Penguins Acquire Erik Karlsson in Three-Team Trade

by | Aug 6, 2023

Penguins Acquire Erik Karlsson in Three-Team Trade

The San Jose Sharks traded Erik Karlsson to the Pittsburgh Penguins in a three-team deal involving the Montreal Canadiens.

The Penguins get Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk and the Sharks third-round pick in the 2026 NHL Draft.

San Jose Sharks trade defenseman Erik Karlsson to the Pittsburgh Penguins (NHL Images).

The Sharks receive the Penguins 2024 first-round pick (top-10 protected), forward Mikael Granlund, defenseman Jan Rutta and forward Mike Hoffman.

The Canadiens acquire the Penguins 2025 second-rounder, defenseman Jeff Petry, goaltender Casey DeSmith and forward Nathan Legare.

SPECTOR’S NOTE: The Sharks are retaining $1.5 million of Karlsson’s $11.5 million annual salary cap hit through 2026-27. Meanwhile, the Penguins are retaining over $1.562 million of Petry’s $6.25 million annual cap hit through 2024-25.

Penguins general manager Kyle Dubas finally lands the big fish he was pursuing since mid-June. This is the biggest trade he’s ever made in the NHL and it could define his legacy with the Penguins.

With the first-pairing spot on the right side of the Penguins’ blueline promised to Kris Letang, Karlsson will either move into the second-pairing position or over to the left side on the first pairing. He will likely anchor the first power-play unit.

The Penguins didn’t get much cap savings from the Sharks’ retaining part of his salary. However, they were able to clear the entirety of Granlund’s $5 million average annual value from their cap payroll

This move could work out well for the Penguins if Karlsson remains a 70-80 point defenseman who meshes well with Sidney Crosby and Evgeni Malkin over the next two or three seasons. But if Karlsson’s performance declines and injuries start catching up with him, they’ll have a blueliner with eroding skills and a still-significant annual cap hit on their books.

Pitlick joins the Penguins from the Canadiens. The 26-year-old carries an average annual value of $1.1 million and will either skate on the Penguins’ checking lines this season or head to their AHL affiliate in Wilkes-Barre/Scranton. Hamaliuk, 22, spent last season with the ECHL’s Wichita Thunder and is likely headed to the minors.

This move also leaves the Penguins with $1.495 million in cap space. They could get more if Jake Guentzel ends up on long-term injury reserve to start the season.

The Sharks aren’t getting a package of promising youngsters in this deal in Granlund, Rutta and Hoffman. Granlund and Rutta are coming from the Penguins while Hoffman joins them from the Canadiens.

This trio struggled with their former clubs and their best seasons could be behind them. Nevertheless, they should provide some experienced short-term depth for the Sharks as they continue to rebuild on the fly.

The real prize here for San Jose is shedding the bulk of Karlsson’s contract as well as getting a first-round pick as part of the return. They now have two first-rounders and two second-round picks in next year’s draft.

Meanwhile, the Canadiens managed to address some of their needs in this trade. They moved out Hoffman and his $4.5 million cap hit for this season, clearing space to bring back Petry at a slightly reduced price to add some experience to their young blueline, and brought in more depth to their goaltending with DeSmith.

Petry shouldn’t have much difficulty readjusting to the Canadiens. Despite his difficulties with the Penguins last season he still managed 31 points in 61 games. DeSmith could be the Habs’ third goalie behind Sam Montembeault and Jake Allen unless Montembeault or Allen ends up getting shipped out at some point.

Legare spent the past two seasons with the Penguins’ farm club. He will likely end up with the Habs’ AHL affiliate in Laval. The addition of the Penguins’ pick gives them two second-rounders in the 2025 draft.










Sunday NHL Rumor Roundup – August 6, 2023

by | Aug 6, 2023

Sunday NHL Rumor Roundup – August 6, 2023

Check out the latest on Evgeny Kuznetsov and Alexis Lafreniere plus some free-agent forward options for the Sabres in the Sunday NHL Rumor Roundup.

KUZNETSOV CALLS TRADE RUMORS “NOT ENTIRELY TRUE”

WASHINGTON HOCKEY NOW: Jared Serre recently cited Evgeny Kuznetsov claiming reports that he’d requested a trade from the Capitals weren’t “entirely true”, claiming he’d heard about most of the rumors through the media.

