NHL Rumor Mill – July 28, 2025
NHL Rumor Mill – July 28, 2025
The trade market for Erik Karlsson may be fading, and the latest Leafs speculation in today’s NHL Rumor Mill.
THE ATHLETIC: Shayna Goldman recently observed that the Pittsburgh Penguins could find it increasingly difficult to trade Erik Karlsson this summer.
The Penguins have a year and a half (to the 2027 trade deadline) to move Karlsson, so they don’t have to rush into anything this summer. However, starting this season in Pittsburgh could affect his trade value. He’s now 35, and the team around him isn’t getting any better.

Pittsburgh Penguins defenseman Erik Karlsson (NHL Images)
Moving Karlsson during this summer might be the best path, but suitable trade options have dwindled in recent weeks.
SPECTOR’S NOTE: The Penguins could garner more interest in Karlsson if they agree to retain half of their share ($10 million) of his $11.5 million average annual value (AAV). Whether they’re willing to do that will depend on the type of return he would fetch in the trade market, or how keen they are to move him out of Pittsburgh.
Karlsson’s no-movement clause remains a sticking point. It’s believed he’ll waive it to join a contender, but there’s no indication that there are any of those clubs currently interested in him.
A solid start to this season with the Penguins could bolster Karlsson’s value in this season’s trade market. If his performance continues to decline, it will be difficult to move him even if they retain half of his cap hit.
Turning to the Toronto Maple Leafs, Goldman noted that they have improved their bottom-six forwards by bringing in Dakota Joshua and Nicolas Roy, and added a middle-six playmaking winger (Matias Maccelli) at a low cost.
However, they still haven’t suitably addressed the offense they lost by trading Mitch Marner to the Vegas Golden Knights on the eve of free agency. That could affect their chances of staging a deep playoff run this season.
SPECTOR’S NOTE: This season will be interesting for the Maple Leafs. Their lousy playoff record since 2017 led to Marner’s departure. Another disappointing effort could lead to a more significant roster shakeup next summer.
DAILY FACEOFF: Tyler Yaremchuk and Matt Larkin last week discussed what the future could hold for Maple Leafs winger Nick Robertson.
The 23-year-old Robertson is a restricted free agent awaiting an arbitration hearing on August 2. He had 15 goals in 69 games last season in a limited role, and he’s not necessarily a clear fit within their top-12 forwards.
Larkin observed that the Leafs are pressed for cap space, but the departure of Marner leaves them in need of affordable depth scoring. If Robertson is traded to a weaker team, he could score 20-25 goals playing second-line minutes.
SPECTOR’S NOTE: The Leafs have just over $2.9 million in cap space. A big chunk of that is likely allocated for Robertson, who made $875K last season. He could end up signing with them before his hearing.
It’s been suggested that the Leafs could use Robertson could become a trade chip in a larger deal to add a scorer. However, that could be wishful thinking given their limited trade assets.