One of the biggest storylines of the offseason has got an ending as the drama surrounding Erik Karlsson and the Pittsburgh Penguins is finally over.
On Sunday morning right before lunch time on the east coast, a three team trade involving the San Jose Sharks, Pittsburgh Penguins, and Montreal Canadiens was finalized which saw Karlsson become a member of the Penguins organization.
WE HAVE BIG TRADE NEWS TO ANNOUNCE 🚨
The Penguins have acquired defenseman Erik Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk and a 2026 third-round draft pick in a three-team trade involving the San Jose Sharks and Montreal Canadiens.
— Pittsburgh Penguins (@penguins) August 6, 2023
Here are the final details of the trade involving the Penguins, Canadiens, and Sharks:
- Pittsburgh acquires defenseman Erik Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk and San Jose’s 2026 third-round draft pick.
- San Jose acquires Pittsburgh’s 2024 first-round draft pick (top-10 protected), forward Mikael Granlund, defenseman Jan Rutta and forward Mike Hoffman.
- Montreal acquires Pittsburgh’s 2025 second-round draft pick, defenseman Jeff Petry, goaltender Casey DeSmith and forward Nathan Legare.
The Penguins were a team to keep an eye on this weekend as reported on NHLRumors.com.
NHL Rumors: Erik Karlsson To The Penguins Picking Up Steam
With Pittsburgh settling on a new contract with Drew O’ Connor that opened up another buyout window which ended today (Sunday). However, Penguins general manager Kyle Dubas does not like to use the buyout so he had to find another way to make this deal happen.
Kyle Dubas pulled off the Erik Karlsson trade without resorting to any buyouts, which is impressive. He said he's always believed that you can find a more creative solution when it comes to moving contracts, so that you aren't paying the price down the line with the salary cap.
— Pens Inside Scoop (@PensInsideScoop) August 6, 2023
Then Sunday morning came and once the noise on Karlsson and the Penguins was not going away.
There is a legit attempt to get an Erik Karlsson trade done today. Would involve Pittsburgh, San Jose and at least one other team to facilitate the cap gyrations. We will see how it plays out…but everyone grinding in that direction.
— Elliotte Friedman (@FriedgeHNIC) August 6, 2023
Then the deal was finally executed.
Sources say #sjsharks have traded D Erik Karlsson to Pittsburgh Penguins. Working on details.@DailyFaceoff
— Frank Seravalli (@frank_seravalli) August 6, 2023
Despite trading a 100 pt right D, and retaining $6M in cap hit and $5M in salary over the next 4 years, the #SJSharks receive a single 1st round pick in draft compensation.
Based on past trades, retaining $5M in salary as a cap dump alone would be valued at 1x first rd pick. https://t.co/krglhqRqRv
— CapFriendly (@CapFriendly) August 6, 2023
Karlsson is the biggest name in this trade as won he won the Norris Trophy this past season with the San Jose Sharks recording 101 points (25 goals and 76 assists) in 82 games played. This was the most points by a defenceman since Brian Leetch with the Rangers.
Erik Karlsson, traded to PIT, is an elite offensive defenceman coming off one of the greatest offensive seasons we've ever seen from a blueliner. Amazing passer, excellent shot. Also an extremely poor defender who sacrifices a lot to make that offence happen. #LetsGoPens pic.twitter.com/XbShgRF1tk
— JFresh (@JFreshHockey) August 6, 2023
Again to make this trade work the Penguins needed to shed money. The obvious choice was Mikael Granlund. Granlund in fact does go to San Jose. Along with Jan Rutta to make part of this deal work.
I'm hearing that Granlund is going to #SJSharks in a Karlsson trade, and I THINK Petry is being re-routed to Montreal. Not sure about other pieces. It does sound like it's happening today
— Sheng Peng (@Sheng_Peng) August 6, 2023
But with Montreal involved the Penguins sent another defenceman they just acquired back to his former club in Jeff Petry along with goaltender Casey DeSmith and Nathan Legare.
However, general manager Kent Hughes was smart in order to make this work he did not retain any money when he sent Mike Hoffman to San Jose via Pittsburgh along with Rem Pitlick who stays with the Penguins.
Here’s why the Canadiens are making this trade: pic.twitter.com/kXYAfaFecl
— Eric Engels (@EricEngels) August 6, 2023
The Canadiens will save money on the salary cap and can retain on other deals especially if Petry is on the move again.
I believe the Canadiens will trade Jeff Petry. Not necessarily immediately, but likely before the season starts. Pittsburgh has already paid Petry's $3M signing bonus for this season and MTL can retain 50% trading him out, making him $2.34M against the cap this season and next.
— Eric Engels (@EricEngels) August 6, 2023
This will be Hoffman’s second stint with the Sharks. Not to mention Montreal moves a contract many believed they were trying to move for quite some time now.
In addition will get a first round pick. It will either be outside the top 10 in 2024 as the Penguins protected their pick this year which means if the Penguins do finish inside the top 10 the Sharks get a 2025 first round pick.
Karlsson becomes the second reigning Norris Trophy winner to be traded in the offseason joining Doug Harvey in 1961 when Harvey went from the Canadiens to the New York Rangers.
🚨🚨Night Cap Recap: Penguins Acquire Erik Karlsson 🚨🚨#letsgopens #sjsharks #gohabsgo @FullPressNHL @FP_Coverage @myNHLTradeRumor @RickyOtazu16 @lettalksport @GoalgettersS2 pic.twitter.com/4PGZAqitP1
— Jim Biringer (@JimBiringer) August 6, 2023