Penguins make a bold move to acquire Erik Karlsson
Reigning Norris Trophy winner adds another game-breaker to Penguins lineup.
It was no secret that the San Jose Sharks were trying to trade Erik Karlsson and it was no secret that Pittsburgh Penguins GM Kyle Dubas was interested, so it should come as no surprise that Pittsburgh is where the reigning Norris Trophy winner ends up.
Whether the Penguins should be in the business of going for it with their aging veteran core in place is certainly up for debate but, after last summer when they re-signed Kris Letang and Evgeni Malkin, there is obviously little appetite for the franchise to start unloading veteran stars to embark on a rebuild around 36-year-old Sidney Crosby.
Here is a look at the three-team deal bringing Karlsson to Pittsburgh.
· Penguins take a big swing.
· Sharks get little beyond financial flexibility but that should not be ignored.
· Canadiens likely poised to make more moves.
The Penguins Get: D Erik Karlsson, C Rem Pitlick, LW Dillon Hamaliuk, and a third-round pick in 2026.
Karlsson, 33, is coming off his third career Norris Trophy win, recording career highs of 25 goals, 76 assists, and 101 points. His play driving ranges between good to great, thanks in large part to his ability to generate offense because, even at this stage of his career, he can fly. He is not a lockdown defender, by any stretch, but his defensive shortcomings do not compare with all of the positives he generates with the puck on his stick.
In Pittsburgh, Karlsson will presumably get turned loose the same way he was in San Jose because, if not, what’s the point of acquiring him? That also means that either the Penguins run two defensemen on their top power play unit or Kris Letang gets bumped to the second unit, so that is at least a deployment issue to watch.
Karlsson is making $11.5 million per season for the next four seasons and the Sharks are retaining just $1.5 million, which is part of the reason that they did not bring in great talent in return. If San Jose was willing to eat more salary, especially considering the contract runs for four more years, then they could have very well held out for better picks and prospects. In this case, it appears that ensuring more financial flexibility was the priority.
Pitlick is a 26-year-old forward who rode high percentages to 37 points in 66 games in 2021-2022 but managed just 15 points in 46 games last season while getting caved in defensively. He might be able to fill a role as the 12th or 13th forward on an NHL roster but if he continues to struggle without the puck, his $1.1 million cap hit could be buried in the minors relatively easily.
Hamaliuk, 22, was a second-round pick of the Sharks in 2019 and has battled injuries since. The 6-foot-4 winger had seven points (3 G, 4 A) in six ECHL games last season. He seems like a longshot to make the NHL, but this is a fresh start and if he can stay healthy, maybe he could have a chance.
Getting a third-round pick in 2026 helps to offset the draft capital that the Penguins used to make this deal happen.
The Sharks Get: C/RW Mikael Granlund, LW Mike Hoffman, D Jan Rutta, and a first-round pick.
Granlund, 31, has recorded more than 60 points three times in his career, a testament to his playmaking ability, but his production has been in decline. He produced 41 points (10 G, 31 A) in 79 games last season, the third time in the past four seasons that he finished with less than 0.55 points per game. His declining offensive impact and poor defensive play made him a highly suspect acquisition when the Penguins picked up him at the trade deadline, and it is no surprise that new GM Kyle Dubas did not hesitate to move on from Granlund.
Granlund brings a $5 million cap hit through next season, so the Sharks might as well see if they can re-establish some value in Granlund as an asset. He can play center or wing and his playmaking skills can help elevate his linemates, but unless Granlund’s defensive game picks up, he could be in for a rough ride on a Sharks team that will be overmatched most nights.
Hoffman is a 33-year-old winger who can shoot the puck but does not generate a lot of offense at this stage of his career. He has been a competent defensive winger in recent seasons but not to the point that it should be considered a big part of his skill set.
In the final year of a contract that brings a $4.5 million cap hit, Hoffman is not likely to make a big difference for the Sharks this season, but if he can score some goals, maybe that would generate enough of a market for the Sharks to extract some value in a trade for Hoffman before the deadline.
Rutta, 33, is a stay-at-home defenseman who was a part of two Stanley Cup winners in Tampa Bay and he played 17:07 per game for Pittsburgh last season, his highest time on ice since his rookie season in 2017-2018.
As a defensive specialist, Rutta is a good fit for a third pairing, and he does offer a veteran steadiness on a Sharks defense that is not likely to be great.
The first-round pick that the Sharks receive from Pittsburgh is Top-10 protected in 2024, which would then push the pick, unprotected, to 2025. A first round pick in the middle range of the first round is not likely to bring in a star player, but it is a better than even chance to yield an NHL player.
The Canadiens Get: D Jeff Petry, G Casey DeSmith, RW Nathan Legare, and a second-round pick in 2025.
Petry, 35, has been a top-four defenseman throughout his career, playing more than 21 minutes for each of the past 12 seasons. He contributed 31 points (5 G, 26 A) in 61 games last season but also tied a career high with 190 hits despite missing 21 games.
While Petry would likely be an improvement for Montreal’s defense, early reports suggest that he could be on the move again, possibly even before the season begins. He has a $6.25 million cap hit for the next two seasons, but Pittsburgh is retaining 20% of his salary, which could make Petry quite appealing as a trade candidate if Montreal chooses to retain salary on their next Petry trade.
DeSmith, who will turn 32 this week, has been a solid backup goaltender for the Penguins. In the past three seasons, per Natural Stat Trick, he has 1.68 Goals Saved Above Expected. He appeared in a career high 38 games last season.
With Jake Allen and Samuel Montembeault already under contract for Montreal, there does seem to be a logjam at the position. The idea that DeSmith offers positional insurance if the Canadiens lose prospect Cayden Primeau on waivers is a possibility, but also could be some 3-D chess because the Canadiens are unlikely to be a contending team that desperately needs quality goaltending depth throughout their organization.
Legare, 22, was a third-round pick of the Penguins in 2019. He has 35 points in 125 AHL games over the past two seasons, which does not give him the profile of a future NHLer, but perhaps he will get a better look in the Canadiens’ system.
For their help facilitating the deal, the Habs also get a second-round pick from Pittsburgh in 2026, which should offer about a one-in-three chance of becoming an NHL player, but many years in the future.
VERDICT
Pittsburgh has to be thrilled to acquire a superstar like Karlsson at very little cost. It might be a fool’s errand to try to keep this Penguins roster in contention but bringing in a game-breaker like Karlsson at least gives them a chance to get back into the playoff mix. San Jose is not getting much value out of this. The players they receive are essentially stopgaps until their prospects are ready to take on bigger roles, which is underwhelming, but clearing Karlsson’s contract paves the way for San Jose to truly rebuild and have financial flexibility moving forward. Montreal’s involvement gives them some assets with good value, but it could take more dealing to fully realize what they are getting out of this deal. Moving out Hoffman and Pitlick was easy and if they get additional value out of Petry and/or DeSmith, then this is a nice bit of business for Montreal.