Offseason Trade Landing Spots for Sharks Defenseman Erik Karlsson

After being sidelined on and off by injuries since 2018-19, San Jose Sharks defenseman Erik Karlsson is enjoying a fine bounce-back season.

The 32-year-old leads all defensemen with a career-best output of 22 goals and 68 assists for 90 points in 73 games. That performance should make him the favorite to take home the James Norris Memorial Trophy for the third time.

Karlsson has also been the subject of trade speculation since mid-November when Sharks general manager Mike Grier told reporters he would listen to offers for the resurgent rearguard. With the Sharks mired near the bottom of the standings, Karlsson continued to appear in the rumor mill leading up to the March 3 trade deadline.

The Edmonton Oilers were often mentioned as trying to swing a deal before deadline day for Karlsson. Speaking with reporters prior to the March 20 game in Edmonton between the two clubs, he said he heard the rumors but was never approached about waiving his no-movement clause.

Moving Karlsson's contract during the season with so many teams strapped for cap space was too difficult to pull off before the deadline. He's signed through 2026-27 with an average annual value of $11.5 million along with his aforementioned no-move clause.

Karlsson's performance this season could entice teams to try again in the offseason when they'll have more cap space to work with.

The Sharks might have to retain up to half of his cap hit for the right offer. Perhaps a third team gets involved, such as a rebuilding club with cap space like the Anaheim Ducks or Arizona Coyotes, to spread the cap dollars around in exchange for a draft pick or prospect.

Last month, we looked at potential destinations for Karlsson leading up to the trade deadline. Here's an updated look at where he might end up during the summer trade market. You can express your thoughts on this topic in the comments section below.

After years of a long and often painful rebuild, the Buffalo Sabres seemed on the verge of finally clinching a playoff spot. In their final game (Feb. 1) before the All-Star break, they were sitting just one point out of the final Eastern Conference wild-card berth with 56 points.

It's been all downhill since then for the Sabres, who won just nine of their next 22 games to slide six points out of contention. A shaky defense was a contributing factor, as they gave up the fourth-most goals against per game (3.68) while their 72.4 penalty-killing percentage ranked 31st overall.

The Sabres possess a standout defenseman in Rasmus Dahlin and a budding star in Owen Power on the left side of their blue line. However, they lack comparable talent among their right-side rearguards. Adding Erik Karlsson would provide the Sabres with experienced skill and leadership provided he's willing to waive his no-movement clause to join them.

With $19.5 million in cap space and 20 roster players under contract for next season, the Sabres can afford to take on Karlsson's full cap hit and have enough remaining to perhaps add a veteran goaltender. Nevertheless, they could try to convince the Sharks to retain some salary, especially with Dahlin and Power due for big raises after next season.

The Sabres can draw on their deep prospect pool for trade bait to tempt the Sharks. Getting them to retain a healthy chunk of Karlsson's cap hit could mean parting with a couple of quality prospects such as Matthew Savoie, Jiri Kulich or Noah Östlund. Given the depth of young talent already on their roster, they can afford to make this move if they want to.

The Edmonton Oilers were interested in Erik Karlsson during this season. On Feb. 11, TSN's Chris Johnston reported they revisited their trade discussions with the Sharks. However, The Athletic's Pierre LeBrun believed the financial hurdles were too high to clear.

Instead of acquiring Karlsson, the Oilers traded for Mattias Ekholm on Feb. 28 from the Nashville Predators. The 32-year-old Ekholm is signed through 2025-26 with the Oilers carrying most of his $6.3 million average annual value.

One would think the acquisition of Ekholm would bring an end to any speculation linking the Oilers to Karlsson. However, on March 17, LeBrun's colleague Erik Duhatschek wondered if it was still possible for them to bring the talented puck-moving defenseman to Edmonton.

Duhatschek envisioned the Oilers shipping struggling goaltender Jack Campbell and his $5 million AAV through 2026-27 to the rebuilding Sharks. He thinks Campbell might regain his confidence under a less harsh spotlight in San Jose. If the Sharks retain $2 million of Karlsson's cap hit, perhaps they could pry a couple of quality prospects from the Oilers.