Washington Capitals center Evgeny Kuznetsov (NHL Images).

The Kuznetsov speculation started in March following a report that he’d requested a trade. A purported friend of the 31-year-old center claimed he was tired in Washington. NHL reporter Mike Vogel confirmed Kuznetsov’s trade request last month amid a report that the Nashville Predators had looked into acquiring him.

Kuznetsov claimed that 95 percent of the rumors were “superficial information” that wasn’t worth reading.

SPECTOR’S NOTE: Kuznetsov didn’t deny the trade request. He compared his situation with the Capitals to a marriage. “You constantly swear, back and forth, some moments happen, but you still have this love”.

Reports last month claimed the Capitals were aggressively shopping Kuznetsov this summer without success. It appears the trade discussions with the Predators fell through.

Kuznetsov’s $7.8 million annual cap hit through 2024-25 plus his inconsistent play likely dampened his trade value. It’s expected he’ll still be in the Capitals’ lineup when they open their season against Pittsburgh on Oct. 13.

AN UPDATE ON LAFRENIERE’S CONTRACT TALKS

THE ATHLETIC: In a recent mailbag segment, Arthur Staple was asked what was taking so long for the New York Rangers to sign Alexis Lafreniere.

Staple doesn’t consider it unusual that a deal hasn’t been reached yet between the Rangers and the 21-year-old winger. He theorized that his camp could be hoping to get an offer sheet, or maybe the hold-up is over the length of Lafreniere’s next contract, or maybe it’s not a top priority for either side since he’s not going anywhere.

Asked why Lafreniere hasn’t been tendered an offer sheet, Staples suggests the signing team would be taking a huge bet on a young player who hasn’t yet proven that he can play top-six minutes.

SPECTOR’S NOTE: Lafreniere is also coming off an entry-level contract and didn’t have arbitration rights. His only leverage is not reporting to the club until he’s got a deal that his camp considers suitable. Given his current situation, that’s not going to work in his favor.

Too many teams with limited salary-cap space is probably another factor. Only eight clubs have $5 million or more in cap room and some of them need it to re-sign their own remaining RFA players.

Lafreniere will likely agree to a short-term bridge deal of two or three years before training camp starts in September. Given the Rangers’ cap limitations, it will probably be a low-cost annual cap hit of around $2.5 million.

SOME SUGGESTED FREE-AGENT OPTIONS FOR THE SABRES

THE ATHLETIC: Matthew Fairburn recently suggested some free-agent options for the Buffalo Sabres if they wish to find a short-term replacement for sidelined winger Jack Quinn. He listed Tomas Tatar, Paul Stastny, Pius Suter, Zach Parise and Max Comtois.

Fairburn acknowledged the depth of talent is thin among the remainder of this summer’s free-agent class. If they can’t sign Tatar or Suter, he recommends they go the trade route or hope to find a suitable replacement from within their system.

SPECTOR’S NOTE: No indication yet as to the Sabres’ intentions. There’s plenty of time for them to address this. They could evaluate their options during training camp before deciding if they need external help.

It’s believed Quinn’s injury puts the brakes on any efforts to trade Victor Olofsson, at least until Quinn returns to the lineup.










NHL Rumor Mill – August 5, 2023

by | Aug 5, 2023

NHL Rumor Mill – August 5, 2023

Is it possible for the Sharks to terminate Erik Karlsson’s contract? What’s the latest on the Bruins? Find out in today’s NHL Rumor Mill.

COULD THE SHARKS TERMINATE KARLSSON’S CONTRACT?

NBC SPORTS BAY AREA: Sheng Peng wondered if it would be feasible for the San Jose Sharks and Erik Karlsson to mutually terminate his contract. With an $11.5 million average annual value over the next four seasons, it is difficult for interested clubs to acquire the 33-year-old with the salary cap flattened for 2023-24.

Under that scenario, the Sharks would be completely off the hook from Karlsson’s contract. Meanwhile, the three-time Norris Trophy winner would become an unrestricted free agent and able to pick wherever he wants to play.

San Jose Sharks defenseman Erik Karlsson (NHL Images).

Peng acknowledged it sounds ludicrous that Karlsson would walk away from the remainder of his current contract. Even if he did, he wouldn’t accept a cut in pay. However, Peng pointed out that Karlsson’s contract is front-loaded, meaning he’s already received the bulk of his $92 million contract.

