NHL Trades and Rumors

Preliminary Plans for a Penguins Sell-Off Underway, Big Names Available

Penguins GM Kyle Dubas is reportedly open to trading several big names as Pittsburgh sits 5-6-1 and new ownership pushes a youth movement.

by
NHL Trade Talk
October 27, 2026

After a surprise playoff berth last spring, the Pittsburgh Penguins have stumbled out of the gate, sitting at 5-6-1 through 12 games. They are sixth in the Metropolitan Division and 14th in the Eastern Conference by points percentage.

According to TSN’s Darren Dreger, general manager Kyle Dubas is already fielding calls on several veterans, including Erik Karlsson, Kris Letang, Bryan Rust and Rickard Rakell. The preliminary plans for a sell-off appear to be underway.

Dreger said on Insider Trading that new ownership still wants the team to get younger, but Dubas is working under a strict cash budget in addition to the NHL’s salary cap. Teams around the league know he is open for business, Dreger added, and a bigger asset dump could follow if Pittsburgh keeps sliding.

Which Names Might the Penguins Make Available?

Karlsson, 36, has been the team’s best player this season, and he is the only Penguin with double-digit points at a point-per-game pace. He is a pending unrestricted free agent carrying a $10 million cap hit. He has a no-movement clause that lets him veto any deal, and he apparently loves it in Pittsburgh. Still, there’s a lot of chatter that he could be moved.

Sportsnet’s Nick Kypreos believes Karlsson will eventually be traded, noting that trying to win now might be a priority over what he and his family want to do this season.

Bryan Rust and Rickard Rakell are also out there on the trade market and look like the easier pieces to move. Rust, 34, is due $5.1 million through 2027-28 but is expected to miss several weeks with a lower-body injury. He lacks any form of trade protection.

Rakell, due $5 million over the same span, has five points this season but three in his last three games. Kypreos reports Pittsburgh has tried to move Rakell since the summer without success, and he has an eight-team no-trade list.

Finally, Kris Letang, 39, carries a $6.1 million cap hit through next season. His full no-movement clause makes a trade harder, even as his 0.5 points-per-game pace is his best since 2023-24. He’s a part of the core group of Penguins still there and it seems unlikely he’d be dealt unless he said he was open to the idea.

Next: Maple Leafs Open to Another Blockbuster Trade, But Who Could Be Moved?