The San Jose Sharks are currently sitting on one of the highest-valued defensemen in the NHL. Erik Karlsson, who recently won the Norris Trophy for best defenseman in the league, has been the subject of countless trade rumors after making a mutual decision with the Sharks that a trade should be explored. As recently as the first day of free agency, it seemed like a deal was close to being done, but that was not the case. As of the middle of July, Karlsson is still a member of the Sharks.
While a trade of this caliber would usually impact no one other than the Sharks, that doesn’t seem to be the case this time. For example, a deal was long rumored to send Tony DeAngelo from the Philidelphia Flyers to the Carolina Hurricanes. However, the trade fell through, likely because the Hurricanes were waiting for Karlsson’s deal to take place. This then begs the question, when will the Karlsson trade finally happen?
Karlsson’s Cap Hit Continues to be an Issue
One aspect of the Karlsson trade that is undoubtedly holding back a trade is his cap hit. Currently, he has a $11.5 million average annual value (AAV) contract for the next four years. While this would be an easy contract to swallow for a defenseman capable of putting up over 100 points a year, Karlsson has only managed to reach that total once. With constant questions about whether or not he has fully returned to form, teams are much more hesitant to take that risk.
Karlsson’s cap hit becomes an even bigger issue with the constant struggles the NHL has had in raising the salary cap. The league took a massive financial hit as a result of the pandemic, which caused the rate that the salary cap has risen to slow significantly. Normally, a contract like Karlsson’s would become less impactful on a team’s cap hit every year, but that hasn’t been the case with the salary cap stuck. If a deal is completed, the Sharks will almost undoubtedly have to retain some salary.
Race for Karlsson Seemingly Down to Two Teams
According to multiple reports, two teams remain in the Karlsson sweepstakes: the Hurricanes and the Pittsburgh Penguins. Originally, there seemed to be some interest from the Seattle Kraken and Toronto Maple Leafs, but the Sharks were likely asking for too much in return, plus some salary cap concerns for Toronto. By all accounts, it seems that if a deal is done this summer, he will be a member of one of those two teams.
Right now, the Penguins seem to be leading the race, but not by a landslide. The Hurricanes have plenty of assets that the Sharks could be interested in, but defense is hardly their issue. If they want to add offensive firepower, Karlsson could absolutely bring it. That being said, Brent Burns and Karlsson have not worked well together in the past. If they make a move for him, it wouldn’t be surprising to see him regress.
As for the Penguins, they want to win another Stanley Cup with Sidney Crosby, Kris Letang, and Evgeni Malkin. Their focus is less on entering a retool and more on going out with a bang. Karlsson could certainly be the thing they need to return to form in the playoffs, and if they are truly desperate for a championship, that could mean the Sharks are capable of getting a bigger return than they would from a different team.
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The potential of a Karlsson trade has certainly put a pause on many teams’ offseason moves. There is still plenty of time for the Sharks to get a deal done, but they need to be extremely cautious. There is no telling if he will return to the team next year back to how he was a few years ago. However, for right now, Sharks fans can do nothing but wait to see what happens with him.