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.










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 – July 31, 2023

by | Jul 31, 2023

NHL Rumor Mill – July 31, 2023

A look at five clubs that still might make some offseason moves in today’s NHL Rumor Mill.

ESPN.COM: Kristen Shilton recently looked at five NHL clubs that still have to make some moves before training camp opens in September.

Calgary Flames center Elias Lindholm (NHL Images).

The Calgary Flames still have to determine what to do with centers Elias Lindholm and Mikael Backlund as well as defenseman Noah Hanifin. The trio is slated to become unrestricted free agents next summer. Shilton believes retaining their services would require the Flames to prove that they can still be a contender worth sticking with as standing pat isn’t the best way to do that.

SPECTOR’S NOTE: In other words, will they make a major move to upgrade the roster in order to entice Lindholm, Backlund and Hanifin to stay?

Lindholm and Backlund expressed reluctance about signing contract extensions but haven’t told the Flames yet that they’re definitely heading to market next July. Earlier this month, Sportsnet’s Elliotte Friedman reported the Flames remain hopeful of re-signing Lindholm.

It may be too late to keep Hanifin in the fold. There were reports last month claiming the 26-year-old defenseman informed management that he wasn’t interested in a contract extension.

The San Jose Sharks have to find a trade partner for Erik Karlsson. Shilton compares his situation to that of Jakob Chychrun’s last summer. “We all know he’s going to be traded,” she writes. “It’s just a matter of when, and to where.”

SPECTOR’S NOTE: Karlsson recently admitted speaking to clubs like the Pittsburgh Penguins, Carolina Hurricanes, Seattle Kraken and Toronto Maple Leafs. Of these, the Penguins appear to be the front-runners. My theory is they’re waiting to sort out Drew O’Connor’s arbitration before pulling the trigger as they’ll have a brief second contract buyout window to free some some cap room to take on Karlsson.

The Hurricanes’ signing of Tony DeAngelo last week likely takes them out of the Karlsson sweepstakes. Over the previous two years, the Kraken made splashes in the free-agent pool but have yet to swing a blockbuster trade. As for the Leafs, it’ll require considerable salary-cap juggling to pull it off.

Shilton noted the Minnesota Wild have limited salary-cap space for 2023-24. Nevertheless, she believes they could still have some wiggle room once they’ve got Filip Gustavsson and Calen Addison under contract to perhaps boost their secondary scoring.

SPECTOR’S NOTE: That will depend on how much it costs them to get Gustavsson and Addison under contract. The high number of teams with limited cap room this summer could force forwards such as Tomas Tatar, Josh Bailey and Pius Suter to considerable pay cuts to play this season. They could also take a chance on a young forward like Max Comtois.

The Washington Capitals have been aggressively trying to ship out veteran center Evgeny Kuznetsov. If they wish to be a playoff contender this season, they’ll need reliable forward depth.

SPECTOR’S NOTE: They’ve also been trying to move Anthony Mantha. However, their disappointing performances and expensive salaries for this season make them difficult to move without adding sweeteners, retaining salary, or both. They could end up retaining those two for the coming season and see how things unfold.

Shilton believes the Seattle Kraken need to address their goaltending if they wish to remain a playoff contender this season. Philipp Grubauer works better in tandem than as a primary No. 1 netminder. So far, their goalies for the coming season are Grubauer, Chris Driedger and Joey Daccord.

SPECTOR’S NOTE: UFA options include Martin Jones (who shared the duties with Grubauer last season), two 38-year-olds in Brian Elliott and Jaroslav Halak and the 35-year-old Alex Stalock. Kraken GM Ron Francis will have to go the trade route if he wants to find younger, more reliable backups.










NHL Morning Coffee Headlines and Rumors – July 30, 2023

by | Jul 30, 2023

NHL Morning Coffee Headlines and Rumors – July 30, 2023

Highlights from a recent interview with NHLPA director Marty Walsh plus the latest on Erik Karlsson, Vladimir Tarasenko and the Jets in today’s NHL Morning Coffee Headlines and Rumors.

MORNING COFFEE HEADLINES

ESPN.COM: Greg Wyshynski interviewed the NHL Player Association’s new executive director Marty Walsh regarding a variety of topics facing PA and the league. Among the highlights:

Walsh is concerned over whether the NHL’s revenue growth is commensurate with the revenues the league is generating. He also wonders if that growth will put the league’s top stars closer to the salaries of comparable stars in other sports leagues or if it will “unsqueeze” the salaries of veterans whose earnings suffer as a result of salary-cap constraints.

