With most of the big-name free agents off the board, the Pittsburgh Penguins are generating quite the buzz on the trade market.

It has been reported and discussed widely at this point that Pittsburgh is listening on calls for forwards Bryan Rust and Rickard Rakell as well as defenseman Erik Karlsson. While there have been indications that Kyle Dubas and the Penguins are a bit hestitant to move Rust and Rakell, Karlsson's large contract - they owe him $10 million of the $11.5 total on his contract for two more years - and their desire to become tougher to play against on the blue line may make dealing Karlsson, if possible, the desirable outcome.

Of course, there are hurdles. Karlsson also has a full no-movement clause, meaning he has full control over if and where he goes. But that doesn't mean it's impossible, as he may just waive to get to a team closer to contention than the Penguins are.

With that, here are four potential destinations for the 35-year-old three-time Norris Trophy winner.

Detroit Red Wings

There is very loose speculation - with the stress on speculation - that the Penguins and Red Wings may be talking about Karlsson.

And - to some degree - it's definitely something that makes sense for Detroit.

The Red Wings finished five points out of a playoff spot in 2024-25, and they have been stuck in the mushy middle for far too long. GM Steve Yzerman has had a longer shelf life than many GMs of his track record - or lack thereof - at this point, and it's safe to say that if the "Yzerplan" doesn't bear fruit this season, Detroit is in serious limbo for the foreseeable future.

One thing they desperately need is a true difference-maker on offense from their blue line. While Moritz Seider has certainly shown some consistency, he doesn't have the high-end offensive upside that Karlsson does - at least when Karlsson is deployed in the right system and with the right partner.

Detroit likes to activate its defense and go on the attack. This would be an ideal situation for Karlsson, who thrives off the transition game. He would also have the chance to, potentially, be paired with a decent stabilzing defenseman in veteran Ben Chiarot, which is something that Karlsson needs in order to be able to do what he does best.

Again, any trade will, likely, take retention on the part of the Penguins. But retention should also mean that they're able to snag a better asset from Detroit - perhaps even a first-rounder or young roster player.

Carolina Hurricanes

Yes, the Hurricanes just made a big splash for former New York Rangers defenseman K'Andre Miller on the left side. But, with the departure of veteran defenseman Brent Burns, there is a pretty big need on the right side. And they're clearly going big, as they also signed high-profile free agent winger Nikolaj Ehlers to a six-year, $52 million contract. 

Carolina still has $10.6 million in cap space - still more than enough to fit in Karlsson's $10 million, even without retention - but Carolina could always send the Penguins back another contract, such as left-side blueliner Shayne Gostisbehere's $3.2 million for two more years. The Canes also have a deep prospect pool that the Penguins may be able to dip into and snag a premium asset if they take both a contract and offer retention.

There are a lot of reasons Karlsson makes sense for Carolina, a team that could use a blueliner who can generate a boatload of five-on-five offense, especially in transition. Carolina's system itself may not seem like a match for Karlsson, but being surrounded by defensively responsible players probably wouldn't be the worst thing for him.

Dallas Stars

On the surface, Dallas doesn't seem to make a whole lot of sense. The team is cap-strapped as it is, as they are already $1.79 million over the limit. Making room for Karlsson would require a lot of cap gymnastics and maneuvering on Dallas's part, which will certainly not be easy.

But Dallas needs power play help. They also have two right-side blueliners who they're, potentially, looking to dump in Matt Dumba and Ilya Lybushkin, and there are some whispers out there about Tyler Seguin and Jason Robertson on the forward front - both big contracts at $9.85 million and $7.75 million, respectively. 

If the Penguins are both willing to retain salary and take on some salary in return - like the Carolina scenario - they may be able add on a few more assets by both helping Dallas with their cap situation and sending them an elite driver of offense on the back end. 

They don't have a first-round pick in 2026, but they do have one in 2027. And, although their prospect pool isn't deep by any means, Dallas does have a few upside guys in right wing Emil Hemming and defenseman Christian Kyrou that could complement that 2027 first-rounder and would also include the contract coming back in the Karlsson trade.

Dallas is in win-now mode, and it's also a team that Karlsson would likely waive his no-movement clause for.

Ottawa Senators

Well, this one doesn't require much explanation, however unlikely it is. But a reunion would be something, wouldn't it?

Realistically, Ottawa is in a bit of a tough spot. They did acquire Jordan Spence from the Los Angeles Kings, but their right-side blue line is still a bit shaky. They sit just $4.29 million under the cap.

Again, this one would require retention, and it would likely require another contract coming back the other way, such as defenseman Nick Jensen. But Ottawa is another team on the up-and-coming desperate to make it farther in the playoffs - they were eliminated in the first round by the Washington Capitals - and their blue line offense could use a big-time difference-maker.

Karlsson has an affinity for the team that drafted him, and the feeling is mutual. If he would be willing to waive - and if the Senators are willing to listen - it may be something worth looking into.

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Feature image credit: Talia Sprague - Imagn Images