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Penguins acquire Norris Trophy winner Erik Karlsson from Sharks in three-team trade

Pittsburgh is making a blockbuster move for the All-Star defenseman. Montreal is also involved to make the deal work.

Erik Karlsson #65 of the San Jose Sharks plays the puck during third period action against the Winnipeg Jets at Canada Life Centre on April 10, 2023 in Winnipeg, Manitoba, Canada. Photo by Jonathan Kozub/NHLI via Getty Images

The Pittsburgh Penguins are acquiring Norris Trophy winning defenseman Erik Karlsson from the San Jose Sharks. The Montreal Canadiens are also involved in the three-team trade. Here are the full details:

Penguins receive:

Karlsson (via SJS)
F Rem Pitlick (via MTL)
F Dillon Hamaliuk (via SJS)
2026 third-round pick (via SJS)

Sharks receive:

2024 first-round pick (via PIT)
F Mikael Granlund (via PIT)
D Jan Rutta (via PIT)
F Mike Hoffman (via MTL)

Canadiens receive:

2025 second-round pick (via PIT)
D Jeff Petry (via PIT)
G Casey DeSmith (via PIT)
F Nathan Legare (via PIT)

Alright, so let’s break this sucker down a bit starting with the Penguins, who receive another top defenseman to go with Kris Letang. Those two shouldn’t skate together but Karlsson gives the Penguins another dynamic puck-mover on the blue line, something they’ve lacked for a while now. Karlsson has a cap hit of $10 million per season after the Sharks retained $1.5 million of his salary per year. Karlsson, 33, is coming off a career-high 101 points (25 goals, 76 assists) for the Sharks, winning his third Norris Trophy as the NHL’s top defenseman.

Pittsburgh gives up Petry, DeSmith and Granlund among regulars on the roster to make the salary work. The Habs were brought in to facilitate a bit, getting Petry back in the deal while shipping Hoffman out to San Jose. Montreal also gets DeSmith, who can compete for starts with Samuel Montembeault and Jake Allen in 2023-24. Petry played parts of eight seasons in Montreal before being traded to Pittsburgh.

The Sharks, well, you can’t feel that great about this trade. That first-round pick likely lands outside the top-20 if the Penguins are any good (which they should be). San Jose gets three NHL players that shouldn’t move the needle at all and are really just cap dumps in Granlund, Hoffman and Rutta. Between Timo Meier and Karlsson, the Sharks got three picks for 2024 (one first-rounder) a handful of prospects and a third-liner (Fabian Zetterlund).