“I’m not being critical, but team franchise wealth is certainly growing at a disproportionate rate compared to what the players are making,” Walsh told Wyshynski. He pointed out there will be more teams that will be worth $1 billion USD within a couple of years, and soon there will be teams worth $2 billion USD.

SPECTOR’S NOTE: Walsh acknowledged the flattened salary cap since 2020-21 brought about by COVID-19 has affected player contracts. That’s because of the memorandum of understanding extending the CBA to 2026 where the players agreed to a fixed escrow rate. However, that created an imbalance in the 50-50 revenue split leaving an escrow debt to the owners that the players had to repay.

That debt will be fully repaid at the end of 2023-24 when the salary cap is projected to significantly rise by at least $4 million over the current rate of $83.5 million. It could exceed $92 million by 2025-26.

Walsh is also focusing on creating opportunities for players within the current salary-cap system. He would like them to do more “domestically and internationally” to create more relationships and partnerships to grow the game.

SPECTOR’S NOTE: In other words, do more to generate more revenue and that will translate into a higher salary cap and thus more money for the players.

There are concerns on the players’ side that the owners will attempt to put the current 50-50 split in league revenue on the table in the next round of collective bargaining when the current agreement expires in 2026. Walsh, however, doesn’t see the benefit for the owners to attempt to change it, believing it’s better for the league to maintain stability.

SPECTOR’S NOTE: Some team owners could entertain the notion of tipping more of the revenue share in their favor. However, it will be NHL commissioner Gary Bettman who’ll decide if that’s something the owners’ side will fight for in negotiations. He could agree with Walsh that the current split is working fine for both sides.

Walsh also said he’s working with Bettman and the International Ice Hockey Federation (IIHF) regarding NHL participation in the 2026 Milano Cortina Winter Olympics in Italy. He also indicated that the players are keen to participate in the next World Cup of Hockey, which he said is a priority for the PA and the NHL. They would also like to find a way to have the league’s Russian players participate in the World Cup “in some credible way.”

SPECTOR’S NOTE: The COVID-19 pandemic prevent NHL players from participating in the 2022 Winter Olympics and pushed the World Cup ahead to a potential tournament in February 2025. Nevertheless, it’s been seven years since the 2016 World Cup of Hockey, which was the last international tournament with NHL participation.

San Jose Sharks defenseman Erik Karlsson (NHL Images).

Walsh said he hasn’t had conversations yet with the NHL regarding a possible expansion of the regular-season schedule and the playoffs. He also believes there soon needs to be clarity regarding the Arizona Coyotes’ arena situation. Despite the recent ban on specialty warm-up jerseys, Walsh believes there’s an opportunity to revisit this issue down the road.

SUNDAY NHL RUMOR ROUNDUP

THE ATHLETIC: Rob Rossi recently noted that the Pittsburgh Penguins is the only club among those reportedly interested in San Jose Sharks defenseman Erik Karlsson that hasn’t made a major roster move over the past two weeks.

The Carolina Hurricanes added defenseman Tony DeAngelo and re-signed Sebastian Aho to the largest contract in franchise history. The Toronto Maple Leafs placed oft-injured goaltender Matt Murray on long-term injury reserve, perhaps for the entirety of the 2023-24 season. The Seattle Kraken signed blueliner Vince Dunn to a four-year deal.

Rossi acknowledged those moves might not eliminate those clubs from the Karlsson sweepstakes. However, he also thinks the Penguins’ recent lack of activity hints they could know something about the three-time Norris Trophy winner’s situation that nobody else does.

Noting the upcoming arbitration hearing for Penguins forward Drew O’Connor, Rossi indicated that the club will have a 48-hour window to buy out a contract beginning 72 hours after a ruling or a settlement with O’Connor.

SPECTOR’S NOTE: My theory is Penguins hockey ops president (and acting general manager) Kyle Dubas will buy out a contract, perhaps that of winger Mikael Granlund. Cap Friendly indicates it will provide the Penguins with over $4.1 million in cap space for the coming season, which could prove invaluable in pulling off what is expected to be a complicated trade to acquire Karlsson.

BALLY SPORTS MIDWEST’s Andy Strickland reported Vladimir Tarasenko had a four-year offer from the Ottawa Senators worth $5.5 million annually earlier in free agency. The 31-year-old winger also received one-year offers worth $5.25 million from the Hurricanes and Sharks.

THE ATHLETIC’s Jeremy Rutherford tweeted that the Florida Panthers also made an offer for Tarasenko.

