NHL Rumor Mill – September 5, 2025
The latest on the Penguins and a recent update on the status of Connor Zary’s contract talks with the Flames in today’s NHL Rumor Mill.
THE ATHLETIC: Josh Yohe is surprised that Bryan Rust, Rickard Rakell, and Erik Karlsson remain on the Pittsburgh Penguins roster as training camp approaches.
General manager Kyle Dubas has been free to trade Rust and Rakell for some time. Karlsson is apparently willing to waive his no-movement clause for certain teams.
Pittsburgh Penguins defenseman Erik Karlsson (NHL Images)
Trading Rust and Rakell would fetch significant returns of prospects, draft picks, or young NHL players. Moving all three would also make the Penguins worse for the coming season, improving their chances of winning the 2026 NHL Draft Lottery.
SPECTOR’S NOTE: Penn State winger Gavin McKenna is considered the top player among the 2026 prospect class. Observers consider him a generational talent.
Two of those three players must be traded soon, even if Dubas doesn’t get the massive return he wants. Moving them would also increase the Penguins’ projected cap space for 2026-27. They currently have over $53 million available, giving them an enormous amount to invest in their roster starting next summer.
Yohe followed up by citing team sources saying Dubas is content to enter this season with his current roster. However, it doesn’t mean he won’t try to make a deal or two.
He still believes Karlsson has the greatest chance to move but is also more difficult to trade than Rust or Rakell because of his $10 million cap hit, his disappointing performances over the last two seasons, and his NMC.
Yohe said some teams remain interested in Karlsson, but not his cap hit. Whether the Penguins will retain a considerable chunk would depend on the return. A potential change in Penguins ownership could also affect efforts to trade Karlsson, though management still thinks moving him is for the best.
SPECTOR’S NOTE: Considering how much cap space the Penguins already have for next season with Karlsson, Rust, and Rakell currently on their books, retaining part of his $10 million AAV shouldn’t be much of a sticking point, especially since they’re rebuilding even if they won’t publicly admit it. Nevertheless, the potential change in ownership could be what’s holding up that possibility.
CALGARY SUN: Kent Wilson recently looked at what might be holding up a new contract for Connor Zary. The 23-year-old Calgary Flames forward is a restricted free agent coming off his entry-level contract.
Injuries and inconsistent play have made it difficult for the promising Zary to lock down a defined role. Drafted as a center, he’s spent most of his time with the Flames as a winger, bouncing around all four lines.
Zary might prefer a long-term contract, while the Flames might prefer a bridge deal. With training camp approaching, Wilson suspects Zary will sign a short-term contract worth around $3 million annually.
Zary and the other 5 key RFAs not yet signed – and their agents – have to realize that missing training camp and possibly early season games has NEVER worked out well for the player, while the team has the options of either back-filling with a UFA or elevating one of their prospects to fill the void (or trading). In short, the team holds the upper hand.
None among McTavish in Anaheim, Kaiser in Chicago, Zary in Calgary, Holtz in Vegas or Evangelista in Nashville are absolutely critical to the ultimate seasonal fortunes of the teams. The lone exception may be Hughes in New Jersey.
For the record, none among the 6 have the same agent
Zary – Michael Kaye
McTavish – Patrick Morris
Kaiser – Ritchie Winter
Holtz – Craig Oster
Evangelista – Judd Moldaver
Hughes – Pat Brisson
George, McTavish probably the highest ceiling out of those players. I don’t think Ducks go into this season same as previous. Adding Granlund and Kreider are moves to compete now. Signing McTavish asap would be crucial to starting season off on right foot. If not, trading him for another good, young prospect makes sense. Holtz has not panned out anywhere. Maybe considering going back to play in Europe?
Can’t argue the Holtz situation, Slick62, but I’m not sure the difference in Anaheim getting into the playoffs with or without McTavish is as critical as is Hughes’ in NJ.
The Ducks, even with McTavish,has a tough row to hoe, having finished 16 points out of the 2nd WC spot and with 4 teams to climb over to get there – St. Louis, Calgary, Vancouver and Utah.
