How Does Erik Karlsson Change the Pittsburgh Penguins’ Stanley Cup Odds?

Who said nothing happens on Sunday during the NHL offseason? An important deal many expected to happen finally broke through, as revealed late Sunday morning. Erik Karlsson is no longer a San Jose Shark. He’s off to Pittsburgh to join Sidney Crosby and Evgeni Malkin in a quest for his first Stanley Cup and their fourth. The entire deal is a bit complicated, so details will follow below.

Erik Karlsson Joins Sidney Crosby and Penguins

Although having this as actual news is exciting, the truth is there have been conversations and murmurs all summer about a potential deal between Pittsburgh and San Jose to get the Norris Trophy-winning defenceman over to Pennsylvania.

The Penguins, fresh off their most disappointing season in nearly two decades, are very much in a “win now” mode, knowing full well that Crosby and Malkin won’t be at the top of their games forever. Pittsburgh missed the playoffs in 2022-2023, prompting an offseason of intense change in the front office, with Kyle Dubas coming from Toronto to fill in the GM role whereas Brian Burke and Ron Hextall with given their marching orders.

Erik Karlsson, 33 years old,  was a Norris Trophy winner in 2012 and 2015 as well. Last season he eclipsed the 100-point mark, scoring 25 goals and 76 assists. He spent the last five seasons with the California club, although they only earned a playoff berth once (2018-2019). He started his career with the Ottawa Senators in 2009-2010.

Montreal Canadiens Involved in Erik Karlsson Trade

There is Canadian content to the complete deal. It involved the Sharks, Penguins, and the Montreal Canadiens. Succinctly:

The Penguins receive defenceman Erik Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk, and San Jose’s 2026 third-round draft pick.

The Sharks get the Penguins’ 2024 first-round pick, forward Mikael Granlund, defenceman Jan Rutta, and forward Mike Hoffman (who swings by via Montreal).

Finally, the Canadiens pick up Pittsburgh’s 2025 second-round pick, defencemen Jeff Petry (his second stint in Montreal), goalie Casey DeSmith, and forward Nathan Legare.

It goes without saying that, apart from some obvious talent involved in the trades, there is a lot of trade bait and contract and salary cap wiggling going on. Curious Habs fans can read Sportsnet’s senior NHL writer Eric Engels’ explanation as to how and why Montreal got involved. It’s complicated but should satisfy those who love the business aspect of team building.