The date is Aug. 21, and the Pittsburgh Penguins still have not traded Rickard Rakell, Bryan Rust, or Erik Karlsson.

Given the discourse surrounding the Penguins in pretty much all circles – fan circles, media circles, and team circles alike – this is a bit surprising. Even if general manager and president of hockey operations Kyle Dubas is known for big splashes in the month of August during his tenure with the Penguins, it certainly seems a bit too quiet.

Dubas himself – as well as new Penguins’ head coach Dan Muse – have re-emphasized the fact that the team is in a period of transition. In these periods of transition, teams typically sell high-value, aging assets in an effort to rebuild a core that is younger and provides some promise for the franchise going forward. 

This line of thought seems logical enough, and it led many to believe that selling off at least one of Rakell, Rust, or Karlsson this summer for valuable assets in return was going to be one of the top priorities of the offseason. After all, there is a generational talent waiting in the wings for the 2026 NHL Draft in Gavin McKenna, and there are several other potential franchise-altering talents near the top of that class, too. 

But the fact of the matter is that the Penguins – for better or for worse – haven’t gotten quite rotten enough up to this point to seriously put themselves into the 2026 draft lottery conversation. It’s not even clear if that is their goal for next season, as Dubas did say during his end-of-season press conference that he felt like the Penguins were headed in a better direction.

So, where is the urgency-o-meter in terms of the Penguins trading one of these players prior to training camp? And what are some of the factors feeding that urgency meter?

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Urgency: 7/10

The Penguins already have a roster logjam

Throughout the offseason and going back into last season, Dubas and the Penguins have discussed the fact that the organization will be putting a major focus on development. 

But – as any hockey mind knows – the process of “development” doesn’t just entail what happens before a player reaches the NHL level. Development doesn’t just stop when a player takes NHL ice. In fact, there are often still a handful of years left for players needing to develop themselves at the NHL level.

Several Penguins’ prospects – most notably forwards Rutger McGroarty and Ville Koivunen, goaltender Joel Blomqvist, and defenseman Owen Pickering, but also including roster hopefuls like forwards Filip Hallander and Tristan Broz as well as defenseman Harrison Brunicke – have already proven to some degree that they belong at the NHL level and that they’re ready to take the next step in their development by being there full-time.

3 Forwards Not Named Rust Or Rakell That The Penguins Should Shop This SummerThe Pittsburgh Penguins have been the subject of a plethora of trade speculation this summer, as big-name veterans like Erik Karlsson, Rickard Rakell, and Bryan Rust have been in the rumor mill for quite some time.

Right now? According to Puckpedia, the Penguins have 13 forwards, eight defensemen, and two goaltenders on their active NHL roster, and none of those spots include any of the above names. Of course, competition is good for these prospects. But with that crowded a roster, the Penguins also run the risk of a roster logjam potentially stunting the development of some of their best prospects. 

As such, making a trade prior to training camp to, at least, vacate one of those roster spots is probably not a bad idea.

Maybe the plan isn’t what people think it is

The youth movement aside, there is, perhaps, another explanation as to why Dubas hasn’t pulled the trigger on one of those three guys yet.

As discussed before, Pittsburgh is in a period of transition. While many equate that to a full rebuild, it’s possible that a “full rebuild” simply isn’t what is happening here.

What if Dubas and the Penguins believe that contention is closer than folks seem to think? He has expressed some hesitancy in dealing a player like Rust, 33, who has three years remaining on his contract at just $5.1 million average annual value and who has been a part of the equation for a long time. Even after the 2025 trade deadline came and went without a Rakell trade – he also has three years remaining on his deal that pays him $5 million annually – Dubas expressed that they thought it was “in the best interest of the team to have him remain.”

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Of course, this can all be GM-speak, as we’ve heard many times before. But it should be considered that Dubas might simply see a path to the Penguins competing with Rakell and Rust still on the roster, or, at least, one of them. Same goes for Karlsson, who generates nearly all of the Penguins’ offense from the blue line and has two years remaining on his lucrative deal.

At the end of the day, it’s hard to tell what the aim is for Dubas and the Penguins. Maybe – just like him with the trade market – we might just have to play the waiting game a bit longer.

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