Sunday NHL Rumor Roundup – July 27, 2025
The Penguins are the team to watch in this summer’s trade market. Find out why and whether there’s a market for goaltender Tristan Jarry in the Sunday NHL Rumor Roundup.
DAILY FACEOFF: Tyler Yaremchuk and Matt Larkin recently discussed why the Pittsburgh Penguins have the chance to make some trades before the regular season begins in October.
Larkin believes they have trade chips that a lot of teams could use. He noted the offseason narrative suggests they’re the one team committed to rebuilding and tanking the season to win the draft lottery, with top prospect Gavin McKenna being the prize in the 2026 draft.
Pittsburgh Penguins winger Rickard Rakell (NHL Images)
Two of those trade chips are forwards Bryan Rust and Rickard Rakell. Some clubs need a top-six forward (Toronto, Winnipeg, Buffalo) if they can make the money work.
Erik Karlsson is the intriguing name for Larkin. He thinks he could become a bargain if the Penguins retain half of his cap hit. The Detroit Red Wings could benefit from his veteran savvy and puck-moving skills on the right side of their blueline.
SPECTOR’S NOTE: Rust, Rakell and Karlsson are the most mentioned players in this summer’s trade rumors. One of them could be moved before the regular season begins.
It’s believed that Penguins general manager Kyle Dubas is willing to listen to trade offers, but he’s not in a hurry to move those players. They remain under contract beyond next season, so there’s no immediate fear of losing them for nothing to free agency.
Karlsson is the bigger name, but his contract is a sticking point. The Penguins carry $10 million of his $11.5 million average annual value through 2026-27. After receiving his signing bonus earlier this month, he’s owed $11.5 million in actual salary over the next two seasons.
Some teams are carrying over $10 million in cap space for this season. One of them could take on the Penguins’ share of his cap hit, but the contract is still difficult to move.
Karlsson’s no-movement clause remains in effect, giving him full control over where the Penguins could trade him. His age (35) and declining performance are additional stumbling blocks.
Rust ($5.125 million AAV through 2027-28) and Rakell ($5 million AAV through 2027-28) are a little younger and more affordable. Still, the Penguins could be pressured to retain part of their salary to facilitate a deal.
SPORTSNET: Michael Amato wondered if the Penguins’ recent addition of goaltender Arturs Silovs might lead to them trading Tristan Jarry. The 31-year-old starting goaltender has struggled in recent years and spent part of last season in the minors.
Amato noted the Edmonton Oilers have been linked to Jarry in the rumor mill. Given the netminder’s performance, the Oilers would be taking a chance on him. However, they wouldn’t have to give up much to get him, and the Penguins might retain part of his $5.375 million AAV.
PITTSBURGH HOCKEY NOW: Dan Kingerski also noted the conjecture tying Jarry to the Oilers. He suggests the Penguins could get a second and a fourth-round pick for him, or perhaps a third rounder.
SPECTOR’S NOTE: The lack of quality goalie depth in the trade and free-agent markets would make the acquisition of Jarry feel like a desperation move by the Oilers. Management indicated they would look at improving their goaltending, but didn’t rule out retaining their current tandem of Stuart Skinner and Calvin Pickard.
Cap space is an issue for the Oilers. They have just over $225,000 remaining, meaning they must move salary out to acquire Jarry even if the Penguins retained half of his AAV.
The Oilers could stick with Skinner and Pickard to start the season and see how things unfold in the trade market.
Dubas has to decide wether the return for those three players or getting a better chance at McKenna is the best option because with those three on the roster they are too good to bottom out
I think at some point; whether it’s this summer or during the season, two out of those three are shipped out.
If not than they might as well start buying again, because I agree with you. If this team gets some saves this season, they are a playoff bubble team again.
Even if we bottom out and literally finish last (a very very unrealistic outcome for 25/26); the absolute best odds at McKenna are 25%
Finishing last; 75% chance at one of Verhoeff/Roobroeck/Stenberg, and they are very good, but NOT franchise changing players
To me, with Pens already with good (and plentiful) new capital; AND many many picks in first 3 rounds over next three drafts; moves should be done now to stop the slide and begin the plodding rise back to being competitive)
Finishing this year with a pick in the 7-12th range ; while simultaneously showing fans that rock bottom has ALREADY been reached; and upswing in motion; is better than the complete bottoming out (losing many more fans) only to get a 25% chance at McKenna and s 75% chance at pretty good players; but ones that won’t play until after Sid retires
Retaining 50% on 2 (not 3) of EK/Rusty/Rackell brings back a total of 2 young NHLers AND 2 prospects “likely” to be in NHL this year; and worst case “very likely” to be in NHL for 26/27
8787 three .moves make the penguins a playoff team
They had 0 defense a d s**t goaltending weren’t but 8. 9 points out
Move one karlsson. Three teams. Carolina toronto vegas maybe detroit. Karlsson at $7 million
Hurricanes gosthisbere
Maple leafs Riley
Vegas. Whitecloud
These deals could have adds
Then trade for mario ferraRo. 26 physical rough gritty good defensively put him with leturnover he fits now and the rebuild retool
Available. 1st gets him.