NH, on the other hand, finished 3rd in the Metropolitan with 91 pts – same as Montreal who grabbed the 2nd WC spot – but with the NYR and NYI breathing down their necks. They need Hughes a lot more than Anaheim need s McTavish.
NJ … not NH …. sigh
George. I get Ducks have more competition. Kind of why I see them needing McTavish on day 1 more than NJ. Honestly don’t see either still unsigned when camp begins. Hughes signing should be a no brainer, while I’ve no idea what’s the problem in Anaheim. Plenty of cap space.
GeorgeO those players and agents need to look at Swayman and see how that worked out for him.He struggled all year.
As far as Penguins rumors, the reporting here seems to suggest they have no plans of competing this season. Wonder how Sid and Gino feel about that. Besides the cap hits on players mentioned, there’s also the term left on their deals. NYR would seem to be of interest based on Sullivan as coach. Just don’t see a fit right now. Not sure anyone is giving up a 1st rd pick this early, unless it’s lottery protected.
Connie needs to get Zary locked up long term or package both him and Ras for a top 2 C.
That’s a great package if the Flames were looking to do something worthwhile.
I’d keep both if I was making the call. I think Zary will be a top 6 player.
Imagine actually trying to tank one of Crosby’s 3 or 4 last seasons… Pathetic.
Brock, they – and Boston – seem to be approaching the season with identical trains of thought:
“yes, we could make a trade or two to achieve slight roster improvements but not enough of an improvement to vault us back into serious playoff contention. So, with a potential franchise-type player up for grabs and much better odds of winning the lottery by doing nothing towards roster changes, we’ll ride out the season as is and hope for the best when it comes to McKenna.”
And San Jose, Chicago and Anaheim might be thinking along the same lines.
At least Pittsburgh have top 6 forwards,Boston has more bottom 6 forwards than any team in hockey.However Pittsburghs defensemen and goalies are spare parts at best.That negates their offensive forwards because they will be playing all day in the defensive zone.
IMO it’s more pragmatic than pathetic with both the B’s and the Pens.
There are much sharper hockey minds than mine out there, but I don’t see how PIT can become a contender in the next 3 years. Can they improve sure, but that won’t help the Pens long term and they won’t win anything either way.
Crosby knows it too, and knew it when he signed. He may have been hoping to catch lightning in a bottle last season, but he very likely knew it was unlikely. And he signed anyway.
If he wants to finish in Pittsburgh he can, if he wants to move on the Pens will try and make that happen.
I have no idea what he wants to do, but the choice will be his.
Well, Zary’s just been signed – 3 years @ $3,775,000 per.
That gives the Flames 23 signed – 14F 7D 2G – and $11,637,500 still in cap reserve.
Re”Josh Yohe is surprised that Bryan Rust, Rickard Rakell, and Erik Karlsson remain on the Pittsburgh Penguins roster as training camp approaches.”
insert between “Yohe” and “is” : “(and the rest of the logical world)”
Re Yohe’s assertion :”Dubas is content to enter this season with his current roster”
If Yohe is correct with that; Dubas is far worse as a GM than we thought (and that’s already absolute rock bottom).
With new rules implemented this week and little to no cap space for most of the “contenders”; in-year trades of players at $5 M or greater will be very very few and very very far apart; if any at all
There should be no strategies geared solely at getting McKenna. The absolute MAX chance Pens would get is 25.5 % (finishing dead last).
Pens only finish dead last if ALL of EK, Rackell and Rust are moved for futures ; they pull the goalie every game for the entire 3rd period; AND Muse plays BOTH Hayes and Accari (each 22 mins/game) and always on Sid’s line; and both on PP1
There should be no talk at all re teams being “reluctant to take on Karlsson’s $10 M cap hit”
That line, in and of itself infers there is a “maybe” or a “perhaps” nuanced in it.