SPECTOR’S NOTE: Tarasenko signed a one-year, $5 million deal with the Senators last Thursday.

WINNIPEG SUN: Scott Billeck recently weighed in on the Jets’ logjam on defense. He doesn’t expect the club to move out a veteran such as Nate Schmidt or Neal Pionk to make room for younger defensemen such as Logan Stanley, Ville Heinola, Kyle Capobianco and Declan Chisholm. That won’t help the club develop those blueliners but it won’t help the Jets in their current “win-now” mode to trade a veteran rearguard.

SPECTOR’S NOTE: That could change if the Jets are out of playoff contention by midseason.










NHL Rumor Mill – July 27, 2023

by | Jul 27, 2023

NHL Rumor Mill – July 27, 2023

The Sharks are having difficulty moving Erik Karlsson plus the latest on the Capitals in today’s NHL Rumor mill.

SHARKS HAVING DIFFICULTY MOVING ERIK KARLSSON

DAILY FACEOFF: Frank Seravalli recently reported that the San Jose Sharks are still looking for a significant return for Erik Karlsson in the trade market. However, they haven’t found a team willing to pay anywhere close to what they want for the 33-year-old defenseman.

San Jose Sharks defenseman Erik Karlsson (NHL Images).

Seravalli claims the interested clubs are sitting back and waiting for the Sharks to call them back when they’re ready to resume discussions. They aren’t willing to pay anything significant for Karlsson.

The Sharks believe they need to get a return for Karlsson. They don’t want to get nothing and retain 20 percent of his remaining cap hit just to get him off their books. Seravalli thinks they’re not properly valuing the salary-cap space, the freedom and flexibility from getting off an $11.5 million player.

SPECTOR’S NOTE: Karlsson recently confirmed he’s spoken with several clubs including the Pittsburgh Penguins, Carolina Hurricanes, Seattle Kraken and Toronto Maple Leafs.

I discount the Leafs because they’re already over the cap ceiling and still have to get cap compliant after putting goaltender Matt Murray on long-term injury reserve. The Hurricanes’ recent signing of defenseman Tony DeAngelo likely takes them out of the bidding.

The Penguins are the club most often linked to Karlsson and reportedly remain the most confident in landing him. We’ve heard nothing from the Kraken. That doesn’t mean they aren’t interested but I think they’re content to stick with their current roster-building program.

My theory about the Penguins is they could be waiting until after Drew O’Connor’s arbitration situation has been resolved.

The Sharks will have to retain part of Karlsson’s hefty cap hit whether it’s a trade with just one team or a three-team deal to spread his cap hit around. As Sportsnet’s Elliotte Friedman pointed out earlier this month, how much they’re willing to retain will determine the quality of the return.

LATEST CAPITALS SPECULATION

THE HOCKEY NEWS: Remy Mastey noted a recent report indicating Evgeny Kuznetsov had requested a trade from the Washington Capitals earlier this year. He believes the Arizona Coyotes should look into acquiring the 31-year-old center.

Mastey believes the Coyotes need to add a bonafide top-six center. He thinks Kuznetsov could address that need, pointing to his playoff experience which he can use to mentor younger Coyotes such as Clayton Keller, Matias Maccelli and Barrett Hayton.

SPECTOR’S NOTE: Kuznetsov carries an average annual value of $7.8 million through 2024-25 along with a 10-team no-trade clause. While he might welcome a trade he might not have rebuilding teams like the Coyotes on his radar.

Besides, Kuznetsov might not be the type of player that fits into general manager Bill Armstrong’s rebuilding plans. He’s a talented playmaker and the Coyotes can afford his salary but he’s been inconsistent in recent years and has had some off-ice issues in the past.

WASHINGTON HOCKEY NOW: Jared Sarre recently listed four players the Capitals should target to improve their top-six forward depth. He listed the Toronto Maple Leafs’ William Nylander, the Philadelphia Flyers’ Travis Konecny and the San Jose Sharks’ Kevin Labanc as trade options and winger Tomas Tatar as a free-agent target.

SPECTOR’S NOTE: Tatar is the easiest option of the bunch. However, they can’t afford to add a free agent without shedding some salary via trade or demotion.

The Leafs aren’t in any hurry to move Nylander and the same goes for the Flyers with Konecny. They aren’t available right now unless the Capitals are willing to pony up a significant return for either guy.

Labanc would be much more affordable in terms of return and the Sharks would probably entertain an offer for him. However, Washington’s limited cap space means the Sharks would have to retain part of his $4.725 million cap hit. Considering they’re facing that scenario with Karlsson they’re unlikely to be receptive toward doing the same for Labanc even if it is just for this season.










