Check out the latest on Erik Karlsson, an update on the Leafs’ contract talks with William Nylander and Auston Matthews, and the Flames’ efforts to re-sign Elias Lindholm in today’s NHL Rumor Mill.
PENGUINS, HURRICANES STILL FRONT-RUNNERS FOR KARLSSON
NHL NETWORK: Sportsnet’s Elliotte Friedman still believes it’s primarily between the Pittsburgh Penguins and Carolina Hurricanes to acquire Erik Karlsson from the San Jose Sharks.
Friedman said this situation tends to ebb and flow. Some sources tell him that it’s more likely Carolina is the destination while others claim it’s tipping toward Pittsburgh.
According to Friedman, the Hurricanes have two issues holding them back from landing the 33-year-old defenseman.
They’re trying to deal with defenseman Brett Pesce and winger Teuvo Teravainen, who both are slated to become unrestricted free agents next July. Friedman thinks they’ve spoken with some teams regarding Teravainen if they need to free up cap space for Karlsson.

San Jose Sharks defenseman Erik Karlsson (NHL Images).
The other issue is how much of Karlsson’s $11.5 million average annual value will the Sharks retain. He believes the Hurricanes already have a number that the Sharks are unwilling to reach.
SPECTOR’S NOTE: Friedman claims the Hurricanes are involved in a lot of things. As noted yesterday, they’re monitoring Karlsson’s situation. It’s difficult to determine how much interest they have in landing the Sharks rearguard or what they’re willing to offer up in return.
My guess is the Hurricanes would prefer the Sharks retain at least 40 percent of his cap hit which runs through 2026-27. However, that would require the Canes to give up much more in terms of return, perhaps more than they’re comfortable with.
Turning to the Penguins…
PITTSBURGH POST-GAZETTE: Matt Vensel speculated last Friday that there was a 50-50 chance of the Penguins landing Karlsson. He believes the Sharks could be feeling the urgency to move the veteran rearguard as his trade value will only go downhill after this offseason.
Vensel believes the quality of the return the Sharks receive depends on how much they’re willing to sacrifice financially, whether it’s retaining part of Karlsson’s cap hit or taking on a bloated contract or two.
SPECTOR’S NOTE: If the Sharks don’t wish to retain salary or only a small portion, they’ll have to take back someone like Jeff Petry ($6.25 million) or Mikael Granlund ($5 million). Petry has a 15-team no-trade clause and could be reluctant to join a rebuilding club, even if it’s in sunny California. Granlund, however, lacks no-trade protection.
PITTSBURGH TRIBUNE-REVIEW: Mark Madden recently claimed Karlsson is “vehemently against going to Carolina,” claiming he hates Hurricanes defenseman (and former Sharks teammate) Brent Burns as well as the club’s style of play.
Madden also said that everybody has made their best offers for Karlsson. It’s now down to see if the Sharks crack and take one.
SPECTOR’S NOTE: On the one hand, Karlsson’s supposed dislike of Burns would explain why the Hurricanes haven’t landed him by now. On the other hand, why are they still mentioned as a suitor by insiders like Friedman if he has no intention of joining the Hurricanes?
Karlsson has a full no-movement clause. If he ruled out the Hurricanes as a destination you’d think that would’ve surfaced in the rumor mill by now.
THE ATHLETIC: On Monday, Josh Yohe reported things were quiet on the Karlsson front for the Penguins. He claims they remain very interested. “Something could happen quickly, or this could drag on all summer.”
SPECTOR’S NOTE: The way things are going, this could last all summer. Stay tuned…
LATEST ON THE LEAFS CONTRACT TALKS WITH NYLANDER AND MATTHEWS
NHL NETWORK: Elliotte Friedman reports contract negotiations between the Toronto Maple Leafs and winger William Nylander appear to remain at a standstill. He doesn’t see any movement in those talks until one side budges. Friedman added that if other players aren’t going to take a little less to remain in Toronto then neither will Nylander.
SPECTOR’S NOTE: Reports earlier this month claimed Nylander is seeking an AAV of $10 million on his next contract while the Leafs are offering between $8 million and $9 million. He’s coming off back-to-back 80-point performances including a career-high 88 points playing second-line minutes.
I’d say Nylander makes a reasonable case for seeking that much. If the Leafs won’t pay it, somebody else will if he hits the open market next July with a salary cap projected to jump by at least $4 million (I say up to $6 million) for 2024-25. Clubs who consider Nylander as a first-line guy will pay him what he wants, especially if he reaches or exceeds 80 points again.
Some observers believe Leafs general manager Brad Treliving will trade Nylander before the start of this season rather than go through another season of uncertainty as he did in 2021-22 with Johnny Gaudreau in Calgary. There are also some who feel the Leafs could retain Nylander for the coming season and see how things play out on the ice and in contract talks.
Friedman indicates the news is better regarding Auston Matthews’ negotiations. He believes the Leafs superstar will reach an agreement on a deal that is between three to five years in length. Friedman believes it will happen but isn’t sure when.
SPECTOR’S NOTE: No word on how much of a raise Matthews will receive over his current $11.6 million AAV. Some believe it could exceed the league-leading $12.6 million of Colorado’s Nathan MacKinnon, ranging from between $13.5 million to $14 million. Whatever Matthews agrees to will affect Nylander’s talks with the Leafs.
FLAMES HOPE TO RE-SIGN LINDHOLM
NHL NETWORK: Elliotte Friedman believes the Calgary Flames are still trying to re-sign Elias Lindholm. The 28-year-old center is a year away from UFA eligibility. The Flames consider him a key piece of their future and hope to retain him.
Friedman speculated an extension for Lindholm could cost between $8 million and $8.5 million. However, with several key players having left the Flames in recent years, he thinks they could offer up $9 million annually.
Lindholm sounded reluctant about signing an extension with the Flames during his end-of-season presser in April. Nevertheless, Friedman thinks he hasn’t closed the door on re-signing with the Flames.
SPECTOR’S NOTE: Mikael Backlund also shared Lindholm’s reluctance. Their comments, however, came before the club hired Craig Conroy as GM and fired head coach Darryl Sutter.
Conroy is believed working on keeping Lindholm and Backlund. Nevertheless, he also shipped out Tyler Toffoli when he asked for a trade last month. Defenseman Noah Hanifin indicated he wouldn’t sign an extension. Conroy has reportedly shopped him but hasn’t pulled the trigger yet on a trade.
If Lindholm won’t re-sign, the Flames will go into rebuild mode. Lindholm, Backlund and Hanifin could be shipped out before the March 1 trade deadline.