NHL2026-10-28Penguins Open for Business: Erik Karlsson, Kris Letang, Bryan Rust and Rickard Rakell Are Available, and What a Trade Means for Fantasy
By Verdexed NHL Desk
The Pittsburgh Penguins are listening. General manager Kyle Dubas is taking calls on veterans Erik Karlsson, Kris Letang, Bryan Rust and Rickard Rakell, TSN's Darren Dreger reported, and both the players and the league's other 31 teams are aware that Pittsburgh is open for business. The motivation is a combination of new ownership's preference for a younger roster and a budget that is tighter in actual dollars than the salary cap alone suggests.
For fantasy managers, a Penguins sell-off would reshape the value of four rostered players and every Pittsburgh skater left behind. For bettors, it would be the clearest signal yet that the Penguins are prioritizing the future over this season.
Who is available, and what stands in the way
Each of the four veterans comes with a different set of complications, and trade protection is the biggest one.
| Player | Age | Trade protection | Key detail |
|---|---|---|---|
| Erik Karlsson | 36 | Full no-movement clause | Team's leading scorer, pending UFA |
| Kris Letang | 39 | No-movement clause, 10-team approved list | Longtime Penguin |
| Bryan Rust | 34 | None reported | Out several weeks, lower body |
| Rickard Rakell | 33 | Modified no-trade clause | Reports vary on list size |
Erik Karlsson: the most interesting case
Karlsson is Pittsburgh's leading scorer, which makes him the most attractive piece and the hardest to replace. His contract quirk is what makes him tradeable: he carries a $10 million cap hit but is earning only $1.5 million in actual salary this season. For a budget-conscious acquiring team, that is a far more palatable number than the cap hit suggests, although the acquiring team still has to fit the cap charge.
The obstacle is his full no-movement clause. Karlsson controls where he goes, and at 36 with pending unrestricted free agency ahead of him, he will want a contender and a significant role.
Fantasy angle: Karlsson's value is tied to power-play time. On a contender with an established top unit, he could lose some volume; on a team that lacks a puck-moving defenseman, he could gain it. Hold him through any trade and reassess once his new power-play deployment is clear.
Kris Letang: the hardest to move
At 39, with a no-movement clause and an approved list of roughly 10 teams, Letang is seen as the least likely of the four to be dealt. He has spent his entire career in Pittsburgh, and that history matters in a negotiation where he holds the leverage.
Fantasy angle: Letang's value has declined with age. A trade would not change much for managers in standard leagues; he remains a deep-league or points-only option.
Bryan Rust and Rickard Rakell: the easier pieces
Analysts generally see Rust and Rakell as the likelier first moves because of their contracts and their lack of extensive trade protection. Rust has no reported trade protection, but he is currently injured and expected to miss several weeks with a lower-body injury, which complicates any immediate deal. Rakell's modified no-trade clause gives him some control, though reports differ on the size of his list.
Fantasy angle: Both are top-six wingers whose value depends heavily on linemates. A move to a deeper team could mean a lower line and less power-play time; a move to a team that needs scoring could mean a bigger role. Rakell is the more immediate concern because Rust is not playing.
What it means for the Penguins left behind
A sell-off has winners in Pittsburgh. If Karlsson leaves, the top power-play quarterback role opens up for another defenseman, which is the single most valuable fantasy role on any NHL roster. If Rakell or Rust departs, younger forwards would move up the lineup.
The flip side is team quality. A Penguins roster without its leading scorer and two top-six wingers would score less overall, which lowers the ceiling for the skaters who remain, including the centers who rely on those wingers.
Which teams make sense
Without naming specific suitors, the profile of a buyer is clear. A contender with cap room, a need for a puck-moving defenseman and a willingness to rent a pending free agent fits Karlsson. A team searching for top-six scoring depth that can absorb a multi-year contract fits Rakell. Letang's list narrows his market to the teams he has already approved, and Rust's injury pushes any deal for him further down the calendar.
Betting angle
Pittsburgh's season-long markets are where this news matters most. A team openly shopping its leading scorer and multiple veterans is signaling a lower priority on this season's results, and futures prices should reflect that. Game by game, the impact comes only when a trade is completed, so there is no reason to adjust single-game bets on rumors alone.
For Verdexed's game-level view on the Penguins, check /nhl/predictions and the nightly NHL picks piece on the blog.
What's next
The NHL trade market tends to move slowly in October and accelerate as teams settle into the standings. Rakell is the most likely early move given his health and contract. Karlsson is the potential blockbuster, but it will happen only on his terms. Fantasy managers holding any of the four should stay patient: none of them should be dropped or sold at a discount on rumors, and the right time to reassess is when a trade is official and the new team's lineup is known.