September 5, 2025 | 10:59am ET
TheFourthPeriod.com

PENGUINS REMAIN OPEN FOR BUSINESS AS CAMPS NEAR

Erik Karlsson, defenceman

With NHL training camps set to begin in less than two weeks, the Pittsburgh Penguins will take the next steps in their rebuild and GM Kyle Dubas is still open to moving out some of his talent for future assets.

Forwards Bryan Rust, Rickard Rakell and Noel Acciari, defencemen Erik Karlsson and Ryan Graves, and goaltender Tristan Jarry are among the players the Penguins remain willing to move and trade discussions could resume this month and carry into the season.

Rakell and Rust have the most value, given their offensive production and capabilities, but both have three years left on their respective contracts. Rakell also owns an eight-team no-trade list, while Rust no longer has any no-trade protection as part of his contract.

Jarry, 30, has three years left on his deal and owns a 12-team no-trade list. The Penguins have explored the possibility of moving the netminder in the past and may try to do so again this season.

According to a team source, the Penguins have been evaluating the goalie market even after acquiring Arturs Silovs from the Vancouver Canucks on July 13.

Meanwhile, as Josh Yohe of The Athletic reported on Thursday, the are still “teams interested in Karlsson” but not his current $10 million cap hit and the Penguins would need to retain a significant portion of his deal to accommodate a trade.

Dubas is willing to retain a portion of Karlsson’s contract, which has two years remaining, but it is unclear if he would eat up to 50 percent.

As Yohe also noted, “a Penguins ownership change could impact a Karlsson trade.”