The Vegas Golden Knights have traded forward Reilly Smith to the Pittsburgh Penguins in exchange for a third-round pick in the 2024 NHL draft.

At least one member of Vegas' championship squad will not be returning. 

The Vegas Golden Knights bid farewell to one of their original members on Wednesday, trading forward Reilly Smith to the Pittsburgh Penguins in exchange for a third-round pick in the 2024 NHL draft. 

The 32-year-old winger is under contract for the next two seasons at a cap hit of $5 million and represents Kyle Dubas' first big swing as the Penguins' new president of hockey operations. 

It's a bittersweet ending for Smith, who arrived in Vegas as an expansion draft throw-in back in 2017 and proceeded to evolve into an extremely effective middle-six winger. Smith had a terrific season in 2022-23, racking up 26 goals and 30 assists for 56 points in 78 games for the Golden Knights, chipping in 14 points in 22 playoff games to help Vegas win its first Stanley Cup in franchise history. 

Headed to Pittsburgh, Smith will likely serve as added forward depth to one of Sidney Crosby or Evgeni Malkin, hoping to lift the Penguins to one last Cup before their current window closes. 

As for the Golden Knights, shedding Smith's contract leaves them with roughly $7.6 million in cap space as free agency approaches, per PuckPedia. 

How the reigning champions will use that wiggle room remains to be seen.