PITTSBURGH — The Penguins have hung a for-sale sign, and the organization is in a holding pattern as a result.

With talks continuing between the Hoffmann family and Fenway Sports Group, Penguins employees are operating as usual while remaining aware of the elephant in the room.

I’ve spoken with many people within the organization, and the theme is pretty consistent: FSG is conducting business as usual, conducting quarterly meetings and continuing to spend money as it always has.

But everyone knows that multiple conversations between the current and potential new owners have taken place in the past couple of months. Many of the employees I spoke to, all of whom requested anonymity so they could speak freely about sensitive information, expect a deal to be completed at some point before 2026.

This, of course, doesn’t guarantee anything. Deals of this magnitude can fall apart quickly. Still, the majority of people I’ve spoken with believe this deal will get done.

The Hoffmann family is extremely eager to enter the NHL, and this is its best opportunity yet.

What about the Lemieux group?

A group that includes Mario Lemieux, Ron Burkle and David Morehouse is still intrigued by the thought of purchasing the Penguins. However, the group almost certainly cannot match the asking price, which is believed to be between $1.7 billion and $1.8 billion.

There is also no indication that Lemieux is involved with the Hoffmann family. That said, if the Hoffmann family takes over, you’d have to imagine their first phone call will be to No. 66. It’s no secret that Lemieux has a very frosty relationship with FSG. Having Lemieux involved, even in a minor capacity, would only help the Hoffmanns start on the right foot in Pittsburgh.

Where are the trades?

Since a flurry of moves during the first week of free agency, it’s been a relatively quiet summer for Kyle Dubas and the Penguins — and not necessarily by choice. As you may have noticed, it’s been a relatively quiet summer around the entire league.

It takes (at least) two general managers to tango.

We don’t see many trades in September, though they do happen occasionally. So, what does this mean for Dubas?

Team sources told me he’s content to enter the NHL season with the roster as constructed. But that doesn’t mean he won’t be trying to make a deal or two. I’m somewhat surprised we’ve reached September with Erik Karlsson, Bryan Rust and Rickard Rakell still on this roster. I believed Karlsson had the greatest chance to move this summer, and while I still feel that way, he’s also the most difficult of the three to trade:

He boasts around double the cap hit of Rust and Rakell.
He’s coming off two very disappointing seasons.
His contract includes a no-movement clause.

That said, teams are interested in Karlsson, as has been the case for nearly a year. While teams are interested in the three-time Norris Trophy winner, they are not interested in his $10 million cap hit. The Penguins are going to have to eat a considerable chunk of his salary to trade him, which begs the question: Is it worth it?

That all depends on the return.

Keep this in mind: A Penguins ownership change could impact a Karlsson trade. Will the potential new owners want to retain money on his contract? Will FSG want to retain money if it owns the Penguins for longer than expected?

So, trading Karlsson is a little trickier than it seems on the surface.

I sense that the Penguins front office, while understanding Karlsson’s talent, believes trading him is for the best.

A Karlsson chain reaction

Keep Harrison Brunicke’s progression in mind during training camp.

Last season, at 18, he was the best defenseman at Penguins camp. He was that good — and yes, perhaps the rest of the blue line was that bad.

The decision to keep or trade Karlsson could profoundly impact Brunicke’s NHL timeline.

If Karlsson remains on the team, there’s really not a path for Brunicke to play in the NHL. The right side of the blue line currently comprises Karlsson, Kris Letang, Matt Dumba and Connor Clifton. That’s around $23 million in salary for four players who will make the roster. In fact, I could see one of them moving to the left side because they are probably four of the Penguins’ six best defensemen.

So, it’s unlikely that Brunicke, at 19, will make the roster, but a Karlsson trade could change things.

Suddenly, 25 minutes a night on the right side of the blue line would be up for grabs. Now’s a good time to remind you that everyone I’ve spoken with this summer has said the Penguins are going young this season.

The Penguins are enamored by Brunicke as a player and person. Their favorite thing about him, even more than the obvious physical attributes, is his competitiveness. Tell him he’s not making the team out of camp, and he’s the type who will prove you wrong.

The new-coach factor

The spotlight is very much turning to Dan Muse, the new coach who remains an unknown in so many ways.

The lineup and the roster belong to him. Sure, Dubas will have a say, of course, but he didn’t hire a new coach with the idea of giving him little responsibility. If Muse wants to go young, he will.

Kevin Hayes and Noel Acciari are on the team, but that doesn’t guarantee them playing time. Former coach Mike Sullivan certainly had a preference for older players. I don’t think that will be the case with Muse. He was brought here to develop players and guide prospects as they take some lumps. Leaning too heavily on veterans on the back nine of their careers doesn’t seem to make sense.

(Photo: Keith Srakocic / Associated Press)