It is nothing new to report that Penguins star defenseman Erik Karlsson is the buzz in trade talks this offseason. To be honest, there will be continuous chatter regarding this issue until Karlsson is either traded or leaves in free agency in 2027.
On Wednesday, RG media writer James Murphy wrote that the Toronto Maple Leafs were among the teams that have been calling about Karlsson. He also noted that the Dallas Stars and Detroit Red Wings have also checked in regarding the availability of the Penguin blueliner. It is also worth noting that the Leafs have contacted the New Jersey Devils about the possibility of acquiring Dougie Hamilton.
Does this make sense for the Leafs
Since the Leafs are obviously interested in acquiring an offensive-minded defender, this move would make sense from a pure hockey standpoint. I understand that Erik Karlsson has received a lot of hate from both the Penguins and the NHL community as a whole, but he is still an elite, offensive-minded defender, and the Leafs lacked offensive production on the backend.
The Leafs are also in a position where they are forced to go all in for a title the next two or three seasons. Auston Matthews is due for an extension in 2028, and the team also lacks a strong prospect pool. The Athletic ranked them as the 28th best. Their future is now, and acquiring Karlsson makes sense for a team going for broke.
Does this make sense for the Penguins
Should the Penguins trade Erik Karlsson? Yes. However, they should not trade him for nothing just to move his salary. The Leafs also only have $5 million in cap space, so the Penguins would have to retain a decent amount of salary unless they also acquire a player the Leafs do not want.
In theory, they could trade Oliver Ekman-Larsson and his $3.5 million and have the Penguins retain $3 million to make it work, but that is not an appealing deal. Ekman-Larsson has three more years left on his deal, so it would not be easy to move off that contract.
The Maple Leafs also do not have a first-round pick until 2028; they also do not have a second-round pick in the 2026 draft. As mentioned earlier, they also lack a strong prospect pool, except for Easton Cowan.
Hypothetical trade
I would not trade Karlsson to the Leafs if I was GM Kyle Dubas but if the Leafs made this offer, I would consider it.
The Penguins would net a future 1st and a great prospect while the Leafs dump the OEL salary and get Karlsson for under $5 million. They would also get a 2nd round pick to use for future trades. The Penguins have three 2026 seconds so they can afford to give one up.