Playing With The House’s Money

Hockey season… at least as far as the Pittsburgh Penguins are concerned… is over. The 3-0 hole the Pens dug themselves against the Flyers proved to be too much to overcome, as they lost to the Flyers 1-0 in overtime last night.

On one hand, a frustrating loss. The Pens largely got the better of play for the third period and overtime, as reflected by the shots on goal. But they couldn’t get one past Flyers’ goalie Dan Vladar, and every 4-6 minutes they’d make a boneheaded play or get a bad bounce that gave the Flyers an uncomfortably good chance the other way. So despite largely Getting The Better Of Play(tm), it still felt like a Flyers win was more likely than not. So, yeah… a frustrating way to end the season.

On the other hand, I find myself not too disappointed the next morning. On a superficial “sour grapes” level, I feel like the Carolina Hurricanes are going to stomp WHOEVER came out of the series anyway. But more importantly, looking at the bigger picture, a frustrating end to the season doesn’t change that the season as a whole was a gift.


Think about it. Going into the year, there was legitimate speculation whether the Pens were planning to tank and bottom out in an effort to get Gavin McKenna, and WAY too many hockey pundits were insisting we “owed it to hockey” to trade Crosby to a contender because it was self-evident the Pens would suck. Instead, the Pens managed to navigate their way to 98 points and a playoff spot, AND do so in a way that still moved the longer-term rebuild significantly forward. As much as 98 points creates certain expectations of success and it stings to fall short, the Pens are MILES ahead of where we thought they’d be when the first puck was dropped back in October.

First, and maybe most importantly, they have a path forward at goaltender. Going into the season, we were tied to the annoyingly inconsistent Tristan Jarry for the next two years because of his contract. The best version of Jarry, seen in glimpses, made an All-Star Game earlier in his career; the worst version is a boat anchor. But in one of his better acts of trade wizardry, Kyle Dubas managed to get Jarry (and semi-prospect Sam Poulin) off the books for defenseman Brent Kulak, goalie Stuart Skinner (also has consistency issues, but at least his contract is expiring) and a draft pick. So… for better AND worse, they have freedom at the position moving forward. I imagine they’ll run it back with ONE of Silovs or Skinner and pair the survivor with promising rookie Sergei Murashov (24-9-3, 2.20 GAA, .919 save percentage at SWB). Or perhaps we’ll continue to fetishize John Gibson because he’s a local.

(After last night’s performance… let it be Silovs. Just sayin’.)

The Pens also managed to find some pieces that look like they’ll be part of the rebuild. First-round pick Ben Kindel made the team out of camp as an 18-year-old and played almost the full season, scoring 17 goals. Speaking of trade wizardry, getting Yegor Chinakhov from Columbus is starting to look like an absolute fleecing, as he put up 18 goals in 46 games for us. Free agent signing Justin Brazeau started the season fast, but then tailed off (partly due to injuries), but still ended the season with 17 goals. Heck, even 6’8″ giant Elmer Soderblom had an intriguing first impression, putting up 5 goals and 5 assists in the 20 games after he came over from Detroit.

Really, the one frustration on the development front was Rutger McGroarty. I would’ve liked that kid to step up and seize the opportunity a bit more. Still time, but it’s starting to feel like he’d better show SOMETHING in 2026-27.

Anthony Mantha was also a nice story, reviving his career with a 30-goal performance after missing almost a full year due to injury. I doubt he’s part of the long-term plan because he’s a free agent and SOMEONE probably throws a bag his direction. But it’s still a feel-good season and makes him a solid contender for the Masterton Trophy. Personally, there’s a little piece of me that would like to see another year of him just because he was the guy I always traded for in NHLXX franchise mode because I thought the Pens needed more size. But I recognize that’s not a rational basis for Kyle Dubas handing out $5M here in the real world.

The outlook on defense is still a bit more muddy. Yeah, they added a few pieces like Samuel Girard and Ilya Solovyov, but nobody who really made you say “yeah, this is the guy to build around”. It looks like maybe the help’s going to have to come from the minors or free agency here.

Cap-wise, they’re in pretty good shape, though I haven’t looked at the rest of the league or what the full free agent class is looking like yet. They were already $10M under the cap this year, and the list of pending free agents is tolerable. Kevin Hayes’ $7M is free money back in our pocket, I’d like to think a Malkin reunion would come in cheaper than the $6M he’d been getting on his last contract, they’re going to need to pay at least one veteran keeper to pair with Murashov, and the rest is just the usual lower-roster churn. I suppose it MIGHT be worth working out an extension with Chinakhov, who’s an RFA, so that might cost some bucks.

They’re also OK on draft picks, though not as loaded as they were when the season started. They’ve got a first, a pair of twos, and a third, but they originally had another 2nd and 3rd that became Chinakhov and Soderblom, respectively. They had also previously shipped out a 4th (the Karlsson deal) and 5th (the Bunting/Novak deal with Nashville). So they’ll have fun early and sit on their hands later in the draft unless they make other moves between now and then.

Add all that up, and there’s good cause for optimism as we close the book on 2025-26 and head into 26-27.


But then there is the elephant in the room. What’s the fate of the Big 3?

Crosby’s fine. On-ice, Crosby seemed to be ageless this year, other than the injury he suffered at the Olympics. Still beat a point per game, finished one goal shy of 30. And he’s still under contract through the coming year. Honestly, I’m still fine with “he plays as long as he wants and retires a Penguin”. Still probably won’t stop people from whining about how we owe it to hockey to trade him to Montreal.

