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Insider Drops New Erik Karlsson Trade Details That May Shift Maple Leafs' Strategy


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Charlie McAfee
July 22, 2025  (4:40 PM)
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Dec 7, 2024; Pittsburgh, Pennsylvania, USA; Toronto Maple Leafs left wing Matthew Knies (23) handles the puck against Pittsburgh Penguins defenseman Erik Karlsson (65) during the second period at PPG Paints Arena. Mandatory Credit: Charles LeClaire-Imagn Images
Photo credit: Charles LeClaire-Imagn Images

According to NHL Insider Chris Johnston, the Pittsburgh Penguins are going to be very hesitant to retain salary on Erik Karlsson regardless of the return.

Though he might be subject to trade rumors over the past few weeks, Erik Karlsson is still a firm member of the Pittsburgh Penguins as we count down the days until the 2025-26 season.
It's going to be hard to move him anyways considering his cost both financially and asset-wise.

Erik Karlsson? Full price please!

He's been linked to several teams like Vegas and Toronto (two teams who seem to be at the forefront of news this offseason) but it's going to be difficult to get a deal done according to NHL Insider Chris Johnston.
Speaking on the Steve Dangle Podcast, Johnston explained that if teams are going to want to bring in Karlsson, they are going to have to pay full price:
They're not gonna retain half of that salary for anybody.

That makes sense too, considering he makes $10-million and asking Kyle Dubas to retain $5-million is a tall order, regardless of the return. He's their biggest contract, and losing so much money on retention is going to hurt them considering the majority of their team are upcoming free agents including Evgeni Malkin.

Morgan Rielly for Erik Karlsson? Not as crazy as you'd think

The Maple Leafs should be taking a look at bringing him in full-cost but that would involve swapping out Morgan Rielly, plus whatever other pieces Dubas deems worthy.
According to Sportsnet's Sonny Sachdeva, Toronto doing a swap with Rielly would give Toronto a much needed boost; especially in the wake of Mitch Marner's departure:
Karlsson is far from the elite game-breaker he was in his prime, but the glimpses he's shown over the past few years suggest he can still be useful in the right situation, with the right group around him.

The Maple Leafs would have to move out some money to make such an addition work, likely requiring a trade that takes Morgan Rielly's $7.5-million cap hit off the books.

Still, in the wake of the club losing one of its most prolific playmakers in Mitch Marner, the Leafs' current roster seems in need of more creative, dynamic skill. Perhaps Karlsson presents a short-term solution.

Karlsson, 35, had another solid season with the Penguins scoring 53 points in 82 games (11 goals, 42 assists) and is unquestionably a future Hall of Famer.
In his 1,084 games he has 870 points (200 goals, 670 assists) and has been surprisingly one of the league's most durable players over the past three seasons, playing in every game over that span.
So while he's not going to come cheap, he's going to come with an incredible resume. Is that worth $10-million?
Only time will tell.
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Insider Drops New Erik Karlsson Trade Details That May Shift Maple Leafs' Strategy

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