Revisiting Erik Karlsson's trade to Pittsburgh Penguins: Who won the deal after one year?

The San Jose Sharks were the winners of the Erik Karlsson deal with the Pittsburgh Penguins. For months, rumors circulated about Karlsson, who had just come off an amazing 101-point season with the Sharks. That performance earned Karlsson his third Norris Trophy.

However, the underperforming Sharks were headed into a full-blown rebuild. As such, Karlsson wasn’t too keen on staying around for the rebuild. He wanted a chance to play for a contender with a chance to win the Stanley Cup.

There was one major obstacle the Sharks had to overcome, though: Erik Karlsson’s massive cap hit. Karlsson He signed a huge eight-year contract with the Sharks in 2019. The deal carried an $11.5 million cap hit, which made him almost untradable until one NHL executive figured out a way to make it work.

Newly hired GM Kyle Dubas wanted to make a splash, so he orchestrated a deal to bring the most sought-after player to Pittsburgh. The complicated deal involved three teams: the Sharks, Penguins and the Montreal Canadiens.

The Habs jumped in to help offset Erik Karlsson’s cap hit while dumping a couple of contracts along the way. The Sharks retained $1.5 million of Karlsson’s cap hit, while the Habs flipped the players they received in the deal for prospects and draft picks.

The Sharks received a number of bad contracts like Mike Hoffman and Mikael Granlund. Hoffman is gone now, while Granlund has one year left at $5 million. Despite not getting a massive return on a player like Karlsson, there are two compelling reasons why the San Jose Sharks won the Erik Karlsson trade.

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Reasons why the San Jose Sharks won the Erik Karlsson trade

First, the Sharks got rid of Karlsson’s massive cap hit. Sure, they retained $1.5 million, but that’s a pittance compared to the entire cap hit.

This point is crucial, as a rebuilding club like the Sharks had no use for an elite-level defenseman while going through a rebuild. Moreover, the extra cap space could be allocated toward other bad contracts, which could net the Sharks additional prospects and draft picks via trade.

Second, the loss of Karlsson tanked the Sharks’ offense. Plus, a thin roster ensured the Sharks would have a terrible season. Ultimately, the plan worked, as the Sharks landed the No. 1 overall pick in the 2024 NHL Draft. The pick turned out to be Macklin Celebrini, who has ties to the San Jose area while being touted as one of the best prospects in a long time.

Meanwhile, Karlsson predictably regressed. His point total essentially halved to 56 points. He didn't have the impact most analysts expected as the Penguins missed the playoffs for the second year in a row.

At 34, Erik Karlsson is part of an aging Penguins team that seems to be trending in the wrong direction. On the flip side, the Sharks have an electrifying young player who could spark a turnaround like Connor Bedard did in Chicago.

Eventually, the Sharks got the better end of the deal, while the Penguins are stuck with Karlsson. Unless he bounces back this season, a buyout may loom at some point in the not-too-distant future.