Report: Former Sharks D-Man On the Trade Block Again?

Former San Jose Sharks defenseman Erik Karlsson is back on the trade rumor mill this summer.

The three-time Norris Trophy winner has arguably the most trade value of any Pittsburgh Penguins defenseman. Rumors have been circulating about a potential trade due to Karlsson’s previous trade history.

He was traded to the Penguins from the Sharks in 2023 because he wanted a chance to win a Stanley Cup. With a full no-move clause in hand, Karlsson held control of the deal and approved a trade to PIT.

In 2025, that move seems not to have worked for the Swedish star. The Penguins appear to be the only NHL team this season to be rebuilding or tearing down their roster.

TSN’s Travis Yost suggests that a trade for Karlsson to go to the Toronto Maple Leafs could be an intriguing option.

“Why Toronto? The team’s defensive improvements have come at the cost of some offensive pop in recent years, and the loss of Mitch Marner in the forward group is going to strain scoring even further. Notably, Toronto saw slippage in their power-play production last season, finishing eighth in rate-scoring behind Utah,” Yost writes.

“Morgan Rielly has shown to be a capable quarterback on the man advantage, but speculation about his long-term status with the Maple Leafs, and coupled with $5 million in cap space and a playoff-calibre core still in tow, you wonder if Brad Treliving can find a fit for Karlsson in Toronto if the Penguins are picking up a big piece of his salary.”

Karlsson’s AAV must come down for a trade to happen

The San Jose Sharks are still part of any trade that happens with Erik Karlsson. When he was moved to the Penguins, the Sharks retained $1.5 million of his AAV. That leaves the Penguins with a $10 million cap hit. That number is likely too high for him to be moved outright, and the Penguins will need to retain money for a better return.

Defensively, Karlsson was never the most proficient. That is becoming more evident for the former Sharks defenseman as he approaches his age-35 season. Despite that, Karlsson can still skate and shows his elite offensive ability.

In 82 games last season, Karlsson had 11 goals and 42 assists. Longevity and durability appear to be present, as the Penguins’ defenseman has played three consecutive 82-game seasons without missing a single game.

Any team trying to acquire Karlsson will have him on the books for another two seasons. Plus, Karlsson still holds all control in any potential trade with his no-move clause.

Like many of the NHL, finding a right-handed defenseman comes at a premium. Karlsson’s ability and handedness fit what many borderline playoff teams could be searching for to get them over the hump.

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