The Pittsburgh Penguins are currently projected to have over $50 million of cap space going into the 2026-27 season. That number can and will change over the next calendar year, depending on the moves Penguins general manager and president of hockey operations Kyle Dubas decides to make.
Evgeni Malkin, Kevin Hayes, Anthony Mantha, Danton Heinen, Noel Acciari, Blake Lizotte, Connor Dewar, Matt Dumba, Connor Clifton, and Ryan Shea are all expected to be unrestricted free agents. Philip Tomasino, Arturs Silovs, and Alexander Alexeyev are slated to be restricted free agents.
Of the unrestricted free agents, Evgeni Malkin has the best chance to return next season, although speculation suggests he may retire. Malkin has not made any decision on his future and will likely take the Olympic break in February to think about it.
The Penguins are the only team he has ever played for, and he has gone on record numerous times saying he never wants to leave. He wants to retire as a Penguin and finish his career with Sidney Crosby and Kris Letang, his longtime teammates and best friends. If he decides he wants to keep playing, it won't be hard for the Penguins to hand him a one-year contract with a decent salary. He'll look to improve upon last season with better linemates this year.
When it comes to the other UFAs, Dubas will look to flip a good chunk of them at next season's deadline. Mantha has a good case to be this season's Anthony Beauvillier after the Penguins got a second-round pick for him during last season's trade deadline. Beauvillier compiled 13 goals and 20 points while playing in a top-nine role. Mantha is coming off a torn ACL but did score 23 goals during the 2023-24 season.
Hayes, Heinen, Acciari, Lizotte, and Dewar are all depth forwards that contenders could look at to bolster their lineups at the deadline. However, of those players, Dewar might have the best chance to stay, mainly if he builds upon his late-season success from last year. He was a forechecking menace down the stretch and compiled four goals and seven points in 17 games for the Penguins. Dewar is also still only 26, and the front office wants to keep getting younger, so that could work in his favor.
Dumba, Clifton, and Shea are depth defensemen, and general managers love trading for those types of players at the deadline. For Dumba and Clifton specifically, they will have to have bounce-back seasons since they weren't good last season. Clifton himself even said he wasn't happy with his game last season and felt like he "lost himself."
"I feel like I kind of lost myself. The change of scenery, I got that call that I'm going to be a Pittsburgh Penguin, and I was really excited for the change. I want to get back to my old self, and how I play, and the impact that I have on the game. It was a couple of mental battles… but, you just try to simplify and be who you are, I guess," Clifton told reporters during a media session in July.
Of the restricted free agents, Tomasino and Silovs have the best chance of being on the Penguins for the entire 2025-26 season. Tomasino can be a bit of a streaky scorer, but if he shows more consistency throughout the year, he will be in a prime position to sign an extension. He'll likely get plenty of top-nine and PP2 minutes during the year under the new coaching staff.
The Penguins traded for Silovs to improve their depth at the goaltending position, given his outstanding performance for the Abbotsford Canucks in the AHL Playoffs. He was the MVP of the Calder Cup Playoffs and helped the baby Canucks win the Calder Cup, finishing with a 16-7 record, a 2.01 goals-against average, and a .931 save percentage.
His NHL sample during the 2024-25 season wasn't strong, but he did everything in his power to help the Canucks try and advance over the Edmonton Oilers in the second round of the 2024 Stanley Cup Playoffs before they lost in seven games. There is a lot of potential here, and there's a good chance he will push Tristan Jarry for playing time during the season.
Alexeyev will be involved in a battle for a roster spot on the left side of the defense, but could be brought back as cheap depth if he shows enough at the AHL and NHL level. He signed a one-year $775,000 deal with the Penguins when free agency opened.
The Penguins made quite a few changes this offseason and could still make more, depending on whether they make a trade or two. Erik Karlsson, Rickard Rakell, and Bryan Rust are still with the Penguins as of now. However, there will likely be even more changes next season thanks to their free agency situation and where they are in their rebuild.
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Featured Image Credit: Charles LeClaire-Imagn Images
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