Only way i trade Rakell is for marco rossi.
Our defense now
Letang ferraro
Dumba Riley or ghost
Clifton Witherspoon Pickering
Way better
/
Keaton Verhoeff, Ryan Roobroeck, Ivan Stenberg, and Ethan Belchetz heard better prospects than any player chosen in 2025 draft. Good chance each of these players will turn into All-star cornerstone player. Because of next off-season Deep draft especially at the top why Penguins or other teams with cap space may not make playoffs aren’t making an offer for RFA Marco Rossi.
Bottoming out in the last draft was not the way to win the top pick. Personally I don’t like leaving things to chance.
Dubas needs to move their players for tangible returns that help his rebuild and disregard any value perceived by increasing his odds for McKenna.
Obtaining additional early seeded draft picks is different than simply tanking and hoping the own pick solves all your problems
100 % agree Jeff
You have to wonder what Pens asking price is going to be. Both players a lil older. It would likely be a “win-now” team. Also, with a rebuild (not retool) you also think about Crosby/Malkin being moved. None of the contend ng teams have the cap space to acquire. And Jarry imo is a 1B Not many teams are lining up for him.
Big risk cap wise for the Oil and Jarry. Must be 50% to even think about it. Pickard will not clear waivers and if Jarry poops the sheets (like he has done in the past) then what?
Now if he ever was going to restore his career , Edmonton would be the place.
Bowman waits …
As matters stand right now, the teams with the most cap reserves – and no RFAs left to re-up – are San Jose, who have $20,682,499 to spend, with a committed roster of 22 (12F 8D 2G)., followed by Detroit with $12,086,628 and committed to 23 (14F 7D 2G). After those two, it drops to Carolina at $10,644,291, also with 23 committed to (14F 7D 2G), and then Utah at $6,682,143 with 23 signed (13F 7D 3G). All would certainly be able to take on Rust or Rakell, and in the case of San Jose, both.
You can add in Chicago ($18,662,024) and Columbus ($16,342,501) who are both committed to 22 (12F 7D 3G) and (13F 7D 2G) respectively, Chicago only has RFA LD Wyatt Kaiser, to conclude, coming off an ELC of $916,667, and Columbus has RW Mikael Pyyhtia, coming off his ELC of $897,500. Following seasons of 57gp 4g 4a 8pts for Kaiser and 47gp 4g 3a 7pts for Pyyhtia, they’re not likely looking at anything much beyond $2 mil, so both could also be a destination for one or both.
Calgary, sitting with $15,412,500 in cap reserve and committed to 22 (13F 7D 2G). does have one significant RFA to finalize – C Connor Zary coming off his ELC of $863,334, and whose 13g 14a 27pts in 54gp should take a heft chunk of at least $4 mil off that reserve – but they’d still be a trade option for one of the two.
Then we come to Anaheim, whose $21,388,812 in reserve with 21 signed (11F 7D 3G) may seem like they should be up there with San Jose and Detroit for one or both, but they still must conclude RFAs
C Mason McTavish, coming off an ELC of $894,167 and who, in 76gp, potted 22g 30a 52pts, and RW/C Sam Colangelo, who scored 10g 2a 12pts in 32gp and is coming off his ELC of $925,000. Even so, when those two are re-upped, Anaheim will still ikely be in the $11 mil cap reserve
Dubas should not trade Rust, might upset Sid, Rakells trade value is the highest…he won’t score the same as last year, Rakell should be moved first he will bring back the most in a trade.
Karlsson needs to be moved because the Penguins have too many right handed defenseman. Plus I would rather see younger defenseman play to see what they have in prospects.
I disagree on who should be moved first
To me it is EK
Dubas knows that he can’t keep 4 RDs; complete waste
He knows he is going to have to move EK sometime between this second AND TDL
He (Dubas) knows that ZERO teams EVER during his (EK’s) remaining 2 years ; will take him without further substantial retention. No team; absolutely NO team takes him at $10 M cap hit
Max return is with 50% further retention
EK has full control where he goes; so regardless of retention amount; the number of viable (EK acceptable) trade partners is already limited
With that; at 30% further ($7M cap hit) retention amount, MAYBE 1 viable EK suitor. MAYBE.
