. That is not terrible for what Karlsson can still provide offensively.

The Penguins have all three salary retention spots available to them and could eat a portion of his remaining contract to help facilitate a trade. They do not seem eager to eat a lot of it, but eating any part of it could not only help push a trade through but also help improve the return.

Carolina is a team that not only has enough salary-cap space to take on Karlsson's contract, but it could also really use a right-shot defenseman who can provide an offensive push, especially after losing Brent Burns and Dmitry Orlov from last year's roster.

The Hurricanes did add K'Andre Miller, but another potential impact player on defense could still be a big addition.

Something along the lines of Shayne Gostisbehere (to help balance the salary and give the Penguins somebody who can pump up points on their power play and be flipped again), a conditional pick that starts as a second and could improve into a first, and a mid-level prospect (Felix Unger-Sorum? Justin Poirier?) might be something that could benefit both teams.

Ottawa Senators

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The Trade:

Senators get: Erik Karlsson

Penguins get: Nick Jensen, prospect, 2027 first-round pick

The Senators finally made it back to the playoffs in 2024-25, and have followed it up with a mostly quiet offseason that has seen them make some solid, even if unspectacular, depth additions.

They could still use another big move, and some additional help on the right side of their defense, where the depth chart consists of Artyom Zub, Nick Jensen and newly acquired Jordan Spence.

Karlsson and the Senators also have an extensive history, with him having played nearly a decade with the team and winning two of his Norris Trophies there.

The Senators may not be a top-tier Stanley Cup contender, but they are a playoff team with some high-level players and a goalie in Linus Ullmark who is capable of getting hot and stealing a few games.

Something along the lines of Nick Jensen's expiring contract (and to help open up a spot on the right side of Ottawa's defense, as well as making the money work for Ottawa), a prospect and Ottawa's 2027 first-round pick could be a starting point if the Penguins retain some of Karlsson's remaining contract.

Detroit Red Wings

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The Trade:

Red Wings get: Erik Karlsson

Penguins get: Carter Mazur or Shai Buium, top-15 first-round pick

There should be more urgency and desperation coming from the Red Wings this offseason.

The playoff drought is closing in on a decade. They've had a slow and methodical process under Steve Yzerman's watch, they still have more than $12 million in salary-cap space and their current right-shot defenseman are Moritz Seider (very good) and .... Justin Holl. That's not great. It's certainly not good enough. Something has to give here.

The cap space is there.

The need is there.

They have the trade assets.

They just need the urgency and desire to actually want to try to get better.

After missing out on nearly every major free agent, they will have to dip into the trade market to improve. This would be a big improvement, even if Karlsson has some flaws.

He wouldn't be required to be the top-defense option (that is Seider's job) and could really add some much-needed offensive spark to a relatively punchless defense.

Something centered around prospects like Carter Mazur or Shai Buium, along with a top-15 protected first-round pick, could be a starting point.

Dallas Stars

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The Trade:

Stars get: Erik Karlsson (money retained)

Penguins get: Ilya Lyubushkin, second-round pick, Mavrik Bourque

The Dallas Stars are one of the NHL's best teams, but still need a little something extra to get over the hump in the Western Conference.

They also have one of the NHL's most impressive defensive depth charts down the left side of their defense, and one of the least impressive down the right side.

This is a natural match.

Especially with Dallas being a bona fide Stanley Cup contender, which should appeal to Karlsson.

The Penguins and Stars already made one trade this offseason involving defensemen in a salary dump (the Penguins took on Matt Dumba's contract) and could be a good match for another.

The deal we would start with: Ilya Lyubushkin (as a salary dump from Dallas' side), a second-round pick and Mavrik Bourque in exchange for Karlsson, with the Penguins retaining money on Karlsson's contract.

Bourque, 23, is a steep price to pay given his age and upside, but if the Penguins take on Lyubushkin's contract and retain on Karlsson's deal, they are doing the Stars some big financial favors and should get a better return for that.