NHL Rumors: Penguins trade for Erik Karlsson (UPDATED)

Update: The Penguins have acquired Erik Karlsson in a three-way trade with San Jose Sharks and Montreal Canadiens.

Per Penguins Press Release:

  • Pittsburgh acquires defenseman Erik Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk and San Jose’s 2026 third-round draft pick.
  • San Jose acquires Pittsburgh’s 2024 first-round draft pick (top-10 protected), forward Mikael Granlund, defenseman Jan Rutta and forward Mike Hoffman.
  • Montreal acquires Pittsburgh’s 2025 second-round draft pick, defenseman Jeff Petry, goaltender Casey DeSmith and forward Nathan Legare.

The Sharks are retaining $1.5 million of Karlsson’s salary. Per Frank Seravalli, the Penguins are retaining 25% of Petry’s salary.

The Pittsburgh Penguins are apparently working on a long rumored trade for all-star defenseman Erik Karlsson per Sportsnet’s Elliotte Friedman.

“There is a legit attempt to get an Erik Karlsson trade done today,” Friedman wrote. “Would involve Pittsburgh, San Jose and at least one other team to facilitate the cap gyrations. We will see how it plays out…but everyone grinding in that direction.”

NHL Rumors: Penguins working on Erik Karlsson trade

nhl rumors erik karlsson
Mar 18, 2022; San Jose, California, USA; San Jose Sharks defenseman Erik Karlsson (65) reacts after the Colorado Avalanche scored a goal during the first period at SAP Center at San Jose. Mandatory Credit: John Hefti-USA TODAY Sports

This latest news comes off the heels of Friedman’s report on Friday that he was told to keep an eye out for things to happen by Sunday.

“I am very curious to see if by the time the buyout window closes on Sunday we have some clarity on Erik Karlsson,” Elliotte Friedman said NHL Network. “I had a couple of people tell me to keep an eye on this weekend. There’s going to be an attempt to see if this gets closed.”

Wheels were set in motion when Drew O’Connor reached a pre-arbitration deal with the Penguins that opened up the second buyout window which closes today. It will be interesting to see if Kyle Dubas opts to utilize it in order to facilitate this deal. He could also leverage LTIR after forward Jake Guentzel underwent surgery that will keep him out at least three months.

Karlsson has four years remaining on his contract with an AAV of $11.5M and a full no-move clause. In a recent interview with Swedish outlet Expressen, he confirmed speaking with the Penguins, Kraken, Maple Leafs, and others about a potential deal.

The 33 year-old won his third Norris Trophy as the League’s best defenseman after posting 101 points in 82 games last season.

If the Penguins, who missed the playoffs in 2022-23 by just 2 points, can pull off this deal it’ll be a big boost. Dubas also has the blessings of Sidney Crosby, Kris Letang and ownership to get this done. As long as they can make the contract fit, which will require salary retention by the Sharks and a third party, this is a huge win for Dubas in his first year at the helm.