50%…. Probably 5 teams
Return at 50% on EK should get young current NHLer; AND a prospect that might play in NHL in 25/26 and SHOULD play in NHL in 26/27
That’s why I believe that all first efforts should be on moving EK
Then, see what you can get for one (not both) of Rusty/Rackell (again with retention to maximize return).
Jarry should NOT be moved this year. Return for sure will be negative (this year)
I believe he has a turnaround year. Worst case he doesn’t and he can be bought out next year; which doesn’t use up a retention spot; and has marginal impact on Cap (that is climbing rapidly and Pens will NOT be approaching in next 5 years) .
Dubas; retain 50%, punt EK now (while there is a market)
Jarry buyout next summer if needed; saves $2.8 M, $2.8 M in 26/27 and 26/28; then two years EACH of Dead cap (when they are spending no where near Cap ceiling) of only $1.36 M
Trading now means a retention spot ; AND negative return
Little downside to keeping Jarry
If hr bounces back (my belief) then he can have retention; traded at TDL for good return.
Poor year for him; buy out next summer; gain is a slide (further ) in 25/26 standings; higher draft pick
So retention on karlsson rust rakell Jarry… who else? Hayes? Dumba? Accieri? 🤔
Chrisms
Retention and buyout are different
The moves now need to be (1) 50% retention on EK; maximizes the return
Then (2) retention on 1 of Rust or Rakell (not both). I’m suggesting 50% on ONE of these two as well. Either of them at a cap hit of $2.5 M has many buyers and would return a young NHLer PLUS an NHL ready prospect
Hayes and Accari waived just ensures they don’t play for the Pens. Keeping them up and in press box counts towards the 23 and prevents two younger players from being on the Pens.
Having Hayes and/or Accari actually play for Pens this year also prevents younger prospects from playing; but simultaneously has the effect of diminishing attendance. Fans for the most part are OK watching Pens low in the standings if it’s with young developing players because it gives a sense of hope. Neither Accari or Hayes gives any hope.
Who would ever retain on Dumba? He’s only under contract for one year.
With EK gone (hopefully soon) then Dumba and Clifton battle it out for 2RD; the other plays 3RD
Why retain on Jarry. My stance is to kerp him and NOT trade with retention. He’s untradeable at full hit (as is EK); so my stance is NOT to trade him… it will definitely be a losing trade. We’ve had enough of those already.
I do believe Jarry bounces back; BUT if he doesn’t; he CAN be bought out next summer; and as I pointed out; buy-outs do NOT count as retention spots (limited to 3 sal/cap retentions per team per any year)
Dubas has said he won’t buy out players, at this point in summer off season not sure if any of those three will be moved….if Rakell stinks this season, his trade value goes down.
Rust is friends with Sid…and I know it’s a business.
Dubas can’t buy anybody out this summer even if he wanted to.
There are two windows for buyouts:
1) all teams can buyout any player for a small window of time : starting either (A) June 15th; or (B) 2days after Cup is awarded; whichever is later. That window then ends June 30th.
2) “In the NHL, a second buyout window opens for teams after they’ve had player(s) go through salary arbitration, either settled or awarded. This 48-hour window opens 72 hours after the arbitration case is resolved. During this time, teams can buy out players with contracts of $4 million or more, who were also on the team’s roster at the trade deadline”
Pens didn’t use 1st window; and had no arbitration cases; so their next buyout window is until next June (after they win the cup—- 😂😂😂😂)
Colorado gave Brock Nelson 7.5 mil per for 3 years. Older than both Rakell and Rust, who both put up more points last year. Don’t see retention on either. Rust has no trade protections. Remind me what deal Marchand got at age 38. I’ve mentioned before, how does Pitt trade 3 guys with term while they also have 10 pending ufa’s?
If they do, that’s one helluva full-blown rebuild with multiple more years in the wilderness.
Penguins next off-season 10 pending UFAs say good thing transitioning getting younger and being flexible sign different players. Rust or Rakell sell high. Don’t make mistake like JJ Peterka trade with little return. Because Penguins rooster contains six right shot capable defensemen, Karlsson could be traded?
Karllsson MUST be traded!!
Keeping him makes no sense at all
Ask the Red Wings how finishing last gives top pick … its pre ordained ..LA area or East Coast with FLA…just watch… finish anywhere in bottom 6 and you get elite ..only #1 “could be” generational…. or not .. not worth losing fan base for ..