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Changes could be coming soon for the Pittsburgh Penguins.
Six weeks into the regular season, they are floundering near the bottom of the Eastern Conference standings. Most of their stars are aging, while many of their promising young players are still learning the ropes.
On Nov. 6, Sportsnet's Elliotte Friedman reported that Penguins general manager Kyle Dubas could become a seller in the trade market. He believed some moves could happen "pretty quickly," depending on the no-trade protection of some of the players and what type of return he can get for them.
Erik Karlsson could be among the players that Dubas is willing to move. He's in the final season of an eight-year contract, with the Penguins carrying $10 million of his $11.5 million cap hit. Karlsson also has a full no-movement clause, but he might accept a trade to a contender this season as a rental player.
Karlsson has frequently appeared on our NHL trade boards. A skilled puck-moving defenseman, he's the only active three-time winner of the James Norris Memorial Trophy. As of Nov. 10, the 36-year-old led the Penguins with 18 points in as many games.
Despite his age, cap hit, and no-movement clause, Karlsson could draw interest from teams with Stanley Cup aspirations looking for a mobile right-shot defenseman with offensive skills. Here are five potential landing spots.
Carolina Hurricanes
1 of 5
The defending Stanley Cup champion Carolina Hurricanes are off to a great start, sitting in first place in the overall standings as of Nov. 10. Nevertheless, general manager Eric Tulsky has shown he's unafraid to make bold moves, and could do so again to help his club win the Cup for the second straight season.
Perhaps Tulsky would consider pursuing Erik Karlsson. He'd likely do so closer to the March 1 trade deadline, when the Hurricanes will have accrued $31.7 million in salary cap space. That would make it easier to absorb the remainder of his cap hit.
Karlsson was linked to the Hurricanes during the summer of 2025. While things have changed for the club since then, his skills as a big-minute, puck-moving, right-shot defenseman could provide a boost of experienced skill on the right side of their blue line.
The Hurricanes could offer up 26-year-old center Jesperi Kotkaniemi as part of the return. Alexander Nikishin could interest the Penguins if the 25-year-old defenseman is willing to sign a contract extension. They also carry two third-round picks in 2027 and an extra first-rounder in 2028 to use as trade bait.
Ottawa Senators
2 of 5
Erik Karlsson began his career with the Ottawa Senators in 2009-10. He spent many of his best seasons in Canada's capital, winning two of his three Norris Trophies there and helping the Senators come within one goal of reaching the 2017 Stanley Cup Final.
The Senators have spent years trying to find an experienced big-minute defenseman to fill the right side on their top defense pairing. Karlsson has fond memories of his time with the Senators. According to Bruce Garrioch of the Ottawa Citizen, the club's fans would love to have him back.
It could take until close to the March 1 trade deadline, when the Senators will have accrued $11.5 million in cap space. Even then, they might prefer that the Penguins retain some salary, or the Senators might have to move a player in the deal.
The Senators might part with one of their two second-round picks in 2027 as part of the deal. However, the Penguins could prefer agitating forward Ridly Greig or promising defenseman Carter Yakemchuk.
Tampa Bay Lightning
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Nikita Kucherov's decision not to re-sign with the Tampa Bay Lightning could force management to make one final push to win the Stanley Cup before the superstar winger departs via free agency next July.
Lightning general manager Julien BriseBois could consider adding an experienced top-pairing defenseman to the right side of his blue line. With over $16.4 million in accrued cap space by the March 1 trade deadline, he has room to take on the remainder of Erik Karlsson's contract.
BriseBois' predecessor, Steve Yzerman, nearly had a deal in place to acquire Karlsson from the Ottawa Senators during the summer of 2018. However, the deal fell through, and he was eventually shipped to the San Jose Sharks.
Karlsson would be more affordable to acquire this time if the Lightning were interested. They could offer one of their two fourth-rounders in 2027 or one of their two third-round picks in 2028. However, the Penguins could prefer a young forward like Conor Geekie as part of the deal.
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Toronto Maple Leafs
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The Toronto Maple Leafs underwent significant roster changes this year under new general manager John Chayka. His biggest moves included acquiring winger Kirill Marchenko, signing defenseman Darren Raddysh and goalie Sergei Bobrovsky, and selecting Gavin McKenna with the first-overall pick in the 2026 NHL Draft.
Chayka might not be done tinkering with his roster, especially as the March 1 trade deadline approaches. He could scour the trade market in search of skilled depth for the right side of his blue line, especially given veteran defenseman Chris Tanev's injury history and Raddysh's struggles as their top-pairing rearguard.
Erik Karlsson could be on Chayka's radar. In August, speculation linked the Maple Leafs to the Penguins' defenseman, depending on where both teams were in the standings later in the season.
Acquiring Karlsson would likely require salary retention by the Penguins, an offsetting salary move by the Leafs, or a combination of the two.
Toronto could offer up its conditional 2027 first-rounder from the Avalanche if Karlsson were willing to sign an extension.
Utah Mammoth
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Erik Karlsson could be unwilling to waive his no-movement clause for a Western Conference team. However, if he's open to skating for a Western Conference contender as a playoff rental, the Utah Mammoth could be an interesting option.
On Nov. 4, Pierre LeBrun of The Athletic reported that Mammoth general manager Bill Armstrong was interested in goaltender Connor Hellebuyck before he was traded to New Jersey. He's also in on Detroit Red Wings center Dylan Larkin and could monitor Nikita Kucherov's situation with the Lightning.
LeBrun also noted that Armstrong made significant roster additions over the past two years. He could try again near the trade deadline to bolster his roster for a deep playoff run. Depending on his blue line's performance, he might keep an eye on Erik Karlsson's status.
The Mammoth have over $15.8 million in projected accrued cap space at the March trade deadline. They also have plenty of draft picks and a deep pool of promising young talent to draw on as trade bait.
Stats (as of Nov. 10) via NHL.com. Salary cap and contract info via PuckPedia. Line combinations via Daily Faceoff.
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