SPECTOR’S NOTE: Peng admits this is a wild hypothetical. He spoke with two agents about it who considered it possible but also unlikely.

Sure, it’s possible. However, I don’t believe the Sharks are entertaining that notion nor do I believe Karlsson would agree to it.

The Sharks are trying to trade Karlsson. They’re reportedly willing to retain part of his average annual value to make it happen though they’re said to be unwilling to go too far past 20 percent.

There is some speculation suggesting the Pittsburgh Penguins might attempt to finalize a trade for Karlsson should they use their current 48-hour buyout window to shed a contract. That would make it possible to acquire the blueliner and remain cap compliant.

We’ll find out by Sunday evening if that’s the case.

LATEST ON THE BRUINS

THE ATHLETIC: In his latest mailbag segment, Fluto Shinzawa was asked where the Boston Bruins can find a suitable replacement for retired captain Patrice Bergeron. He believes it’ll be up to Charlie Coyle and Pavel Zacha for the time being or maybe Matthew Poitras becomes a top-two center.

One reader took note of the rumors linking the Bruins to Elias Lindholm. However, Shinzawa points to a lack of a 2024 first-round pick, the shallowness of their prospect pool and limited salary-cap space hampers any efforts to pry the 28-year-old center away from the Calgary Flames. However, he believes Lindholm would be high on the Bruins’ list if he becomes an unrestricted free agent next summer.

Asked why the Bruins kept their goaltending tandem of Linus Ullmark and Jeremy Swayman, Shinzawa said they believe it will be their position of strength to remain competitive this season. Regarding the possibility of trading Brad Marchand, he also sees that move as making the Bruins less competitive this season.

Shinzawa doesn’t believe a full roster rebuild is imminent. He points to their two high-end goalies in Linus Ullmark and Jeremy Swayman plus foundational players such as David Pastrnak, Charlie McAvoy and Hampus Lindholm.

Asked about whether Jake DeBrusk will be re-signed or traded, Shinzawa suggests that could depend on the club’s performance this season. He thinks it would be hard to see DeBrusk getting moved if they’re in playoff contention by the trade deadline.

SPECTOR’S NOTE: The Bruins could surprise us by making a dollar-in, dollar-out deal to boost their depth at center. However, based on the factors cited by Shinzawa, it seems likely that their current roster is the one we’ll see from them on opening night in October.

We won’t see the same level of dominance from the Bruins this season that we saw in 2022-23. They should remain a competitive playoff contender if their core players remain healthy this season. Management will probably look toward next summer to bolster their roster when they have more cap space to work with.










NHL Rumor Mill – August 4, 2023

by | Aug 4, 2023

NHL Rumor Mill – August 4, 2023

Check out the latest on Erik Karlsson and Elias Lindholm in today’s NHL Rumor Mill.

COULD THE PENGUINS ATTEMPT TO CLOSE OUT A KARLSON DEAL THIS WEEKEND?

NHL NETWORK: Sportsnet’s Elliotte Friedman anticipates a contract buyout coming this weekend for the Pittsburgh Penguins that could affect their efforts to acquire San Jose Sharks defenseman Erik Karlsson.

San Jose Sharks defenseman Erik Karlsson (NHL Images).

Friedman noted the Penguins avoided arbitration with Drew O’Connor earlier this week. That opens a 48-hour contract buyout window this weekend.

General manager Kyle Dubas prefers not to use contract buyouts. However, Friedman said he’s had a couple of people tell him to keep an eye on this weekend as the Penguins could attempt to get this closed (referring to a Karlson trade).

THE ATHLETIC: Josh Yohe also took note of the Penguins’ buyout window. He wondered if Dubas will use it to buy out the remaining two years of Mikael Granlund’s contract, potentially freeing up some salary-cap space to acquire Karlsson.

Yohe also envisioned other scenarios such as including Granlund in the package to acquire Karlsson from the Sharks, trading other veterans in cost-cutting moves, or the unlikely option of putting Jeff Carter on long-term injury reserve.

THE HOCKEY NEWS: Jacob Punturi examined the pros and cons of the Penguins potentially buying out Granlund. While it would provide significant immediate cap savings of around $4 million, it would also result in four years of dead cap space worth $1.38 million annually on top of what they’re carrying from their 2020 buyout of Jack Johnson.

