At What Point Will the Penguins Try to Trade Erik Karlsson?

Josh Yohe of The Athletic was asked in a recent mailbag column about Erik Karlsson‘s future, specifically as it pertains to his staying with the Pittsburgh Penguins after his contract expires next season. Yohe is not of the opinion that Karlsson returns. But will the defenseman be traded? Or will the Penguins let him walk away in free agency?

That kind of depends on where the Penguins are in terms of their ability to be competitive.

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Yohe writes:

“If they aren’t having a very good season come January or February, Karlsson should almost certainly be traded, especially if he’s performing at a level remotely close to last season’s. This is a no-brainer.” He then adds, “But what if the Penguins exceed expectations again next season?”

Yohe seems to think that the Penguins would keep Karlsson, let his contract run out, and then not sign him to a new deal after this season, “despite his brilliance.” He argues that at 37, Karlsson won’t come cheap and there’s not a good reason for the Penguins to spend their money on him.

“So, if they’re good, I assume they’ll keep him and let him walk next summer. If the postseason looks unlikely, I believe the organization will trade him.”

Where Will Karlsson Go?

There was chatter that both the Toronto Maple Leafs and Ottawa Senators might be interested. The Senators’ involvement makes sense from a nostalgic reunion standpoint. Much like Patrick Kane signing in Chicago this week, it would be big for the Senators to add Karlsson back for a final run.

The Maple Leafs would be looking at Karlsson simply because they believe they can get another season or two out of him where he’s productive.

It’s unclear what kind of return Karlsson would garner in a trade this season. If he’s having the kind of season he did in 2025-26, the rental price would be solid and worth exploring a deal. If he’s not, he’s probably better suited to give the Penguins everything he’s got before the two sides part ways.

It is worth noting that Karlsson holds a full no-move clause. He’s not being traded unless he approves.

Next: NHL Trade Talk Recap: Canucks, Oilers, Blackhawks & Bedard’s Draw