Erik Karlsson trade rumors: A return to Ottawa Senators on the cards for the $92 million defenseman?
As the Pittsburgh Penguins found themselves missing the playoffs yet again, all eyes turned to the aging defenseman Erik Karlsson and where his future might lie. Karlsson still has two years left on a $92 million contract and has earned himself the urgency to chase a Stanley Cup, so he may reach the end of his tenure in Pittsburgh.
Reports indicate he is growing restless; a storyline could emerge around a potential return to Ottawa, the team where his NHL legacy began, which could alter the outlook for both franchises.
Erik Karlsson's time with the Pittsburgh Penguins has failed to deliver
— MrPerfectSonic (@MrPerfectSonic)
Arriving in the Pittsburgh Penguins in 2023 from the San Jose Sharks, the hopes were sky-high for Erik Karlsson. The Penguins wanted his offensive skills to breathe new life into an aging core of players centered on Sidney Crosby and Evgeni Malkin.
Despite his contribution to the cause of the game, three straight seasons of playing 82 games and scoring well over 70 points, the team has seen its fortunes tumble for two years in a row, missing out on qualification for the postseason.
Financially, the investment didn't pan out either. Sharks are retaining $1.5 million a year, while the Pittsburgh Penguins are carrying a $10-million cap hit that feels heavy right now due to not making any postseason appearances.
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Karlsson's -3 rating and unmitigated defensive lapses have sown many seeds of doubt about his long-term fit.
The
Ottawa Senators
appear as a potential landing zone
Too Many Games | The Chris Johnston Show
A reunion with the Ottawa Senators is being talked about, with NHL insider Chris Johnston saying it would be "a cool story" if Karlsson returns. The Senators took Karlsson 15th overall back in 2008 and are trending the right way after ending an eight-year playoff drought. Familiarity with the city and the organization would surely ease his transition there, while his offensive talent would do wonders for Ottawa's five-on-five metrics, which were near the bottom last season.
The Senators, needing a right-shot defenseman and with roughly $4 million in cap space but would need to make a few financial arrangements - some salary-flipping, or possibly negotiating for retained salary from Pittsburgh - to get this reunion done.
Canadian teams in the mix for Erik Karlsson
The Senators aren't the only Canadian team tracking Karlsson. The Toronto Maple Leafs are said to be investigating options for strengthening their blueline and, while at it, compensating for lost offensive jobs.
On the other hand, the Oilers may look at Karlsson as someone who can add depth to the back end, but would have some difficulty convincing Darnell Nurse to waive his no-movement clause.
Karlsson appeared to be merely mildly underperforming, but he has had durability concerns in recent years, and his defensive limitations which is the one suitor has to pay attention to.
Also Read:
2025‑26 NHL schedule revealed: Mitch Marner, Nikolaj Ehlers and Stanley Cup rematches highlight season
Erik Karlsson's future in Pittsburgh feels more and more distant, and whether pursued by an Ottawa return or perhaps an alternative ticket to another Canadian market, it feels more and more plausible. For his window to win, there is very little time left, and this moving decision might just be the one that helps seal the fate of one of the most entertaining and electrifying defensemen of this era.
Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
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