SPECTOR’S NOTE: I’ve previously mentioned my theory of Dubas buying out Granlund and then using the savings to put toward getting the Karlsson deal done. We’ll find out by the end of the weekend if that’s the case.

LATEST ON ELIAS LINDHOLM

NHL NETWORK: Friedman said things were quiet regarding Calgary Flames center Elias Lindholm. He believes the Flames want to sign the 28-year-old to an eight-year extension in the range of $8 million to $9 million annually.

THE ATHLETIC: Julian McKenzie and Shayna Goldman listed some potential trade destinations for Lindholm if he and the Flames fail to reach an agreement on a contract extension.

They took note of speculation linking Lindholm to the Boston Bruins. However, they question whether they have sufficient assets to pry him away from the Flames. They also looked at the Carolina Hurricanes, Columbus Blue Jackets, Minnesota Wild, Toronto Maple Leafs and Vancouver Canucks.

SPECTOR’S NOTE: The Hurricanes, Blue Jackets and Wild have the depth in tradeable assets to tempt the Flames. I’m not convinced that the Leafs and Canucks could pull it off. Salary-cap space could also be a concern for some of these clubs even with the projected increase by $4 million next summer.










NHL Rumor Mill – August 3, 2023

by | Aug 3, 2023

NHL Rumor Mill – August 3, 2023

Should the Penguins re-sign or trade Jake Guentzel? What will they do after settling Drew O’Connor’s arbitration? Who could the Golden Knights move if they need to make a cost-cutting trade? Find out in today’s NHL Rumor Mill.

LATEST PENGUINS SPECULATION

PITTSBURGH HOCKEY NOW: Dan Kingerski recently examined whether the Penguins will re-sign Jake Guentzel or trade him before his unrestricted free-agent eligibility next summer. The 29-year-old winger carries an average annual value of $6 million on his current contract.

Pittsburgh Penguins winger Jake Guentzel (NHL Images)

A two-time 40-goals scorer, Guentzel will likely command a significant raise on his next contract. Given the future salary cap escalation, Kingerski believes a five or six-year contract between $7 million and $8 million seems a workable range. He has concerns about Guentzel’s size and durability as he ages but noted that the winger has proven him wrong in the past.

Kingerski thinks the Penguins will retain Guentzel given their current commitment to winning. With the salary cap expected to rise significantly next summer, he believes they can easily afford to invest $7-$8 million in him.

SPECTOR’S NOTE: A bounce-back performance by the Penguins this season along with another 70-80 point effort by Guentzel should ensure he remains in Pittsburgh. That’s assuming he’s willing to accept between $7-$8 million annually on a new long-term contract to stay put. His agent could insist on a full no-trade clause or no-movement clause if the Penguins won’t go over $8 million annually.

THE HOCKEY NEWS: Nick Horwat observes the Penguins settling with Drew O’Connor before his arbitration hearing will open a 48-hour contract buyout window for the club. With trade rumors tying them to San Jose Sharks defenseman Erik Karlsson, this allows them to buy out the remaining two years of Mikael Granlund’s contract.

Granlund currently sits on the Penguins’ books with an annual cap hit of $5 million. Buying him out would free up over $4 million for 2023-24, giving them additional cap space to acquire Karlsson. That’s assuming no other team is willing to acquire Granlund.

SPECTOR’S NOTE: That’s been my theory (and that of other observers) as to why the Penguins haven’t yet pulled the trigger on acquiring Karlsson. We’ll soon find out if they’re heading down that path.

As per Dan Kingerski, the buyout window begins on the third day following O’Connor’s signing. That means it will open on Saturday and close on Monday.

WHO COULD BECOME A GOLDEN KNIGHTS COST-CUTTING TRADE CANDIDATE?

THE ATHLETIC: In a recent mailbag segment, Jesse Granger was asked if there was a scenario that would see the Vegas Golden Knights move one of their veteran defensemen to make room for younger blueliners like Zach Whitecloud and Nicolas Hague to free up cap dollars to invest in their forward lines.

If the Golden Knights were to move a player to create cap space, Granger believes defenseman Alec Martinez would be the likely candidate. The 36-year-old blueliner has a year remaining on his contract with an annual cap hit of $5.25 million.

SPECTOR’S NOTE: The Golden Knights are currently cap compliant with goaltender Robin Lehner on long-term injury reserve. I think they’re content with their current roster heading into 2023-24.

