Penguins acquire Erik Karlsson in 3-team trade with Sharks, Canadiens: How he fits in Pittsburgh

The Pittsburgh Penguins have acquired defenseman Erik Karlsson from the San Jose Sharks in a three-team trade involving the Montreal Canadiens, the teams announced Sunday. Here’s what you need to know:

• Pittsburgh also received forwards Rem Pitlick and Dillon Hamaliuk and San Jose’s 2026 third-round draft pick, while San Jose acquired Pittsburgh’s 2024 first-round draft pick (top-10 protected), forwards Mikael Granlund and Mike Hoffman and defenseman Jan Rutta.
• The Canadiens received Pittsburgh’s 2025 second-round draft pick, defenseman Jeff Petry, goalie Casey DeSmith and forward Nathan Legare.
• San Jose will retain $1.5 million of Karlsson’s salary per year and Pittsburgh will retain 25 percent of Petry’s salary.

The Athletic’s instant analysis:

How will Karlsson fit with the Penguins?

Perhaps not perfectly, but probably pretty close.

Karlsson is used to being a true No. 1 defenseman, and that designation belongs to Kris Letang in Pittsburgh. If nothing else, Karlsson should transform what has become a stagnant top power-play unit into a potential game-changing weapon for the Penguins.

It wouldn’t be fair to say Karlsson’s ability to quarterback a power play is unrivaled in NHL history, but no defenseman has done a better job of that unique assignment in the cap era. He should run the Penguins’ power play better than any player since Sergei Gonchar’s final season (2009-10). His stabilizing presence running point should energize veterans such as Sidney Crosby and Evgeni Malkin while also affording associate coach Todd Reirden any number of options for how to deploy those two centers. If Letang switches into the role once held by Phil Kessel, he theoretically will be better positioned to make use of his sharp snap-shot — the threat of which would afford chances to fake and find an opening for another player’s prime scoring chance.

Karlsson isn’t known for his defense, but so what? He almost always has the puck on his stick. He drives offensive chances. He could easily be viewed as a fit on the second pairing with either Ryan Graves or Marcus Pettersson. How many clubs can claim to have the reigning (and three-time) Norris Trophy winner operating on its second defense tandem?

Oh, and if there is an injury to Letang, Crosby or Malkin, Karlsson provides unrivaled insurance. He can step into the No. 1 defenseman spot without any reason for limitation, and his scoring skill is so prodigious that he could help make up for any lost production if either of the Penguins’ big three goes down for a lengthier time.

Maybe the question is, how doesn’t Karlsson fit with the Penguins? — Rossi

Did the Penguins really need another player known for his offense?

Last anybody checked, the objective is to finish a game with more goals than your opponent. With Karlsson, the Penguins are better suited to do that more times than not — especially in the regular season, when points earned in three-on-three overtime or the shootout can make the difference between qualifying for the playoffs or, in the Penguins’ particular case, likely going full-force into a rebuild.

But who’s kidding whom? Karlsson is in the elite of the elite among defensemen with game-changing offensive skills and instincts. He’s coming off a 100-point season for one of the worst teams in the league. He showed last season that, if healthy, he’s still that guy.

The Penguins have historically been that team: win with offense. That is what they’ll have to do to return to the playoffs. If they get there, and they’re healthy, Karlsson elevates their chance to win a series for the first time since 2018. — Rossi

Will there be any tension between Letang and Karlsson?

Nope.

Letang has always been a team-first player. If anything, he’ll welcome the easing of a burden he’s carried for over a decade as the only dependable offensive producer among Penguins defensemen. He’ll likely push himself to reach an even higher level because of Karlsson’s presence. Letang and Karlsson very well could find the kind of friendly rivalry that Crosby and Malkin have enjoyed in their careers; if that happens, coach Mike Sullivan would consider the addition of Karlsson among the greatest gifts of his hockey life.

Karlsson is a reputable family man who carries himself as a professional. He’ll mesh well with a veteran-laden team, the core of which is desperate to again seriously chase after the Cup. — Rossi

Why didn’t Granlund work during his brief stint with the Penguins?

Through no fault of his own, Granlund just wasn’t a great fit with this roster. He’s another 30-something forward on the apparent downswing of his career. Former GM Ron Hextall said he had wanted to add Granlund at the 2021 trade deadline, but he couldn’t. Plan B at that time was Jeff Carter.

Entering this offseason, the cap hits for Granlund ($5 million) and Carter ($3.125 million) were albatrosses around Kyle Dubas’ neck in terms of roster flexibility. Unlike Carter, Granlund was a buyout candidate. There also was no clear role for the undersized forward who can still make plays but neither scores nor is physical enough to really contribute in the bottom six. And $5 million is a big chunk of cap space to devote for a declining player who might very well best contribute as a penalty killer.

There also is the reality that Granlund was the embodiment of the chaotic Hextall tenure. He might have a rebound season in him, but Granlund had the odds stacked against him in Pittsburgh. — Rossi

What the trade means for Montreal

The Canadiens were desperate to create room for their young players at forward, and this trade accomplishes that.

Pitlick was not going to make the club out of camp, and frankly, there was a chance Hoffman wouldn’t have either. With the Penguins retaining 25 percent of Petry’s contract, leaving $4.6875 million for Montreal, the likelihood that DeSmith’s $1.8 million is either partially buried in the AHL or lost on waivers, and Legare’s entry-level contract also buried, the Canadiens basically only added $187,500 in salary with Hoffman’s $4.5 million gone and no salary retention. They can now either flip Petry and retain half his salary to make him more attractive, or keep him and shore up the right side of their defense.

It is very similar to how the Canadiens viewed acquiring Evgeni Dadonov last summer in the Shea Weber trade, a potentially useful player and, if not, a potential trade chip. I think the Canadiens would be fine keeping Petry, but they would rather move him, seeing as he asked to be traded out of Montreal last year. Still, if a trade doesn’t materialize, I think both sides would be fine with it.

Ultimately, from Montreal’s perspective, this was about creating space in the lineup, something that looked unlikely to happen at this late stage in the offseason. Somehow, they got a second-round pick out of it as well and might get more if Petry can find his game again back in Montreal, where he performed very well once Martin St. Louis took over and was a much happier player overall. — Basu

Backstory

Karlsson, 33, is entering his 15th season in the NHL. In 2022-23, the defenseman recorded 25 goals and a career-high 76 assists.

Karlsson is the reigning Norris Trophy winner for best defenseman. He has won the award three times.