If not the obvious on-ice crumbling indicating that general manager Kyle Dubas has no choice but to pull the rip cord on the remnants of the Penguins dynasty, then the reality was confirmed by multiple reports rushed to print Friday. From Sportsnet’s Elliotte Friedman indicating the moves could begin “pretty quickly,” to radio host Mark Madden teasing Minnesota’s interest in Evgeni Malkin.

Now it is the Penguins whose time has come. Here, but now they’re gone.

The veteran names available are no secret. Erik Karlsson, Rickard Rakell, Bryan Rust, even Kris Letang, and possibly Evgeni Malkin.

Karlsson has a full no-movement clause, which means he has the ultimate say in any deal. Rakell can veto trades to eight teams. Letang has a 10-team approved list. Malkin must submit a three-team approved list. Rust is the only veteran without any protection, but is currently on injured reserve for a few more weeks, at least.

General manager Kyle Dubas has not denied his veteran players were available, and has ben open about that for two years running. However, in the summer of 2024, he termed the price on Rust to be “sky high,” essentially taking him off the market.

However, the Penguins’ 2026 offseason was defined by poor veteran additions and a multitude of specific trade rumors that didn’t come to fruition, from chasing Dallas Stars winger Jason Robertson to the Ottawa Senators video in which Ottawa GM Steve Staois admitted the Penguins made a good offer of an NHL player for their 25th overall pick, but declined.

Now, the bill has come due for hanging onto veteran players and chasing Stanley Cups.

The cap economics work well for trading the very affordable and productive forwards, but Karlsson’s large salary could be yet another issue. Penguins don’t want veteran players, so the possibility of taking on a large salary in return seems

Penguins Trade Values

Kris Letang/Evgeni Malkin

First, a trade of either seems quite unlikely.

But should the situation progress to that point, such a trade would be entirely unique in the current environment. A superstar at the end of his career. In past years, a first-rounder for Malkin would be the going rate, but the league’s hard trend younger and the players’ control means any trade would be more symbolic than impactful.

The teams that could acquire Malkin do not have assets to give (Florida, Minnesota). PHN has been told Letang’s trade value is low. Dubas would need to save face in some way, perhaps admitting that’s where the player wanted to go, and they did a service, but the Penguins cannot expect much in return, and there are no comparables to trading a 40-year-old franchise stalwart.

Erik Karlsson

His trade value is entirely unique. Karlsson has won three Norris Trophies and is an exceptional player, but he’s 36 years old, on an expiring contract, has never won a Stanley Cup, and has full control of where he goes. Karlsson has been honest that he wants a Cup before he’s done, so his list of teams is narrowed to contending teams, and his potential list is further narrowed by the number of those teams that can afford his $10 million salary cap hit and have space for an alpha defenseman.

Even if the Penguins swallowed 50% of Karlsson’s cap hit, an acquiring team would likely need at least $4 million in existing cap space ($5 million for Karlsson, and an approximately $1 million player salary traded to the Penguins. Obviously, that’s an approximation).

All four teams could use Karlsson on their first or second pairing and have salary cap space.

Comparables: When San Jose traded Karlsson in the summer of 2023, they received two struggling forwards, Mikael Granlund and Mike Hoffman, depth defenseman Jan Rutta, and a conditional 2024 first-round pick (Hoffman played 66 games for San Jose and retired. Granlund had a career resurgence).

When San Jose traded 37-year-old Brent Burns in 2022 to the Carolina Hurricanes, they received little in return: Forward Steven Lorentz, goalie prospect Eetu Makiniemi, and a 2023 third-round pick.

Rickard Rakell

This writer has been surprised at the lack of a robust market for Rakell, whose slick offensive skills, solid two-way game, and ability to play center should make him an attractive get. However, his offensive dry spells contribute to his lower perception.

Rakell carries a paltry $5 million cap hit for this season and next, which should open up the market considerably.

Plenty of teams need scoring help, and there are numerous teams trending sideways at the start of the season that had much higher hopes. So, with a market price, perhaps Dubas can work his way into a small bidding war.

Comparables: At the 2024 trade deadline, the Winnipeg Jets acquired Tyler Toffoli for a second- and third-round pick.

Bryan Rust

Rust is 34 years old, sitting on consecutive 30-goal seasons. He’s a gritty player that coaches love, fans appreciate, and teammates lean on.

Rust would be a great addition for a rebuilding team hoping to take the next step by acquiring some on-ice help and leadership (San Jose, Chicago) or a contender needing that one final piece. His $5 million salary for this season and next is easily affordable for many teams, especially if Dubas is flexible to take on salary or hold back some to maximize his return.

Comparables: Florida gave up Owen Tippett, a conditional first, and a third for Claude Giroux in 2022. That’s outkicking Rust’s value by a bit, but multiple assets are possible. Toffoli is probably a little less than Rust is worth.