How Will the Penguins Utilize Their Large Cap Space Ahead of 26-27?

Penguins President of Hockey Operations, Kyle Dubas, has prepared the team for long-term success over his three seasons in Pittsburgh. Having acquired 19 picks in the first three rounds of the next four NHL drafts, combined with pleasing the fans and re-signing veteran Evgeni Malkin, the 40-year-old has kept this team competitive while still looking ahead. Even after Malkin’s signing, the Penguins have $38 million to work with this offseason, and with Dubas likely knowing the team isn't quite ready to be cup contenders, the Pens have a ton of options for how to approach bolstering their team ahead of their season opener. It seems the general manager, alongside the Penguins’ head coach Dan Muse, will roll with the core three of Malkin, Sidney Crosby, and Kris Letang again, having them captain the ship. Combined with other aging pieces of their core, such as Bryan Rust, Rickard Rakell, and Erik Karlsson, the Penguins are forced to rely on the old guys again unless a big-time trade goes through.

Starting the Penguins' offseason and cap-use off will likely be the big re-signs most expect. Besides locking up the 20-year veteran, the Pens also have another promising free agent in Egor Chinakhov, who played fantastically after being traded to Pittsburgh last season. The 25-year-old is expected to receive a contract with an average annual value of $5.6 million, which would be a huge discount for him, considering he recorded 36 points in 43 games for the yellow and black last season. Goaltender Arturs Silovs and defenseman Ryan Shea are also likely to be re-signed. Pittsburgh has a lot of promising talent at the goalie position, so Silovs could receive a short-term, lower-cost contract of around two million, while Shea will require a larger deal, likely a four-year deal averaging four million per year. While it’s a bigger question about bringing the 29-year-old defenseman back, he fits so well in Muse’s system that it would be a shame if the Pens let him walk. Most of the available UFAs this offseason with the best value are over 30, but the Penguins could still find some good bang for their buck. Although he is older and plays on the right side, where Pittsburgh is mostly solid, Jacob Trouba would add the needed size and physicality to a Penguins defense that lacks both. A reunion with Brett Kulak also wouldn't be a terrible choice. The Pens are in a better spot at the forward position, but plenty of UFAs look promising. Mason Marchment and Bobby McMann are two forwards that Dubas is familiar with. They are expected to make $5.5 million per year, and with the Penguins’ general manager's concern about spending on UFAs, he may choose to use the cap in higher-value areas.

If the Penguins were to pursue RFAs in Jason Robertson or Pavel Dorofeyev, they would dump a lot of money onto them, as well as a haul of compensatory picks. Robertson, a 45-goal-scorer in 25-26, is expected to receive $12 million per year, and if the Penguins were to sign him to an offer sheet with that value, the Dallas Stars would be owed four first-round picks. Dorofeyev would be looking at nine million per year, and Vegas would receive a first, second, and third-round pick in compensation. To acquire either Robertson or the Golden Knights' 37-goal scorer, a trade is more likely, possibly sending Rust or Rakell away along with draft compensation. Assuming Robertson re-signs with Dallas, the Pens could pursue the Stars' other young forward, Mavrik Bourque, and would easily be able to afford his offer sheet. With the large amount of cap space Pittsburgh has available, they could also make a true trade for a playmaker. The Penguins showed interest in St. Louis’ Robert Thomas ahead of the NHL’s trade deadline. Despite recent reports that the Blues are not looking to trade him, if he becomes available, the Penguins may be the first to jump on him. Dylan Larkin reportedly requested a trade out of Detroit, and he could be a great fit for the yellow and black due to his two-way ability. Dubas made it clear in his end-of-season press conference that he wants to “acquire a difference-maker via trade,” and with the cap room the Pens have this offseason, it seems like the perfect time to do so.