Unlikely Sharks Would Waive Labanc Next Season
- With the Sharks adding four forwards to their roster this summer, there aren’t many openings up front for prospects. One idea to open up a spot would be to waive and demote frequent speculative trade candidate Kevin Labanc but Curtis Pashelka of The Mercury News believes that option would be a far-fetched one. The 27-year-old is entering the final year of his contract which carries a $4.725MM AAV. Labanc has shown he can still produce after notching 15 goals in 72 games last season although that’s not a great return on their investment. San Jose has one salary retention slot remaining for 2023-24 and burying Labanc in the minors for any period of time would likely hurt their chances of moving him with 50% retention later in the year.
Blackwood's Previous Even Strength Success Could Help Sharks
- In a recent piece for NBC Sports Bay Area, Sheng Peng takes a look at San Jose’s acquisition of Mackenzie Blackwood earlier this offseason. Even strength save percentage was a significant issue for the Sharks last season and that was a strong point for Blackwood earlier in his career. If he’s able to rediscover some of his earlier form, the 26-year-old will be a worthwhile pickup for the Sharks, a team that seems likely to allow a lot of shots per game once again next season.
Sharks Had Shown Interest In Erik Gustafsson Early In Free Agency
- The Sharks had shown interest in defenseman Erik Gustafsson at the beginning in free agency, reports Sheng Peng of San Jose Hockey Now. Had San Jose been able to complete an early Erik Karlsson trade, they likely would have turned to Gustafsson to help replace some of the lost production. However, the delay in getting the trade done on July 1st resulted in Gustafsson not taking any chances as he instead signed a one-year deal with the Rangers. San Jose could certainly benefit from adding a blueliner with some offensive ability but at this stage of free agency, those options are quite limited.
Logan Couture Not Planning To Ask For Trade
- Don’t expect Sharks center Logan Couture to be following Erik Karlsson out of San Jose. The veteran told NHL.com’s Jon Lane that he wants to help turn things around with the only NHL franchise he has ever suited up for. Couture is coming off a solid season, picking up 27 goals and 40 assists in 82 games to lead all Sharks forwards in scoring. The 34-year-old has four years left on his contract with an AAV of $8MM.
Halttunen Joins London Knights
- A few months after being drafted in the second round of the 2023 NHL Draft, San Jose Sharks prospect, Kasper Halttunen, will be joining the London Knights of the OHL for the 2023-24 season (X Link). Halttunen spent last season playing for HIFK of the Finnish Liiga, producing one assist in 27 games. Although not much of a speed threat on the ice, Halttunen is a power forward through and through, providing a lot of physicality and a heavy shot from the wing.
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Poll: Who Won The Erik Karlsson Trade?
For the first time in quite some time, the hockey world saw a blockbuster in early August, watching the San Jose Sharks trade defenseman Erik Karlsson to the Pittsburgh Penguins in a three-team deal. In recent trades over the last several years, teams have typically weaponized cap space as a third-team, retaining salary and usually getting mid to late-round picks in return. A unique aspect of this trade, however, is that the third team, the Montreal Canadiens, were able to take care of some business they had been hoping to accomplish for a while, namely removing forward Mike Hoffman‘s salary off their books.
Running up to the Karlsson trade, speculation had arisen about how much the Sharks would eventually retain on Karlsson’s contract, and for the most part, it was much lower than many experts had theorized. San Jose only retained $1.5MM (13%) of Karlsson’s $11.5MM salary, effectively clearing $10MM from their cap table over the next four years. Nevertheless, the Sharks did take back salary in exchange with Hoffman ($4.5MM), Mikael Granlund ($5MM), and Jan Rutta ($2.75MM), but all three of these deals will be off their books after the 2024-25 NHL season.
Lastly, at face value, the Penguins appear to be the undeniable winner in this deal. Even though he has not played a game for Pittsburgh, acquiring the best player in the deal always looks good. Surprisingly though, and maybe even more importantly long-term than acquiring Karlsson, the Penguins were able to move some poor contracts out from the Ron Hextall era, including Granlund, Rutta, Casey DeSmith ($1.8MM), and Jeff Petry ($4.69MM – 25% retained). New General Manager Kyle Dubas was able to add a $10MM player in Karlsson, while also creating $3MM of cap space in the same deal, a feat that has been largely difficult for most teams in the salary cap era.
