Could the Senators attempt to bring back Erik Karlsson or are there better trade options for them with the Canadiens or Penguins? Should the Leafs target Karlsson or are there better alternatives to address their defense? Check out the latest in today’s NHL Rumor Mill.

COULD THE SENATORS TRY TO REACQUIRE ERIK KARLSSON?

SAN JOSE HOCKEY NOW: Sheng Peng cites Sportsnet’s Elliotte Friedman speculating the Sharks may have had conversations with the Ottawa Senators regarding Erik Karlsson. In 2018, the Senators traded Karlsson to the Sharks, who signed him to an eight-year contract with an average annual value of $11.5 million.

San Jose Sharks defenseman Erik Karlsson (NHL Images).

Karlsson has never lost his affection for the city of Ottawa and he and his family still maintain a home there. With the 32-year-old defenseman enjoying the best start of his career, Sharks general manager Mike Grier earlier this week indicated he was willing to entertain offers for the blueliner.

Peng points out that trading Karlsson will be difficult given how few teams can afford his contract, which also contains a full no-movement clause. He also noted that Friedman doubted the Senators could afford to do so even if the Sharks agreed to retain 50 percent of Karlsson’s cap hit. That’s because they still want to re-sign winger Alex DeBrincat and defenseman Artem Zub.

SPECTOR’S NOTE: Grier’s comments combined with Senators GM Pierre Dorion telling reporters he’s still actively shopping for a defenseman prompted some folks to suggest a reunion with Karlsson. If the Sens had more long-term cap space perhaps there would be a possibility, assuming that Karlsson would waive his NMC to return to Ottawa.

The Senators have $21.7 million of cap space for 2023-24 if the cap only rises by $1 million as originally projected with just 10 players under contract. DeBrincat, Zub and Shane Pinto will eat up a big chunk of that cap room as well as pending UFA goaltender Cam Talbot if they attempt to re-sign him. If not, replacing Talbot could also prove to be expensive.

There is also the question of the Sharks’ asking price. They’re not going to just give Karlsson away, especially if they have to retain a portion of his cap hit to facilitate a trade. They’ll want a decent return, perhaps in the form of a package containing a first-round pick, a high-end prospect and a promising young player like Pinto or Jake Sanderson. And if it becomes a three-team trade to spread the cap hit around, that third team will also want a sweetener.

ARE THERE OTHER BLUELINE TRADE OPTIONS FOR THE SENATORS?

TVA SPORTS: Louis Jean wondered why the Senators didn’t attempt to sign David Savard in 2021 when he became an unrestricted free agent. He felt the 32-year-old rearguard would’ve been a perfect complement for Thomas Chabot.

Savard is currently signed with the Montreal Canadiens through 2024-25 with an AAV of $3.5 million. Jean wondered if Dorion might put in a call to Habs GM Kent Hughes.

SPECTOR’S NOTE: Anything’s possible, I suppose, but I don’t see that call taking place. If Dorion wasn’t interested in Savard in 2021, he’s probably not interested now.

PITTSBURGH HOCKEY NOW: Dan Kingerski recently wondered if the Penguins and Senators could become trade partners. In addition to needing defensemen, the Senators could use some help at center with Josh Norris sidelined until at least January with a shoulder injury.

Kingerski suggested Brian Dumoulin and Jeff Carter as short-term options for the Senators since both are slated to become UFAs next summer. Other options could include center Teddy Blueger and defensemen such as Mark Friedman or Ty Smith.

In return, Kingerski suggested the Senators part with Alex Formenton. The Sens have until Dec. 1 to sign the RFA winger or he’ll become ineligible to play in the NHL this season.

SPECTOR’S NOTE: The Senators could be on Dumoulin’s 10-team no-trade list and I don’t see Carter agreeing to waive his no-movement clause to go to Ottawa. If Dorion were interested in the Penguins’ defensemen I believe he’d prefer Marcus Pettersson or Pierre-Olivier Joseph than Friedman or Smith.

LATEST LEAFS SPECULATION

TORONTO STAR: Nick Kypreos proposed a way for the Maple Leafs to acquire Erik Karlsson. “Could the Leafs get the Sharks to take (Jake) Muzzin’s contract back, retain salary, and build a deal around top prospect Matthews Knies?”

SPECTOR’S NOTE: Why would the Sharks want Muzzin’s contract? He’s earning a $5.6 million AAV through 2024-25 with a full no-trade clause this season. They could agree to that if the Leafs are taking Karlsson’s full cap hit through 2026-27 off their books, assuming Muzzin agrees to be shipped to the Sharks.

I’m assuming the “retain salary” bit refers to the Sharks’ absorbing part of Karlsson’s $11.5 million AAV. However, if they’re taking on Muzzin’s contract, why would they retain any part of Karlsson’s cap hit? Sorry, I don’t see that happening.

DAILY FACEOFF: Frank Seravalli lists six trade options for the Leafs to replace Muzzin by using his placement on long-term injured reserve to acquire a defenseman.

The Anaheim Ducks’ John Klingberg tops Seravalli’s list, followed by the Columbus Blue Jackets’ Vladislav Gavrikov and the Los Angeles Kings’ Matt Roy. The Seattle Kraken’s Carson Soucy and the Washington Capitals’ Nick Jensen or Dmitry Orlov round out the list. He also suggested keeping an eye on the Minnesota Wild’s Matt Dumba.

SPECTOR’S NOTE: Those defensemen likely won’t be available until close to the March 3 trade deadline.

Klingberg isn’t a shutdown blueliner like Muzzin so I don’t see him as a good fit for the Leafs. Gavrikov could be a better option but I think the Jackets intend to re-sign him.

Seravalli points out the Kings have a surplus of defensemen and Roy has another year on his contract. However, they could be reluctant to part with him given his adaptability and ability to play big minutes. Seravalli also admitted Soucy might not be available yet given the Kraken have exceeded expectations thus far this season. I agree that he could be an intriguing option if the Kraken are out of playoff contention by March and looking to sell.

The Capitals could go into sell mode if they’re out of a playoff berth before the March trade deadline. However, I see them improving as their injury-ravaged roster gets healthier, which could put Jensen or Orlov out of reach. As for Dumba, his status could depend on where the Wild are in the standings as March approaches.