Malkin’s issue is contractual. He had a solid enough year (19-42-61 in 56 games), but he’s a pending free agent. So… pass-fail, he probably played well enough to consider renewing him, but what sort of dollars and term would make sense? Also, what if some other team comes sniffing around for some veteran leadership — is nostalgia worth a bidding war? If you can get Malkin on a short deal for reasonable dollars… heck yeah, keep the boys together. If he wants multiple years or big dollars, or if a bidding war starts… maybe it’s time to say good-bye.

And then there’s Kris Letang.

(cue ominous music)

Sorry, but he’s the weak link of the three. He’s never been a great defender, but you could usually put up with it because of the offense he generated. But 3 goals and 31 assists while also getting turnstiled quite a bit? Oof. Problem is he’s also got the longest contract of the three (signed through 2027-28) so unless he happens to retire, the Pens would have to own the optics of actively pushing him out the door or paying $6M to a guy who’s drifting toward the third pair.

So yeah, it’s not ALL sunshine and rainbows for next season. But for today, in the immediate shadow of being bounced from the playoffs, I suppose I choose to focus on the positive.

Sid Gets An Early Birthday Present, Dubas Gets His Man

It took a month of haggling, but Pens’ Grand Poobah (GM/Director Of Hockey Operations… yeah, I ain’t saying all of that) Kyle Dubas managed to get Sidney Crosby the perfect birthday present… defenseman Erik Karlsson. The deal that’s been rumored since… well, forever… finally came together with Montreal serving as the mystery third team that greased the wheels for a move.

The particulars are:

San Jose also retains $1.5M of Karlsson’s $11.5M contract, but the Pens retain a similar amount of Jeff Petry’s, so from the Pens’ standpoint it evens out.

Pittsburgh’s motivations here are obvious. They’re pretty obviously trying to squeeze one last Stanley Cup out of the Crosby-Malkin-Letang core, and to some extent they don’t care what happens after that because it’s going to involve a major retool. Sid’s retirement will do to this team what the meteor did to the dinosaurs, and we just have to be OK with that. But for those remaining 2-4 years, they add one of the best offensive defensemen in the game, even if he’s at a pretty expensive price tag and doesn’t play a lick of defense. Between this and standing pat with Tristan Jarry in net, they’re going to be leaning into winning a lot of 6-4 games. But still… it does make the Pens a more dynamic offensive team in the short term, and specifically should help the power play, which struggled mightily last year.

And OK, they got rid of almost ALL of Ron Hextall’s bad contracts in the process. For $6M, Petry needed to be a Norris candidate, not a second-pair talent; Granlund was a disastrous trade-deadline acquisition at $5M a year. Rutta ($2.5M) and DeSmith ($1.8M) weren’t horrific overpays, but they’re luxuries when you’re already bumping your head against the cap, as the Pens are. So trading $14M-ish worth of “meh” for one $10M guy who’s likely to be very good… that makes a certain demented amount of sense.

As for the other guys, Hamaliuk has some decent size (6’3″) but hasn’t produced much in the minors, Pitlick could find himself in the mix for the bottom six, but I don’t think either moves the needle much.

The only thing I don’t like a lot is that they only got San Jose to retain $1.5M. When they were talking about retaining $3-4M and making Karlsson a $7.5-8.5M acquisition, that seemed like a more comfortable landing spot. But again, it comes down to “you don’t care what happens after the meteor strikes”. If the wheels come off and Crosby retires at the end of his contract in 2 years… you can probably still ship Karlsson back out. And if you can’t, you blow the whole thing up and he’s the one salary you keep around to get over the minimum salary.

For San Jose, it’s all about paying off the credit card early. Salary-wise, Hoffman and Granlund end up being about the same price as Karlsson today, but Hoffman is done after this year and Granlund after next, whereas Karlsson had four years left. So two years from now, the Sharks will have a mostly clean ledger while the Pens will still be paying Karlsson $10M. And the Sharks get an extra first-round pick. The fact that it’s top-10 protected isn’t that critical; with Karlsson the Pens are a decent bet to make the playoffs anyway. (And I’d add that Hoffman has enough rep as a goal scorer that they might be able to flip him at the deadline and get another pick or two if he has a good first half.)

Montreal is the third team, which mostly represents Jeff Petry having a no-trade clause and not wanting to go to the Sharks. (Two reasons: 1) at age 35 going on 36, he doesn’t want to wait on a rebuild and 2) he’s expressed that he wants to stay closer to his family in… Michigan, I think?). So basically, the Pens traded Petry (plus parts) to Montreal for Hoffman, and then sent Hoffman — who couldn’t refuse the trade — along to San Jose. It’s a little hard to see why Montreal wants Petry, and it wouldn’t even surprise me if they turn around and ship him back out, but Legare (still young enough to have some prospect buzz), DeSmith (in the ballpark of what you pay for a backup goalie), and a decent draft pick in what’s supposed to be a deep 2024 draft make for an OK package to swap one overpriced veteran for another.

My prediction on Petry’s ultimate destination: Detroit. They’re a young team on the rise, they’ve got a young-but-talented defense corps that could use a veteran mentor, and if Montreal retains a little more salary, that could be a good fit. But I’m not some insider… just a gut feeling.

So there it is… after a month of will they or won’t they, the Pens finally get their man, get their salary cap situation under control, and mostly hit reset on the Ron Hextall era. (Don’t mind me, muttering things under my breath in the general direction of Jeff Carter.) Does it make them Cup condtenders? They’re probably at least in the conversation now, but hardly the favorites. Does it make them a better team? Absolutely.

Happy Birthday, Sid!