After missing the playoffs for three straight seasons, Sidney Crosby’s Pittsburgh Penguins are approaching a critical turning point. The franchise, long defined by its veteran leadership and championship pedigree, now faces mounting pressure to retool for the future. With that in mind, trade speculation is beginning to center around one of their highest-profile assets: Erik Karlsson.
The 35-year-old defenseman remains one of the most skilled puck movers in the NHL, but his presence on a team trending toward a rebuild may no longer align with the organization’s trajectory. Karlsson, still under contract for two more seasons, could represent a valuable trade chip—provided the circumstances are right. According to multiple reports, there may now be a clear path forward.
Per Pierre LeBrun of The Athletic, Karlsson is open to a trade this offseason but only under one non-negotiable condition: the opportunity to join a true Stanley Cup contender.
Is Erik Karlsson willing to leave the Penguins?
“My understanding is that Karlsson would be open to waiving to join a contender,” LeBrun wrote. “That might sound obvious given where the Penguins are — staring down a long rebuild — but he has the hammer via his full no-move, so it’s no small consideration.”
Erik Karlsson #65 and Sidney Crosby #87 of the Pittsburgh Penguins wait for a faceoff in the second period of a game against the Vegas Golden Knights at T-Mobile Arena on March 07, 2025 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)
Karlsson is entering the seventh year of the eight-year, $92 million deal he originally signed with San Jose in 2019. He carries a $10 million cap hit and is owed a $5 million signing bonus on July 1, a key detail that complicates any potential deal. Teams interested in acquiring him would likely prefer to make a move after that payment is handled by Pittsburgh—but that delay comes with tradeoffs.
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Contract timing and money matter
LeBrun added that any team hoping to delay a trade past July 1 may need to offer additional assets, such as draft picks or salary flexibility, to incentivize Pittsburgh. “The Penguins will be less inclined to trade him after making that payment unless teams pay an extra asset to acknowledge it,” LeBrun reported.
Reducing Karlsson’s cap hit to around $7.5 million could make him significantly more attractive on the market. But Pittsburgh is reportedly not interested in retaining salary unless fully compensated in return. That would likely mean the acquiring team agrees to cover the full bonus and send high-value assets back in any deal.
Despite the team’s struggles, Karlsson still delivers
Karlsson has appeared in all 164 regular-season games since joining Pittsburgh, totaling 109 points across those two seasons. He most recently represented Sweden at the 4 Nations tournament this past February, further showcasing his continued ability to perform at a high level.
SurveyShould the Penguins trade Erik Karlsson before the $5M bonus deadline on July 1?
Should the Penguins trade Erik Karlsson before the $5M bonus deadline on July 1?
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While his future in Pittsburgh is far from guaranteed, Karlsson’s value remains high—especially to teams with a realistic shot at the Stanley Cup. As the free agency window nears and roster decisions mount, the question is no longer whether the Penguins want to make changes, but whether the market will meet their price.
