The Pittsburgh Penguins’ pursuit of defenseman Erik Karlsson took nearly two months from chase to completion, and with two months remaining in the NHL offseason, nothing regarding the Penguins’ trade hopes should be off the board or considered dead on arrival.
Not yet, anyway.
But we are getting pretty close to some of the big ideas of the offseason being laid to rest as the situations change and the NHL trade market reacts not only to the free agent frenzy, but the rapidly changing landscape of extreme trade prices, and still more players looking into the endless abyss and preferring to stay where they are.
Late last week, Zach Werenkski pulled himself off the trade block after blocking a trade to Dallas. He released a joint statement with Columbus Blue Jackets general manager Don Waddell, who simultaneously pulled Kirill Marchenko off the board, too.
Tortuously, the drips of the recent reporting from Dallas indicate that Jason Robertson wants to stay, but is squeezing the Stars for every nickel as they hold firm near a $12 million annual value, and he clings to a valuation around $14 million (Oh, just meet in the middle already and enjoy the Texas tax brackets). As the saga plays out, a Penguins trade seems less likely, especially with the extreme prices being paid on the market, such as Philadelphia willing to give up four first-rounders for Leo Carlsson.
Dylan Larkin has not pulled himself off the trade market, but his list of three teams was essentially a dead end as the Vegas Golden Knights don’t have the trade capital, the Florida Panthers spent their capital on Brady Tkachuk, and Detroit GM Steve Yzerman may have had the audacity to ask the Minnesota Wild for Matt Bouldy, whose numbers are greater than Larkin’s and his birth certificate shows he’s only 25.
The Washington Capitals acquired Jordan Kyrou from the St. Louis Blues.
The Anaheim Ducks traded young defenseman Olen Zellweger to the Buffalo Sabers and dished out an expensive new contract to restricted free agent Pavel Mintyukov, taking both off the board.
Additionally, the Calgary Flames traded for young defenseman Simon Nemec, plucking him out of New Jersey for a staggering two first-round picks, a prospect, and a second-round pick.
Even Darnell Nurse was traded.
As Robertson’s availability slides toward questionable at best and the reported momentum for a Penguins trade on draft weekend is now past tense, the Penguins’ potential trade board needs to be reset, as well. There simply aren’t a lot of options remaining.
Of course, Carolina GM Eric Tulsky is listening on RFA defenseman Alex Nikishin, and affixing Jesperi Kotkaniemi, which is a package we think should be quite attractive to the Penguins, but other teams are also reportedly taking a good look at Nikishin, including the St. Louis Blues.
Yet, even as PHN posed the question after the first round of the NHL Draft–do the Penguins have to pivot their plans to things more attainable? Dubas was resolute. He wavered not on his intent to find the bridge between the youngsters and the very veteran core, and would keep trying throughout the summer, into the season, and even into next summer.
But what happens when the realistic options are no longer options?
Indeed, the armchair GMs can dream of trading for Connor McDavid or Auston Matthews, but those dreams are no more than that. The remnants of the potential Penguins trade board aren’t an exciting, rosy bunch or potential All-Stars (if there was still such a thing as the All-Star game).
Through the first days of free agency, the Penguins have packed their bottom-six forwards and the right side of their defense. Whether or not that was a strategy or simply building the best team is a debate to which we’re not privy, but it surely looks like Dubas stocked his cupboard in order to cover opened spots in future trades.
Now, what the Penguins need are more potential top-six forward replacements. Nick Robertson was a no-risk acquisition who just might show the talent that had Toronto anxiously awaiting his arrival for a few years before he found himself on the wrong side of coaching favor. By next summer, the overwhelming odds and expectations are that Evgeni Malkin will be easing into retirement. Dubas could or should have plenty of offers for Rickard Rakell, who is now 33 years old, and Bryan Rust, who is 34.
Neither Rust nor Rakell is getting younger, and their value isn’t going up, either. So, unless Dubas is going to figuratively remain crouched in the weeds hoping for new prey, it’s time to adjust his sights on additional short-term gambles who just might have the talent to replace one of the veterans, and ease the transition toward what is to come.
After the run of RFA signings on Sunday, the Penguins are down to just under $17 million of salary cap space, which is more than enough to do most things they could hope to accomplish.
Adjusting Penguins Trade Block
Top Tier
Jason Robertson
But it’s not dead yet. Robertson remains the leader in the clubhouse and object of the Penguins’ desire, despite Dallas trading Mavrik Bourque to Nashville to keep the salary cap space open. Until the RFA, the potential remains. Make no mistake, a deal will cost the Penguins at least three first-round caliber assets, and probably another piece to finish the deal, but Dubas clearly seems to think Robertson is worth it, or Dallas will hedge just a bit.