NHL Rumor Mill – July 26, 2023

by | Jul 26, 2023

NHL Rumor Mill – July 26, 2023

How will the Bruins replace Patrice Bergeron? What’s the latest on Hurricanes defenseman Brett Pesce? Which members of the Kings could become trade candidates? Find out in today’s NHL Rumor Mill.

HOW WILL THE BRUINS REPLACE BERGERON?

NBC SPORTS: Nick Goss believes the Boston Bruins face an enormous challenge attempting to replace Patrice Bergeron, who announced his retirement on Tuesday.

If they go with internal options, Goss speculates Charlie Coyle will take over centering the first line between Brad Marchand and Jake DeBrusk. That will leave Pavel Zacha as their second-line center, assuming David Krejci follows Bergeron into retirement.

Calgary Flames center Elias Lindholm (NHL Images).

Trade targets could include Mark Scheifele of the Winnipeg Jets and Elias Lindholm of the Calgary Flames. Goss considers Lindholm the better fit given his all-around skill set plus the 28-year-old Flames center is two years younger than Scheifele.

BOSTON HERALD: Steve Conroy also considers Lindholm and Scheifele as the most likely trade targets should the Bruins go that route to replace Bergeron. He shares Goss’ view that Lindholm would be the better fit.

Conroy also looked at which Bruins could become trade chips to bring in someone like Lindholm or Scheifele.

He wondered if they might bite the bullet and break up their goalie tandem by shopping Linus Ullmark or Jeremy Swayman. He also mused whether Jake DeBrusk has a long-term future in Boston after this season. Like DeBrusk, defensemen Matt Grzelcyk and Derek Forbort are slated to become unrestricted free agents next summer.

SPECTOR’S NOTE: The Flames are said to be trying to convince Lindholm to sign a contract extension while the Jets are hoping to do the same with Scheifele. One or both could become available in this summer’s trade market if they reject new contract offers from their current clubs.

Swayman would be the easiest to move as Ullmark has a 16-team no-trade list. Like Swayman, DeBrusk and Grzelcyk lack no-trade protection while Forbort has a three-team no-trade list.

A package of Swayman and DeBrusk could be quite tempting to the Flames or Jets. The Bruins could prefer moving one or the other packaged with Grzelcyk or Forbort and a draft pick. Whether that’s enough to land Lindholm or Scheifele is another matter, especially if other clubs with better trade assets get into the bidding.

IS BRETT PESCE OFF THE TRADE MARKET?

THE HOCKEY NEWS: Ann Kimmel noted the rumors that linked the Nashville Predators to Carolina Hurricanes defenseman Brett Pesce. Given the Hurricanes’ recent signing of Tony DeAngelo, she wonders if that means Pesce is off the table.

Kimmel observed that the Hurricanes were among the clubs interested in San Jose Sharks defenseman Erik Karlsson. Acquiring him would’ve meant making a cost-cutting trade, which in part fueled trade speculation that Pesce could become a trade candidate.

With the DeAngelo signing, the Hurricanes now appear out of the bidding for Karlsson, meaning they don’t need to shed salary to free up cap space for the Sharks blueliner. That means they can afford to retain Pesce for at least this season before his UFA eligibility next July.

As for the Predators, Kimmel believes they’re likely to stick with their current blueline corps considering they’ve invested $30 million in defensemen.

SPECTOR’S NOTE: The Hurricanes could peddle Pesce if they’re looking at adding another scoring forward to their lineup. However, they’re now bumping up against the $83.5 million salary cap. Swapping Pesce and his $4.025 million cap hit for a scorer would have to be a dollar-in, dollar-out transaction.

POTENTIAL KINGS TRADE CANDIDATES

LA HOCKEY NOW: Austin Stanovic recently looked at several Los Angeles Kings players that they “wouldn’t necessarily be shopping if they dipped into the trade market.” However, he thinks they would be willing to move them without much fuss this season.

Trevor Moore, Viktor Arvidsson and Matt Roy could be moved because of their contracts or young players potentially stepping up and taking their spots on the roster. Young players with something to prove such as Arthur Kaliyev, Jaret Anderson-Dolan, and Tobias Bjornfot could also become trade chips as they attempt to prove they deserve a spot on the team.

SPECTOR’S NOTE: Much will depend on where the Kings are in the standings and what their roster needs are as they approach the trade deadline. Arvidsson and Roy surfaced in last season’s rumor mill near the trade deadline. Their names could pop up again whenever management decides to go shopping this season.