Pittsburgh Had a Shot to Cash In on Karlsson But Blinked and May Pay the Price

The Pittsburgh Penguins entered the 2025 NHL offseason looking to sell. They had veteran trade candidates such as Bryan Rust, Rickard Rakell, and Erik Karlsson. And they were really the only team open to trading roster players for futures. Entering NHL Free Agency, it felt as if Pittsburgh would be quite active in moving its veteran players out of town.

However, the offseason has not played out this way. All three aforementioned Penguins trade candidates remain with the team at this time. They have sold a bit, sending goalie Alex Nedeljkovic to the San Jose Sharks. However, they’ve also added, trading for Matt Dumba and Arturs Silvos in separate trades.

Pittsburgh wasn’t entirely active in NHL Free Agency, which was largely expected. The Penguins added one player of note, though. Veteran forward Anthony Mantha signed a one-year contract with the team. He spent last season with the Calgary Flames, though he played just 13 games before suffering a season-ending injury.

We have reached the point in the NHL offseason were significant moves are less and less likely. The Penguins are likely to head into the 2025-26 season with this roster. With this in mind, let’s take a look at one move the Penguins should have made, and could theoretically still make, this summer.

Penguins needed to trade Erik Karlsson before 2025-26

In theory, Pittsburgh should have traded all three of its veteran trade candidates. However, there is logic behind keeping Rust and Rakell, at least for this season. Rust is a longtime fan favorite whose potential trade has an emotional component that’s hard to overcome. Rakell, meanwhile, is signed for two seasons after 2025-26.

Karlsson, meanwhile, is a free agent in 2027. His trade value is not getting any higher than it presently is. The future Hall of Famer remains a gifted offensive presence from the point. His defense is absolutely putrid at times, but he can still run a power play similar to the elite offensive defensemen in the league.

On one hand, there’s some logic against trading Karlsson. The veteran is signed past the 2025-26 season. As a result, Pittsburgh can kick this can down the road. They don’t need to force a trade if they aren’t getting the offers they want. Moreover, Karlsson has a no-trade clause, so he ultimately decides where he goes.

At the same time, it’s hard to imagine the value being higher in March than it is now. Yes, teams get desperate once the clock ticks away toward the deadline. However, those teams are trading for a season and a half of service. And they will build their trade packages accordingly.

If they made the deal now, though, Pittsburgh would get more since the acquiring team get two entire seasons of Karlsson. Those teams are likely to offer more for him as a result. Especially if the Penguins retain salary, which they are expected to do in any trade involving the Hall of Famer.

Pittsburgh has done well rebuilding its prospect pipeline and NHL future. The Penguins especially did well in the 2025 NHL Draft. They had three first-round picks and found value in each of those selections. Pittsburgh is in better shape now than it was a few years ago.

In saying this, there is more work they need to do. And part of this work involves trading Karlsson. Of course, this is easier said than done. But once an offer comes across the table that is acceptable, they need to pull the trigger.