If Dubas did trade Rust and Rakell, though, he could gain key pieces for his attempt at a very fast, machine-like rebuild. The Penguins are certainly also willing to trade Erik Karlsson. The veteran defenseman is tricky because of his full no-movement clause, but he’s believed to be open to joining certain teams.

The top free-agent wingers are off the board. Teams that need scoring help or would like to add cost certainty to lineup upgrades are now left without UFA options and must instead turn to the NHL trade market.

While the one Pittsburgh Penguin who is receiving the most trade buzz this offseason is Erik Karlsson, there is another valuable Penguin who garnered interest from teams at the 2025 Trade Deadline but has not reemerged this offseason as a trade candidate.