With the window for the Pittsburgh Penguins to clear cap space via a buyout closing today, rumors around the team closing a deal that would bring all-world defenseman Erik Karlsson to Pennsylvania are continuing to heat up. The team is making a “legit attempt” to get a trade done today, Elliotte Friedman of Sportsnet says. Friedman expects a third team to be involved in the transaction to help facilitate any salary cap issues.
During a TV appearance on NHL Network earlier this week, Friedman said that “clarity” could come on a Karlsson trade as soon as this weekend. Considering the general reporting on Karlsson has focused significantly on the Penguins over the past few weeks, it’s beginning to seem like an eventuality that a deal will get done, even if the teams involved can’t iron out all the details today. Karlsson acknowledged that the Seattle Kraken and Toronto Maple Leafs were also in trade talks with San Jose last month. At the same time, the Carolina Hurricanes were widely believed to be in discussions to acquire this year’s Norris Trophy winner.
However, there’s still no indication of what the final trade will look like. Undoubtedly, it’ll become quite a complex deal with multiple salary cap-related maneuvers necessary. Even with winger Jake Guentzel projected to start the season on LTIR, CapFriendly projects the Penguins with just over $2.75MM in cap space, making it a tight fit for Pittsburgh even if they buy out Mikael Granlund today or move him to the Sharks in the final trade. San Jose has expressed unwillingness to retain significant salary in the deal, meaning Pittsburgh will likely have to pay an extra draft pick to a third team to retain additional cash, as Friedman alluded to today. The Penguins will also need to find the cap room to activate Guentzel about a month into the season when he’s slated to return.
Acquiring Karlsson would, at the moment, give Pittsburgh one of the most offensively potent right-side defenses in the league with Karlsson, Kris Letang and Jeff Petry. Petry is not expected to be involved in the pending trade, with previous reports indicating the Sharks are on his 15-team no-trade list. It’ll also be one of the most expensive right sides in the league, with Letang and Petry already costing a combined $12.35MM against the cap.
As a reminder, Karlsson is under contract for four more seasons at an $11.5MM cap hit. The Sharks and a third team are expected to retain at least a combined $3.5MM to bring Karlsson’s cap hit in Pittsburgh down to $8MM or less.
Let’s go Pens.
If we get Karlsson, I can’t think of a team that will be more fun to watch next year.
Early favorite for most goals for and against
Granlund to San Jose and Petry back to Montreal