Erik Karlsson traded in massive 9-player deal involving Penguins, Sharks, Canadiens

Erik Karlsson has been traded in one of the largest deals in the NHL in recent memory.

The reigning Norris Trophy winner is now a member of the Pittsburgh Penguins after a three-team trade that also involved the San Jose Sharks and Montreal Canadiens. Nine players and three draft picks swapped teams in the deal, which also involved salary retention of two players.

WE HAVE BIG TRADE NEWS TO ANNOUNCE 🚨

The Penguins have acquired defenseman Erik Karlsson, forward Rem Pitlick, forward Dillon Hamaliuk and a 2026 third-round draft pick in a three-team trade involving the San Jose Sharks and Montreal Canadiens.

— Pittsburgh Penguins (@penguins) August 6, 2023

Jeff Petry returns to Montreal as part of the deal, with the Canadiens also receiving goaltender Casey DeSmith, forward Nathan Legare, and Pittsburgh’s 2025 second-round draft pick. The Penguins are reportedly retaining 25% of Petry’s $6.25 million annual salary, which has two years left.

San Jose receives forwards Mikael Granlund and Mike Hoffman, defenceman Jan Rutta, and Pittsburgh’s 2024 first-round draft pick.

In addition to receiving Karlsson, the Penguins receive forwards Rem Pitlick, Dillon Hamaliuk, and San Jose’s 2026 third-round draft pick. The Sharks are retaining $1.5 million of Karlsson’s $11.5 million annual salary, which has four years left.

TRADE

To #LetsGoPens
Erik Karlsson (13% retained)
Dillon Hamaliuk
2026 3rd rd pick(SJS)

To #SJSharks
Mikael Granlund
Mike Hoffman
Jan Rutta
2024 1st rd pick(PIT)

To #GoHabsGo
Jeff Petry (25% retained)
Casey DeSmith
Nathan Legare
2025 2nd rd pick(PIT)https://t.co/P2Xlqo2KEJ

— CapFriendly (@CapFriendly) August 6, 2023

The trade appears to be a last-ditch effort to win with an aging core by former Toronto Maple Leafs GM Kyle Dubas, who is now in charge in Pittsburgh. The Penguins missed the playoffs last season but still have Sidney Crosby, Evgeni Malkin, and Kris Letang.

Despite Karlsson scoring 101 points last season, the rebuilding Sharks were motivated to move Karlsson given his age (33) and massive contract.

Montreal shed Hoffman’s $4.5 million salary while improving on defence with Petry and in goal with DeSmith. They were also able to add a draft pick in the deal, which saw them take on less than a million dollars of additional salary.

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