TRADE! Penguins Acquire Erik Karlsson; Petry to MTL, Granlund to Sharks

The biggest NHL trade rumor of the summer is a reality. The Pittsburgh Penguins have acquired Erik Karlsson from the San Jose Sharks and, in the process, returned Jeff Petry to the Montreal Canadiens and traded Mikael Granlund to the San Jose Sharks.

San Jose is holding back $1.5 million of Karlsson’s $11.5 million annual cap hit. Karlsson’s contract runs for four more seasons, including the coming campaign.

Update: Puckpedia.com is reporting the Penguins are holding back $1,562,500 million of Petry’s salary.

The Penguins also dealt goalie Casey DeSmith and prospect Nathan Legare to Montreal. In addition to Granlund, the Penguins gave up their 2024 first-round pick and Jan Rutta to the San Jose Sharks.

To the Penguins:

Erik Karlsson, and a $1.5 million salary holdback.

Forward Rem Pitlick from Montreal ($1.1 million salary, expires after 2023-24).

Dillion Hamaliuk, the Sharks’ 2019 second-round pick (55th overall). He is still on his entry-level contract and played only six games last season, all in the ECHL.

San Jose’s 2026 third-round pick.

To the Sharks:

2024 Penguins first-round pick.

Mikael Granlund ($5 million average annual value for two more seasons)

Jan Rutta ($2.75 million average annual value for two more seasons).

Mike Hoffman from Montreal ($4.5 million for one season)

To Montreal:

Penguins’ 2025 second-round pick.

Jeff Petry ($6.25 million cap hit for two more seasons).

Casey DeSmith ($1.8 million cap hit for one more season).

Nathan Legare, a Penguins’ third-round pick in 2019.

Updated: In the trade, the Penguins cleared nearly $12.5 million of salary and took on only $11.1 million. The team was about $1.6 million over the salary cap with a 22-player roster. Pittsburgh Hockey Now will have further analysis of the trade throughout the day.

Puckpedia.com shows the team $79,342 over the salary cap with Pitlick in the lineup. The team would be under the cap if one several UFA signings this summer, including Vinnie Hinostroza or Andreas Johnsson, make the NHL roster instead.