There is ZERO chance any GM takes on EK at $10 M
It is a huge stretch to think that even a single team would talk to Dubas regarding EK at $8 M
$7 M Cap is the max; maybe get 1 suitor. Huge maybe.
@ $5 M Cap; there will be a small handful willing to make a deal
Pen’s remaining cash commitment to EK (2 years total) is $10 M; so the difference in $7 M Cap (maaaaayyybe 1 trade partner, and at very low return) potential trade; and $5 M Cap (handful of suitors bidding; good return) trade just surreptitiously also happens to be a total of $2 M cash (total over 2 years)
Currently the $10 M cash is a sunk cost
EK remaining on Pens this year actually should result in moving Pens pick slightly down the 1st round
For the sake of $2 M cash:
-he’s off the team;
-Pens likely to slightly improve 1st round pick order
-Pens won’t have to pay Clifton $3.3 M to stay in the press box all year
-Pens get a young NHLer plus either a prospect or pick in return ; making Pens better in the future
There is no way current or future ownership (for an approximately $2 B asset) cares about $2M. The above (50% retention) actually SAVES the Pens $5 M AND makes them better. No retention, no trade, $10 M wasted; team actually worse (‘26 pick potentially slides a couple of spots later in draft)
Stay Satus quo; Pens pick in the 8th-12th’ish spot again; and get no immediate young players; and prevent some current young players from well deserved NHL time
Dubas, get off the pot, pick up the phone; and move EK AND preferably 1 of Rust/Rackell.
Re”Josh Yohe is surprised that Bryan Rust, Rickard Rakell, and Erik Karlsson remain on the Pittsburgh Penguins roster as training camp approaches.”
insert between “Yohe” and “is” : “(and the rest of the logical world)”
Re Yohe’s assertion :”Dubas is content to enter this season with his current roster”
If Yohe is correct with that; Dubas is far worse as a GM than we thought (and that’s already absolute rock bottom).
With new rules implemented this week and little to no cap space for most of the “contenders”; in-year trades of players at $5 M or greater will be very very few and very very far apart; if any at all
There should be no strategies geared solely at getting McKenna. The absolute MAX chance Pens would get is 25.5 % (finishing dead last).
Pens only finish dead last if ALL of EK, Rackell and Rust are moved for futures ; they pull the goalie every game for the entire 3rd period; AND Muse plays BOTH Hayes and Accari (each 22 mins/game) and always on Sid’s line; and both on PP1
There should be no talk at all re teams being “reluctant to take on Karlsson’s $10 M cap hit”
That line, in and of itself infers there is a “maybe” or a “perhaps” nuanced in it.
There is ZERO chance any GM takes on EK at $10 M
It is a huge stretch to think that even a single team would talk to Dubas regarding EK at $8 M
$7 M Cap is the max; maybe get 1 suitor. Huge maybe.
@ $5 M Cap; there will be a small handful willing to make a deal
Pen’s remaining cash commitment to EK (2 years total) is $10 M; so the difference in $7 M Cap (maaaaayyybe 1 trade partner, and at very low return) potential trade; and $5 M Cap (handful of suitors bidding; good return) trade just surreptitiously also happens to be a total of $2 M cash (total over 2 years)
Currently the $10 M cash is a sunk cost
EK remaining on Pens this year actually should result in moving Pens pick slightly down the 1st round
For the sake of $2 M cash:
-he’s off the team;
-Pens likely to slightly improve 1st round pick order
-Pens won’t have to pay Clifton $3.3 M to stay in the press box all year
-Pens get a young NHLer plus either a prospect or pick in return ; making Pens better in the future
There is no way current or future ownership (for an approximately $2 B asset) cares about $2M. The above (50% retention) actually SAVES the Pens $5 M AND makes them better. No retention, no trade, $10 M wasted; team actually worse (‘26 pick potentially slides a couple of spots later in draft)
Stay Satus quo; Pens pick in the 8th-12th’ish spot again; and get no immediate young players; and prevent some current young players from well deserved NHL time
Dubas, get off the pot, pick up the phone; and move EK AND preferably 1 of Rust/Rackell.
