NHL Rumor Mill – July 22, 2025
NHL Rumor Mill – July 22, 2025
The latest on Penguins defenseman Erik Karlsson and forwards Bryan Rust and Rickard Rakell, and an update on Devils defenseman Dougie Hamilton in today’s NHL Rumor Mill.
THE LATEST ON ERIK KARLSSON, BRYAN RUST AND RICKARD RAKELL
THE SPORTING NEWS: Sam Bernardi cited Bleacher Report’s Frank Seravalli claimed recently that the Carolina Hurricanes are among the teams that spent some time investigating Erik Karlsson.

Pittsburgh Penguins winger Rickard Rakell (NHL Images)
The 35-year-old Pittsburgh Penguins defenseman is signed through 2026-27 with an average annual value (AAV) of $11.5 million, of which the Penguins carry $10 million. However, in actual salary, he’ll be paid $11.5 million over the remainder of his deal.
Seravalli also suggested the Penguins might have to retain salary to entice clubs to pursue Karlsson. Bernardi believes the Hurricanes would have to move Sean Walker or Jalen Chatfield to make room for Karlsson on the right side of their blueline.
SPECTOR’S NOTE: Karlsson could be moved this summer if he’s willing to waive his no-movement clause, and if the Penguins agree to eat a chunk of his AAV in the deal.
Karlsson is more likely to be moved near the March trade deadline, depending on his performance this season and how much salary the Penguins are willing to retain.
PITTSBURGH HOCKEY NOW: Dan Kingerski calculated the trade values of Bryan Rust and Rickard Rakell. He indicated that the Penguins have set a “sky-high” asking price for both forwards.
Kingerski doesn’t expect Rust or Rakell would fetch anything comparable to what the Buffalo Sabres received for JJ Peterka or what the New York Islanders got for Brock Nelson.
Rakell might be worth a good B+ level prospect or player, a draft pick in the range 25th to 48th overall, and a depth NHL player. The “sky-high” asking price for Rust might be a guaranteed first-rounder and a promising young player who might become a first-line forward within a couple of seasons.
SPECTOR’S NOTE: As with all speculation over the trade value of a player, Rust and Rakell could bring in returns that are better or worse than predicted. Much depends on their performances this season and the level of desperation of the clubs interested in acquiring them.
AN UPDATE ON THE DOUGIE HAMILTON TRADE SPECULATION.
NEW JERSEY HOCKEY NOW: If the Devils intend to trade Dougie Hamilton this summer, James Nichols believes it could hinge on what happens with several other defensemen in the rumor mill.
Hamilton, 32, has three years left on his contract with an AAV of $9 million and a 10-team trade list. He could become a salary-dump trade candidate if the cost of re-signing restricted free agent (RFA) blueliner Luke Hughes exceeds $7 million annually. The Devils currently have around $6.9 million in cap space for 2025-26.
One is Rasmus Andersson of the Calgary Flames. The 28-year-old blueliner is eligible for unrestricted free agent (UFA) status next July. It’s believed he’d like a change of scenery and he carries an affordable $4.5 million cap hit this season.
The other, of course, is Erik Karlsson of the Penguins.
SPECTOR’S NOTE: Andersson would be the more desirable of the two in the trade market given his age, all-around skill and cap hit. The Flames are believed to be willing to entertain offers but they aren’t shopping him. General manager Craig Conroy said he’s fine with Andersson being in the lineup this season.
If Andersson and Karlsson are holding up the trade market for defensemen, and if Hughes’ next contract exceeds their current cap space, the Devils might have to consider moving someone other than Hamilton to become cap-compliant.