Now that the complete trade is public and final, and knowing the perspectives of all three teams, who do you think ultimately won the Karlsson trade?
Who Won The Erik Karlsson Trade?
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Pittsburgh Penguins 60% (1,642)
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Montreal Canadiens 28% (769)
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San Jose Sharks 12% (337)
Total votes: 2,748
Karlsson Notes: Defense Market, Money Retention, Interested Teams
A short time after the news broke of Erik Karlsson officially joining the Pittsburgh Penguins, news surfaced that defenseman Mathew Dumba and the Arizona Coyotes were expected to reach a one-year agreement. Cory Lavalette of the North State Journal thinks that with the Karlsson trade drama wrapped up, this might have unfrozen the slow-moving defenseman market this summer (Tweet Link). Lavalette surmised that the Carolina Hurricanes may now have a better market to move out one of their defensemen.
This view should be taken with a grain of salt, as Lavalette’s initial thought was in response to Elliotte Friedman announcing that the Coyotes and Dumba had come to an agreement. It may very well be true that the trade for Karlsson will lead to more defensemen being traded in the next couple of weeks, but given the vast differences in playstyle, and the unlikelihood that the Coyotes were one of the teams trying to acquire Karlsson, it would be difficult to draw any sort of correlation between these two moves.
However, in defense of Lavalette’s view, the Hurricanes do have a plethora of right-handed shooting defensemen, and with rumors earlier in the offseason indicating the team might be interested in moving on from defenseman Brett Pesce, the other team’s interested in Karlsson could consider Pesce a solid consolation prize. Even though their play styles are not similar, Pesce would largely be an improvement to any team’s right-hand side of their defensive core.
Other notes:
- One of the more surprising aspects of the Karlsson trade this morning was the money retained by the San Jose Sharks in the deal. Most recent reporting indicated that the Sharks and a potential third team would have to retain at least $3.5MM (30.4%) of Karlsson’s contract in total to make the deal financially work for the Penguins. Instead, even though the Montreal Canadiens were involved in the deal as well, the only retention came from the Sharks at $1.5MM (13%) of Karlsson’s $11.5MM salary. A Sharks beat writer, Curtis Pashelka reported that a lot of retention scenarios were on the table, and Mike Grier made a point to get it as low as possible. This reasonably impacted the return for San Jose, but it was a solid part of the deal for the Sharks, nonetheless.
- Also speaking to Grier about the Karlsson trade, Greg Wyshynski of ESPN reports there were actually two other teams down to the wire in the trade negotiations. For weeks now, all signs had pointed to Pittsburgh as the eventual landing spot for Karlsson, with the Hurricanes, Seattle Kraken, and Toronto Maple Leafs having noted interest as well. Grier would not indicate which teams specifically, but it is an interesting factoid at the very least.
Pittsburgh Penguins Acquire Erik Karlsson In Three-Team Deal
The Erik Karlsson trade saga is finally over. The Pittsburgh Penguins have acquired the 2023 Norris Trophy winner from the San Jose Sharks, according to Daily Faceoff’s Frank Seravalli. Sportsnet’s Elliotte Friedman reports the Montreal Canadiens are involved in the trade to aid in salary considerations. Pittsburgh later officially announced the massive deal, which includes 12 parts and breaks down as follows:
PIT receives: D Erik Karlsson, F Rem Pitlick, F Dillion Hamaliuk, 2026 third-round pick (SJS)
SJS receives: 2024 first-round pick (PIT, top-ten protected), F Mikael Granlund, D Jan Rutta, F Mike Hoffman
MTL receives: 2025 second-round pick (PIT), D Jeff Petry, G Casey DeSmith, F Nathan Legare
San Jose is retaining $1.5MM of Karlsson’s $11.5MM cap hit through 2026-27. Montreal is retaining no salary on Karlsson in this trade, meaning the Penguins have Karlsson at a massive $10MM cap hit for four more seasons. Pittsburgh also retains $1.5625MM, or 25%, of Petry’s cap hit. Montreal will have him at a cap hit of $4.6875MM through 2025.
