Uncertainty is the name of the game for the Pittsburgh Penguins during the NHL offseason. While the spotlight mostly lies on Sidney Crosby, the organization has a big decision to make on defenseman Erik Karlsson. However, the options have narrowed down dramatically as top suitors reportedly take a back seat.
The Penguins are entering uncharted territory in the 2025-26 NHL season. For the first time in a long time, Pittsburgh is heading into the regular season with no clear objectives in mind. The Pens are nowhere near a playoff team, yet admitting defeat before the puck drops in October might be a tough pill to swallow. For a decorated organization like Pittsburgh, it might be an impossible one.
Crosby and the Penguins acknowledge the tough position they now find themselves in, but have no answers for it. At least, none that can result in immediate effects. Amid such an inconclusive scenario, Karlsson’s situation doesn’t offer any more clarity.
With two NHL seasons left on his eight-year, $92M contract, the Penguins are left wondering what to do with Karlsson. Trading him sounds like a fitting solution, but there’s a catch: the 35-year-old blueliner’s deal includes a full no-movement clause (NMC).
Not so fast
Therefore, in order to move him, he’d have to waive it. Naturally, waiving such a clause becomes much easier if it means an immediate transfer to a Stanley Cup contender—teams such as the Florida Panthers and Carolina Hurricanes immediately come to mind. However, reports now suggest that even those teams may be having second thoughts.
“Options have dwindled over the last couple of weeks for the Penguins. The Hurricanes may not want to take another massive swing. The Panthers are out,” The Athletic’s Shayna Goldman commented. “The Senators should see what Jordan Spence has to offer before committing [to another blueliner].”
Not pouncing
Acquiring Karlsson was always going to be a tough sell for the Panthers. Florida is tangled up in cap space as things stand, taking on an $11.5 million cap hit contract wouldn’t exactly do the Cats any favor.
As things stand, the reigning back-to-back champions are more worried about clearing up cap space than adding even more talent to its roster. Obviously, the Panthers could ask the Pens to retain a big percentage of the defenseman’s salary, but that’s seemingly off the table.
Based on reports from insider Chris Johnston on the Steve Dangle Podcast, the Penguins don’t plan to retain half of Karlsson’s salary for anybody. Pittsburgh isn’t desperate to part ways with the veteran blueliner and reportedly won’t be doing any suitor any favors.
Patience is a virtue
Crosby and the Penguins can live with Karlsson’s hefty contract. They’re currently over $13 million above the salary cap, and with the cap set to rise in the coming years, Pittsburgh is in no hurry whatsoever. There may be a long list of lingering issues in the City of Bridges, but money isn’t one of them for the Black and Yellow.