Report exposes Penguins’ Kyle Dubas’ insulting low asking price for Erik Karlsson

It sounds like veteran defenseman Erik Karlsson could be on the move again. Though a lot of things need to be figured out before a deal is done, including Karlsson’s $10 million cap hit over the final two years of his contract, his full no-move clause and his huge $5 million signing bonus payable next Tuesday, July 1, there is a belief that Pittsburgh Penguins general manager Kyle Dubas would move Karlsson for a bargain.

Pierre LeBrun has reported Karlsson is willing to waive his no-move for a trade to a contender after missing the playoffs in each of the past six seasons, the last two of which have been in Pittsburgh. LeBrun also believes the sweet spot on a Karlsson trade would be the Penguins retaining salary to bring his cap hit down to $7.5 million, and that possible suitors would

rather acquire Karlsson after his massive bonus is paid out. However, the Penguins might be less inclined to trade him paying it unless compensated for doing so. LeBrun adds that the Penguins would want an additional asset for paying it out, as well as an asset for taking on salary.

If you ask team insider Dan Kingerski who has gauged the asking price for Karlsson, he claims that GM Dubas hopes to recoup some value and move forward, but might have to retain some of the blue liner’s salary to complete a deal:

“The number tossed about is $2.5 million, but to get a full return from a contending team, Karlsson will need to be as affordable as possible because contenders don’t often have tons of cap space,” Kingerski writes.

He also adds about a possible return: “Karlsson’s trade value is in the eye of the beholder. There will not be a long list of teams vying for his services, nor will the Penguins recoup anything resembling a first and second-round pick with a 60-point center attached. In fact, it seems quite unlikely that the Penguins would even get a first-round pick.

Last summer, the Washington Capitals acquired Jakob Chychrun from Ottawa for defenseman Nick Jensen and a third-round pick. But there isn’t a comparable player to Karlsson across the NHL, one who could be the best in the league for an entire season, as evidenced by three Norris Trophies, or one of the worst on any given night.

A third-round pick and a player do seem to be an appropriate ask. As does a prospect and a second-rounder. Or, simply, a younger player the Penguins believe they can use.”

Karlsson is a three-time Norris Trophy winner, winning the award twice with the Senators (2012, 2015), and once with the Sharks (2023). As noted by LeBrun, he shined as member of Team Sweden at the 4 Nations Face-Off, posting a goal and three points in three games while averaging 18:09 of ice time.

When you look at his resume, the low asking price seems to be an insult, but if the Penguins want him out and ready to focus on the future and the retooling of the roster, that might be the offer on the table for Karlsson.

It remains to be seen how many suitors there will be for Karlsson, with suitors perhaps looking to fill their needs on the back at the opening of free agency.

Stay tuned…