Sportsnet’s Eric Engels also believes Montreal is not Petry’s final destination. The Canadiens are likely to flip their former number-one defenseman before next season starts, potentially retaining up to 50 percent on his already reduced cap hit, making him cost just $2.34MM against the cap for his new team.
Pittsburgh has a net cap hit loss of $3.1MM in this trade, per CapFriendly. By doing so, they’ll likely be able to activate Jake Guentzel and his $6MM cap hit from LTIR when he’s ready to return to the ice in November without making any corresponding moves. CapFriendly projected Pittsburgh with $2.75MM in cap space, with Guentzel on LTIR to start the season.
Karlsson, 33, ended an up-and-down five-year stint with the Sharks on a high note. Despite playing on a bottom-five team in the league, Karlsson’s 101 points in 82 games were the most from a defenseman in a single season since Brian Leetch in 1991-92. Once viewed as the best defenseman in the NHL during his time with the Ottawa Senators in the mid-2010s, the Sharks acquired him in a blockbuster deal in 2018 and later extended him on a massive eight-year, $92MM contract, giving him the highest cap hit in the league among defensemen.
However, it was a decision that failed to pan out the way San Jose envisioned, as Karlsson struggled with injuries during most of his time in California. To make matters worse, the team around him also crumbled as the Sharks fell out of yearly playoff contention for the first time this millennium.
Pittsburgh hopes Karlsson’s turnaround last season has given him renewed confidence heading into the latter half of his contract – assuming his recent injury history doesn’t come back to bite him. 2022-23 was the first time Karlsson had played in 70-plus games since 2017-18, his last season with the Senators.
Many will be concerned with Karlsson’s defensive misgivings, but some slightly reduced ice time in Pittsburgh should lessen his negative impact on the team’s goals-against total. Likely to slot in on the team’s second pairing behind Kris Letang, Karlsson should be paired with either Marcus Pettersson or free-agent acquisition Ryan Graves on the left side, both players with strong defensive reputations. Advanced metrics peg Pettersson near the top of the league in terms of his individual even strength defensive impact.
Pitlick could be an under-the-radar add for Pittsburgh in this deal from Montreal. While he’s far from being a long-term fixture, he is on the younger side (in Pittsburgh, at least) at 26 years old and will add some higher-upside depth scoring to a Penguins lineup that needs it, especially with Guentzel on the shelf to start the year. In 2021-22, Pitlick notched 15 goals, 22 assists and 37 points in 66 games split between the Canadiens and Minnesota Wild. He’s struggled to develop an all-around game at the NHL level, though, and he’s more of a finishing and playmaking specialist than anything else. His overall play-driving impacts are poor, and it led to Montreal stashing him in the minors for a fair bit of last season. There, he registered 22 points in 18 games with the AHL’s Laval Rocket.
Hamaliuk, 22, once had a fair bit of upside – after all, San Jose thought he warranted a second-round selection in the 2019 NHL Draft. Injuries and middling performance since turning pro have wiped out nearly all of his stock, though. He played in just six games last season, all in the ECHL with the Wichita Thunder, although he did look good in limited action with seven points. The Penguins will likely watch him closely in the minors with the AHL’s Wilkes-Barre/Scranton Penguins next season to see if he can recapture some of his former potential.
For the Sharks, trading Karlsson while only retaining $1.5MM is a solid bit of work for general manager Mike Grier. However, the return is rather underwhelming – a likely mid-first-round pick and a trio of depth NHL assets that won’t amount to much value for a rebuilding team. They’ve essentially taken on two bad contracts and a depth defender to rid themselves of long-term financial pain, as despite his elite skill, Karlsson absolutely did not factor into the franchise’s long-term plans post-rebuild.
