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The Pittsburgh Penguins executed a mammoth trade for defenceman Erik Karlsson on Sunday [6 August], sending roster players, draft capital, and prospects to the San Jose Sharks and Montreal Canadiens to finalise the deal.
Still, the dust is yet to settle.
Karlsson, the latest recipient of the Norris Trophy, arrives in the state of Pennsylvania with a clear objective (to win the Stanley Cup) and a blueprint (authored by new president of hockey operations Kyle Dubas) on how to reach the summit.
“We have our belief, and then it’s up to us to go and execute it. That’s on me to lead the way, and get the group and the coaching staff and the players what I think they need,” said Dubas.
“So, it was a unique opportunity to add a player like Erik, where obviously we had to part with some assets, but we gained more flexibility and added him on at the same time. I think that was the message. It’s clear that he’s still an elite player, as he showed last year winning the Norris Trophy. If we have a chance to add him, we’re going to do it, because we believe in the group.”
The Swede, who posted an absurd 101 points (25 goals, 76 assists) in 82 appearances last season, is tasked with transforming a middling roster – albeit one punctuated by star talent in Sydney Crosby, Evgeny Malkin, and Kris Letang – into a true contender.
With that said, here is British Ice Hockey’s complete break-down of the trade that saw the Penguins risk it all on a boom-or-bust defenceman at the peak of his powers.
Pittsburgh Penguins, San Jose Sharks & Montreal Canadiens: Erik Karlsson Trade
Penguins Receive: Defenceman Erik Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk, and San Jose’s 2026 third-round draft pick
Sharks Receive: Pittsburgh’s 2024 first-round draft pick (top-ten protected), forward Mikael Granlund, forward Mike Hoffman, and defenceman Jan Rutta
Canadiens Receive: Pittsburgh’s 2025 second-round draft pick, defenceman Jeff Petry, goaltender Casey DeSmith, and forward Nathan Legare
San Jose will retrain $1.5 million of Karlsson’s salary, while the Penguins will retain $1.56 million of Petry’s contract.
Why did the Pittsburgh Penguins trade for Erik Karlsson?
In any discussion about Karlsson, it is important to start with a straightforward acknowledgement of his relative strengths and weaknesses.
The 33-year-old is an incredibly gifted offensive defenceman, which he proved in bucketloads in his renaissance season with the Sharks. He is lethal on the powerplay, an unpredictable talent with the puck on his stick, and the kind of mercurial threat every franchise covets for the blueline.
Simultaneously, Karlsson is a headache on skates with major defensive flaws, a bloated salary, and a questionable injury record.
Even so, it is difficult to find fault in this trade from the perspective of the Penguins – who are fully aware that they are short on time to win another Stanley Cup with Crosby & Co.
Dubas joined the franchise with a simple objective – re-augment his roster in a way that would allow his team to compete at the top of the sport from the jump.
In other words, his job this summer was to add as much quality to the mix as possible, in a bid to support his core of elder statesmen achieve success in a difficult Eastern Conference landscape.
Karlsson was the only player on the market – via trade or free agency – capable of producing enough offence to vault the Penguins back into contention. And they landed him at a reasonable price, both in terms of assets and salary.
Dubas, in an extremely savvy play, turned this deal into an opportunity to overwrite some of his predecessors’ biggest mistakes, with the overpaid Granlund, Petry, and Rutta all ushered out of the door.
The Penguins, in other words, acquired a $10 million defenceman and somehow improved their cap situation.
There are obvious risks involved here, namely the possibility that Karlsson turns into a pumpkin in Pittsburgh, but it is still hard to hate this move for the Penguins.
Where the San Jose Sharks fleeced in the Erik Karlsson trade?
The Sharks traded Karlsson because it was the only option available to general manager Mike Grier. There was no way that San Jose could suffer through another season at the bottom of the standings with a luxury defender on their books.
With that reality in mind, their return for Karlsson was always likely to underwhelm – and it certainly does. The Sharks traded a generational talent for a top-ten protected first round draft pick and a trio of overpaid middle of the roster players.
If they retained more salary in the deal, their return would have improved.
However, ownership in San Jose had no desire to pay Karlsson’s salary while he plays his trade for another team, forcing Grier to accept an uninspiring return for his star asset.
Montreal Canadiens secure valuable assets in Erik Karlsson move
The Canadiens are unlikely to stop their businesses on this deal here, with general manager Kent Hughes expected to flip Petry and DeSmith for futures at the trade deadline. They also received a potentially valuable second-round draft position for two years down the line, which they could also turn into more immediate help if their rebuild accelerates.
Unlike the Sharks, the Canadiens walk away from this transaction in better shape than before. Smart.