Robertson, 26, has 213 career goals in 456 games, including 45 last season.
Alex Nikishin, Jesperi Kotkaniemi
It’s the trade package for which PHN has advocated. A future top-pair defenseman and a downtrodden young center with far more talent than Carolina wanted to use. The cost to acquire the duo will be significant, but light-years less than chasing Robertson, and would bolster the Penguins’ long-term future without draining assets during acquisition.
Alex Nikishin is 24 and already has six pro years of experience, five in the KHL and one in the NHL. He’s a heavy hitter and puck mover. Kotkaniemi, 25, has been trapped in Carolina for four years, and his production hit the skids this season with just two goals in 42 games. He desperately needs a change of scenery.
Kirill Marchenko
Before Werenski pulled himself off the market, Marchenko, 25, reportedly told Waddell he wouldn’t sign a new contract next summer when he becomes an RFA. Marchenko has led the Columbus Blue Jackets in goals three years running, but there is some question whether he is an elite talent or just how much of his success is because he gets the primary opportunities in Columbus. He’s scored 23, 31, and 27 goals over the last three seasons, respectively.
The right wing would be a sniper beside any of the Penguins’ wingers. Regardless of Waddell declaring Marchenko would start next season with Columbus, reality is also a cold bucket of water, and if Marchenko wants out, he will get his wish sooner or later.
And we know from the months-long Egor Chinakhov trade negotiations that Waddell and Dubas can keep a conversation going.
Anaheim? Anaheim?
Anaheim has just under $10 million in salary cap space if they match Carlsson’s offer, which carries an $18 million average annual value.
Anaheim is reportedly trying to move Frank Vatrano, who makes $4.57 milllion, but has not produced enough to justify that sort of salary. Alex Killorn is raking in $6.25 million for one more season, but produced only 33 points in his bottom-six role.
Could Dubas pull a rabbit out of his Penguins hat to snag assets such as a top pick or desirable player with an unwanted salary or a short-term player that Anaheim is willing to sacrifice to keep their young core together?
Second-Chance, Last-Chance Rescues
Cole Perfetti
The Winnipeg Jets winger has not lived up to his lofty draft day expectations. He’s a left-handed natural center, but has largely been a left winger in Winnipeg. After 18 goals and 50 points in 2024-25, he dropped mightily to just 12 goals and 32 points last season.
Perfetti, 24, filed for arbitration Sunday, and with Winnipeg’s transitional station, perhaps the Penguins have assets of interest, and the 10th overall pick in 2020 will get a clean slate playing beside Sidney Crosby or Ben Kindel. Perfetti’s hockey IQ and slick playmaking could mesh well somewhere in the Penguins’ lineup.
Kirby Dach
Dach, 25, was the third overall pick in the largely disastrous 2019 NHL Draft, which reads like a who’s who of draft day misses. In seven NHL seasons, he’s not scored more than 14 goals or 38 points. And knee injuries have hampered him over the last few seasons.
Montreal had to make Dach a $4 million qualifying offer, which they did, but given Montreal’s limited cap space (about $14 million) with only 10 forwards under contract and their bureoning Stanley Cup aspirations, perhaps the Penguins would be a better team to absorb a $4 million hit to give their sports science department a whack at helping Dach’s skating, and give the player one more good run at his full potential as a big playmaking center.
Shane Wright
He dropped in the 2022 draft after Montreal balked at selecting the presumptive first-overall pick. Then two more teams passed on Wright, 22, before the Seattle Kraken selected him with the fourth pick.
Wright is not going to be a brilliant playmaker, but his straight-ahead game and deft stickhandling in the corners could play very well with the Penguins, who prize down low offense. Wright is a largely untapped talent and wants to be a top-six center, and reports broke last week that his agent asked Seattle for a one-way ticket from the Emerald City, with no waiting for Amazon Prime Days.
After scoring 19 goals with 44 points in 2024-25, he fell off to just 12 goals and 27 points as Seattle plummeted in the standings.
Perhaps a couple of years in Sidney Crosby’s shadow would be the right learning experience for Wright to assume leadership and become an indomitable pivot. He’s got the hockey smarts, speed, and talent, but it just hasn’t meshed at Climate Pledge Arena.
Seattle will likely ask for a solid return, but at 22, with some questions about his production and consistency, Wright should be affordable, at least in the context of the recent ridiculous transactions.
Tags: alexander nikishin jason robertson Penguins Trade shane wright
Categorized:Penguins Trade Talk