Trade Delays For Veteran Core Mean Penguins Forced To Wait In Rebuild Limbo

As the Pittsburgh Penguins head into the 2025-26 season, questions about their aging core continue to make the rounds. Chatter about the future of Sidney Crosby, Evgeni Malkin, Kris Letang, and Erik Karlsson suggests there could be blockbuster trades inbound, but the reality is far from suggesting anything is imminent. 

GM Kyle Dubas knows the Penguins will need to turn away from the older stars and build the future of the franchise on the back of younger talent. But, with Crosby, Malkin, Letang and Karlsson still on the roster – and all holding leverage in any potential deals – that transition is complicated.

Malkin, 39, is in the final year of his contract, and speculation is that he’s been told this will be the final season he spends with the Penguins. At the same time, he doesn’t want to go anywhere, and his future remains undecided. Dubas confirmed discussions with Malkin will take place around the Olympic break to gauge whether the veteran wants to continue or potentially open himself up to other options. 

Even though he’s arguably got more in the tank, there’s a good chance he decides this will be it and he’ll close the door on his NHL career in a Penguins uniform. 

Malkin’s loyalty to Pittsburgh is commendable. However, for the Penguins to move on, they need him to be willing to go. He has a full no-move clause, meaning a trade is unlikely unless he agrees.

Meanwhile, Karlsson remains a high-profile trade candidate, but options for acquiring teams are dwindling. Carolina, Florida, Ottawa and Vegas were all rumored to have shown varied levels of interest. Nothing materialized. That leaves the Penguins with an $11.5-million defenseman with two years remaining on his deal. Karlsson seems ready to move on, but other teams aren’t sold on whether he’s a wise investment, and the Penguins aren’t keen on retaining millions of dollars to ship him out.  Even if they found a trade partner, the belief is that he won’t fetch as much as he should in any potential deal. 

Sidney Crosby’s long-term future has been a running storyline in the NHL. Everyone knows he wants to stay in Pittsburgh for his entire career, but most insiders believe he deserves another shot to win, and that probably isn’t happening in Pittsburgh before he retires. 

NHL insider Chris Johnston said on the SDPN podcast that conversations about Crosby’s potential trade are natural, suggesting everyone around the NHL and at the highest levels is talking about it. Crosby still has much to offer, even in his older years. Several teams would line up for a shot at acquiring him, and the Penguins would be foolish not to entertain trades. But as of now, he’s given them no indication he’s ready to consider a different location. 

Kris Letang, much like Malkin and Crosby, has no desire to play elsewhere. There was some loose speculation he’d be open to the Montreal Canadiens about a year ago, but most believe that’s only if Crosby and Malkin are gone. 

The Penguins Have No Choice But to Wait

Dubas finds himself in a tough spot. He can get a lot out of his veterans, but probably not enough for the Penguins to be legitimate contenders. He can add to that mix, but what good would that do beyond a short-term push that isn’t sustainable? 

The Penguins are headed for an inevitable rebuild, but Dubas can’t really begin that process until he’s able to shake the contracts for the older stars on the roster that have no desire to leave, despite how this season is going to go down. 

As harsh as it is to say, the hope might be that the start of the Penguins’ season is so bad that these core players have a change of heart. 

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