Re”Josh Yohe is surprised that Bryan Rust, Rickard Rakell, and Erik Karlsson remain on the Pittsburgh Penguins roster as training camp approaches.”
insert between “Yohe” and “is” : “(and the rest of the logical world)”
Re Yohe’s assertion :”Dubas is content to enter this season with his current roster”
If Yohe is correct with that; Dubas is far worse as a GM than we thought (and that’s already absolute rock bottom).
With new rules implemented this week and little to no cap space for most of the “contenders”; in-year trades of players at $5 M or greater will be very very few and very very far apart; if any at all
There should be no strategies geared solely at getting McKenna. The absolute MAX chance Pens would get is 25.5 % (finishing dead last).
Pens only finish dead last if ALL of EK, Rackell and Rust are moved for futures ; they pull the goalie every game for the entire 3rd period; AND Muse plays BOTH Hayes and Accari (each 22 mins/game) and always on Sid’s line; and both on PP1
There should be no talk at all re teams being “reluctant to take on Karlsson’s $10 M cap hit”
That line, in and of itself infers there is a “maybe” or a “perhaps” nuanced in it.
There is ZERO chance any GM takes on EK at $10 M
It is a huge stretch to think that even a single team would talk to Dubas regarding EK at $8 M
$7 M Cap is the max; maybe get 1 suitor. Huge maybe.
@ $5 M Cap; there will be a small handful willing to make a deal
Pen’s remaining cash commitment to EK (2 years total) is $10 M; so the difference in $7 M Cap (maaaaayyybe 1 trade partner, and at very low return) potential trade; and $5 M Cap (handful of suitors bidding; good return) trade just surreptitiously also happens to be a total of $2 M cash (total over 2 years)
Currently the $10 M cash is a sunk cost
EK remaining on Pens this year actually should result in moving Pens pick slightly down the 1st round
For the sake of $2 M cash:
-he’s off the team;
-Pens likely to slightly improve 1st round pick order
-Pens won’t have to pay Clifton $3.3 M to stay in the press box all year
-Pens get a young NHLer plus either a prospect or pick in return ; making Pens better in the future
There is no way current or future ownership (for an approximately $2 B asset) cares about $2M. The above (50% retention) actually SAVES the Pens $5 M AND makes them better. No retention, no trade, $10 M wasted; team actually worse (‘26 pick potentially slides a couple of spots later in draft)
Stay Satus quo; Pens pick in the 8th-12th’ish spot again; and get no immediate young players; and prevent some current young players from well deserved NHL time
Dubas, get off the pot, pick up the phone; and move EK AND preferably 1 of Rust/Rackell.
Well
Either my computer; or this website (maybe both??) seems to be in a Deja Vu loop
I just did another post (re Habs/Sharks trade); hit submit; and triplicates of THIS post re Penguins/EK etc; popped up???
Hughes just took Greir out to the woodshed and had Greir cut his own switchin’ stick on route
Ouch!
I thought Dubas was bad
Hughes must have gone to school with Bill Zito; and Grier must have been playing hooky (NOT hockey) with Dubas ; from GM school
Grier just paid somewhere between $400 K and $800 K; PLUS an asset (albeit likely a career AHLer; maybe even an ECHLer); AND did Hughes a massive solid
Just to get a 5th rounder in return. That, per link below, gives Sharks a 15% chance at a journeyman NHLer
NHL Draft Pick Probabilities – DobberProspects
And that player wouldn’t be in the NHL (if at all ever) until likely ‘29/‘30
This move (for Sharks) was only about the remote possibility of maybe dropping below Cap floor ; and to get there, they’d have had to make multiple in-year trades with vets, at high Cap, with zero/little Cap in return; all happening in 25/26 when in-year trades (due to this weeks New CBA changes) will happen only on very rare occasions
Price contract traded to SJ
Now Hughes has nearly $5M in cap space and many assets, it is time to get that 2C!