Should Lehner come off LTIR during the season, they’ll have to free up cap room for his $5 million cap hit. Under that scenario, Martinez could be the most likely trade candidate.










NHL Rumor Mill – August 2, 2023

by | Aug 2, 2023

NHL Rumor Mill – August 2, 2023

The latest Leafs speculation, an update on Tyler Myers and some cost-cutting trade candidates for the Senators in today’s NHL Rumor Mill.

LATEST ON THE MAPLE LEAFS

THE ATHLETIC: In his latest mailbag segment, Arpon Basu was asked to predict which players the Montreal Canadiens might target in the 2024 class of free agents. He proposed Toronto Maple Leafs winger William Nylander.

Toronto Maple Leafs winger William Nylander (NHL Images).

If the Canadiens decide to be active in next summer’s unrestricted free-agent market, Basu believes they would target a winger to complete their top-six forward lines. He thinks they would have sufficient cap space to pursue Nylander, whose current contract extension talks with the Leafs reportedly aren’t going well.

Nylander will be 28 next summer and has been a consistent scorer for the Leafs, even in the playoffs. Basu speculated it would cost $10 million annually on a contract carrying him into his mid-thirties.

SPECTOR’S NOTE: Bear in mind that Basu was merely responding to a reader’s question and he’s not reporting the Canadiens will pursue Nylander on the open market next summer. Depending on the course of their rebuild and the performance of young players such as Juraj Slafkovsky, Kirby Dach and Alex Newhook, they might not be in the market for a big-name UFA by that time.

Still, this gives us all something else to banter about during these dog days of the NHL offseason other than when and where Erik Karlsson will be traded.

Meanwhile, Basu’s colleague Joshua Kloke looked at some bargain-bin free agents for the Leafs to consider. They included Jonathan Toews, Zach Aston-Reese, Jesse Puljujarvi, Sam Gagner, Derick Brassard, Ethan Bear and Scott Harrington.

SPECTOR’S NOTE: Toews is likely retiring while Puljujarvi underwent double hip surgery and probably won’t be available for some time. The rest could be dirt-cheap signings for the Leafs or other NHL clubs looking for affordable options to boost their rosters for 2023-24.

THE HOCKEY NEWS: David Alter recently examined how the Leafs can slide under the salary cap before their season opens in October.

One option is demoting waiver-exempt players such as Nick Robertson and Pontus Homberg. They could also do the same with Matthew Knies though they’d likely prefer retaining someone who performed well during the playoffs. Another would be placing Maxime Lajoie or Dylan Gambrell on waivers.

DO THE CANUCKS HAVE A DEAL IN PLACE TO TRADE TYLER MYERS?

THE ATHLETIC: In a recent mailbag segment, Harman Dayal was asked about rumors claiming the Vancouver Canucks already have a trade in place for Tyler Myers but are waiting to announce it after his signing bonus is paid next month.

Dayal recalled Daily Faceoff’s Frank Seravalli reporting in late June that the Canucks had a deal on the table to send Myers to the San Jose Sharks. This was denied by Canucks GM Patrik Allvin as well as Myer’s agent, J.P. Barry. Seravalli clarified that the deal would’ve sent Myers to the Sharks for winger Kevin Labanc.

Myers’ future feels like a “wait-and-see” scenario for several reasons. One is the Sharks’ efforts to trade defenseman Erik Karlsson. The Canucks might also prefer seeing how their other right-shot blueliners fare during training camp. Myers’ 10-team no-trade clause also complicates things.

SPECTOR’S NOTE: Myers’ situation could be resolved before the end of September. We’ll know by that point if the Canucks indeed to move him or not.

POSSIBLE COST-CUTTING OPTIONS FOR THE SENATORS

THE HOCKEY NEWS: With the Senators signing Vladimir Tarasenko last week, they need to shed salary in order to re-sign restricted free-agent center Shane Pinto.

Ryan Hyndman listed five potential cost-cutting trade candidates. The most obvious is forward Mathieu Joseph as clearing his $3 million cap hit from their books provides the room needed to re-sign Pinto.

Other options include defenseman Erik Brannstrom, winger Drake Batherson, blueliner Artem Zub, and goaltender Anton Forsberg.

SPECTOR’S NOTE: I think it will be Joseph but they might end up having to package him with a sweetener to get it done.