Potential Trade Return for Erik Karlsson if Penguins Move Star Defenseman

Trade speculation regarding Pittsburgh Penguins defenseman Erik Karlsson has been ongoing, but the veteran defenseman has been trying to brush off all of the rumors lately.

As reported by NHL Network's Kathryn Tappen, who interviewed Karlsson on Sunday, the three-time Norris Trophy winner has not been approached by Penguins management to waive his no-movement clause.

If approached, however, Karlsson is said to be willing to "take a stance," without really specifying if that means he would approve or reject it. Karlsson, 34, is signed for two years after 2024-25.

His eight-year contract carries an $11.5 million cap charge per year, $10 million of which the Penguins are paying after the San Jose Sharks retained $1.5 million in the blockbuster trade that sent him to Pittsburgh on Aug. 6, 2023.

Karlsson's Pittsburgh tenure has been met with mixed reviews. While he remains one of the league's top offensive defensemen, his defense has been a problem. He had a 25-goal, 101-point season with the Sharks in 2022-23.

Karlsson has 19 goals and 102 points with the Penguins, including eight goals and 45 points in 63 games this season. With the Penguins trying to retool their roster, it's uncertain which veterans will remain.

Should Karlsson ultimately waive his no-movement clause, the return could be drastically different.

In a best-case scenario, if he returns to elite level, Pittsburgh could potentially receive a first-round pick and a young roster player with little to no salary retention.

In a worst-case scenario, if the Penguins simply wish to offload his contract, they may only be able to receive a mid-round pick and a salary cap dump.

Other potential returns would include an NHL-ready defenseman, a middle-six forward prospect, or a package of prospects and draft picks if Pittsburgh retains salary.

With only four days to go until the deadline, all eyes will be on Kyle Dubas and this Karlsson situation.