It's an interesting proposal by Duhatschek, but it's one the Oilers or Sharks might be unwilling to entertain. Still, the opportunity to skate alongside Connor McDavid and Leon Draisaitl could be an intriguing one for Karlsson. We cannot dismiss the possibility of the two clubs revisiting their discussions in the offseason.

After winning the Presidents' Trophy last season, the Florida Panthers are jockeying with the Pittsburgh Penguins for the final Eastern Conference wild-card berth. The offseason departure of top-pairing defenseman MacKenzie Weegar contributed to their struggles earlier in the season as they tried to adjust to his absence.

Gustav Forsling has stepped up as Weegar's replacement with 36 points in 73 games while averaging a career-high 23 minutes and 23 seconds of ice time per game. Nevertheless, the Panthers could consider adding to their blue line this summer in a quick turnaround to return them to top-tier status in the Eastern Conference.

On Nov. 19, Sheng Peng of San Jose Hockey Now cited Sportsnet's Elliotte Friedman speculating over the Panthers pursuing Erik Karlsson this summer. They'll have $72.3 million invested in 15 players next season, with Patric Hörnqvist ($5.3 million) coming off their books and Keith Yandle's buyout dropping to $1.2 million for 2023-24.

Karlsson is a right-side defenseman, but he or Ekblad could be shifted to the left side on the Panthers' blue line. It would require the Sharks to retain up to half of his cap hit and perhaps a third team getting involved to further reduce the Panthers' share. Another option could be shipping the Sharks a forward like Sam Reinhart and his $6.5 million cap hit in the deal.

Taking on Karlsson could prove too big a move for the Panthers to pull off. Nevertheless, it may be something they look into if they can bring him in for at least half of his annual cap hit.

The Ottawa Senators landed their right-side defenseman before the trade deadline by acquiring Jakob Chychrun from the Arizona Coyotes. That move seemingly nullifies the possibility of them bringing their former captain back to Canada's capital.

Karlsson still maintains a home in Ottawa, so he'd likely welcome a chance to return to the city where he has such fond memories. The addition of Chychrun, the Senators' limited cap space ($14.4 million with 13 players under contract) for 2023-24 and winger Alex DeBrincat in line for a big raise as a restricted free agent makes a Karlsson homecoming unlikely.

Still, it's an intriguing possibility. The Senators are currently for sale and have received "robust interest" from several prospective owners, according to NHL Commissioner Gary Bettman. Whoever takes over the club could be receptive to bringing back Karlsson to help their promising young roster take the next step toward playoff contention.

The Senators defense, especially on the right side, was an issue throughout this season until Chychrun was acquired. Adding Karlsson would provide an even bigger boost to that position. He could skate along Thomas Chabot on the top pairing or drop down to the second pairing and mentor the promising Jake Sanderson.

This would be a move that would require the Sharks to retain salary or go the three-team trade route. Another possibility could be packaging young center Josh Norris and his $8.0 million cap hit through 2029-30 to San Jose with a prospect such as Ridly Greig.

In their sophomore season, the Seattle Kraken are poised to secure their first-ever playoff spot as they hold the first wild-card berth in the Western Conference. It's an impressive performance by this club with a roster still composed mostly of players chosen in the 2021 expansion draft.

The Kraken possess plenty of skilled veterans such as Jordan Eberle, André Burakovsky and Philipp Grubauer. They also have a promising young star in Matty Beniers, an emerging scorer in Jared McCann and a skilled puck-moving defenseman coming into his own in leading scorer Vince Dunn.

What the Kraken lack is a genuine superstar who can make a difference at both ends of the rink. Erik Karlsson would address that need. He would provide a big boost to their offense, especially on the power play, while taking pressure off Dunn on the blue line and promising scorers like Beniers.

The Kraken possess three second-round picks in this year's draft, plus their own first-rounder and a good pool of prospects to draw on for trade bait. They also have $20.5 million in cap space for 2023-24 with 14 players under contract and Dunn due for a significant raise as a restricted free agent.

They'll have to send some salary the Sharks' way or go the three-team trade route to pull it off. It could be complicated, but it would also be a move that helps them remain a serious playoff contender beyond this season.

Stats (as of March 25, 2023) via NHL.com and Hockey Reference. Salary cap and line combination info via Cap Friendly.