NHL Rumor Mill – September 5, 2025
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.


LeBrun also indicated that changes to the LTIR exception will be applied to salary-cap accounting before the playoffs. “That part needs to be figured out fully before puck drop next month,” he wrote. 