The trade does provide a fresh start for Granlund, a former top-six fixture who struggled mightily after heading to the Penguins from the Nashville Predators at last year’s trade deadline (just five points in 21 games). He is just one campaign removed from a 64-point season, however, and although his possession metrics are quite poor, he does still carry a fair amount of raw skill that could see him once again elevate into a top-six role on a weak Sharks team, potentially playing alongside Alexander Barabanov and Logan Couture. With two seasons left at a $5MM cap hit, the Sharks could look to flip him at the 2024 trade deadline if he has a strong season, likely with significant salary retention. However, as CapFriendly notes, San Jose has just one of their three salary retention slots remaining for the next two seasons after also retaining salary on Brent Burns when they traded him to the Carolina Hurricanes last summer. In total, the Sharks are left with $7.745MM in dead cap space this year after the two salary retentions, plus the buyouts of goalie Martin Jones and forward Rudolfs Balcers.
Rutta is under contract at $2.75MM for two more seasons, and he’ll likely give the Sharks a fair amount of value. The two-time Stanley Cup champion with the Tampa Bay Lightning could very well step into a top-four role for the Sharks, who will likely roll three pairings by committee this season in the absence of a clear number-one defender. Rutta recorded nine points in 56 games for the Penguins last season, his only season in the Steel City while averaging 17:07 of ice time per game. Pittsburgh signed the 33-year-old to a three-year, $8.25MM contract in free agency last summer.
Clearing Hoffman’s $4.5MM cap hit for this season off the books is a solid bit of business for the Canadiens, who were rumored to be considering waiving Hoffman ahead of next season and assigning him to the AHL’s Laval Rocket. There’s no guarantee he’ll be able to escape the same fate with San Jose, however. The Sharks will undoubtedly prioritize roster spots for younger wingers like William Eklund, Filip Zadina and Fabian Zetterlund, leaving Hoffman without a clear place among the Sharks’ top 12 forwards. Now 33, Hoffman did manage 14 goals and 34 points in 67 games for Montreal last year, but he ranks among the worst play-driving forwards in the league and is solely a power-play specialist at this stage in his career. Some will remember this is technically Hoffman’s second stint as a member of the Sharks organization – San Jose acquired him from Ottawa for a few hours in 2018 before flipping him to the Florida Panthers.
Now, moving on to Montreal, who became an unexpected major player in this deal. Petry may not remain with his former team, as mentioned earlier, and DeSmith may not either. He’s a puzzling addition for a team that already has Sam Montembeault and Jake Allen manning the crease, although Pittsburgh did need to move out a goalie after signing Alex Nedeljkovic in free agency, giving them three NHL goalies on their roster. However, Montreal now faces the same predicament, and DeSmith is unlikely to supersede Allen or Montembeault on the team’s depth chart. If they don’t flip him to another team looking for a backup netminder, DeSmith could be waived to start the season and end up with Laval. He started a career-high 33 games for Pittsburgh last season, and the 31-year-old recorded a 15-16-4 record, .905 save percentage, and no shutouts.
Legare is a depth addition who will suit up for Laval next season. The 22-year-old third-round pick of the Penguins in 2019 is still finding his footing in the minors. Last season, he posted eight goals, 11 assists and 19 points in 68 games with AHL Wilkes-Barre/Scranton.
Photo courtesy of USA Today Sports Images.
Penguins, Sharks Getting Closer To Erik Karlsson Trade
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.
Could Karlsson Consider Contract Termination If He Isn't Traded?
Sharks defenseman Erik Karlsson has made it known he’d like to move to a team that has an eye on winning now. But with four years left on his contract at a cap hit of $11.5MM, a trade is proving to be difficult to do. In his latest piece for NBC Sports Bay Area, Sheng Peng examines another possibility for both sides, a mutual contract termination. He’d be walking away from the remaining $39MM in salary but coming off a Norris Trophy-winning season, it stands to reason he could get a big chunk of that back over the next several seasons with a team that’s more of his choosing. On the flip side, the Sharks wouldn’t get anything in return but would save a significant amount of cash that they’d otherwise be retaining to help facilitate a move. It’s not the likeliest of options at this point but if a viable trade fails to materialize, perhaps it’s an option that is considered at some point.