The Pittsburgh Penguins have acquired 2023 Norris Trophy winner Erik Karlsson from the San Jose Sharks in a three-way trade also involving the Montreal Canadiens. Full details below:

Let's start with the Penguins, who receive the most significant upgrade by acquiring Karlsson. After being one of the league's top power plays during much of the Sidney Crosby – Evgeni Malkin – Kris Letang years, the Pens' power play fell to 14^th in the league in 2022-23 (21.7 PP%). That should immediately improve closer to the top of the league with Karlsson.

The question remains about what happens with Letang, though. Although Letang's overall production fell in 2022-23 (41 PTS, 0.64 PTS/GP), he recorded 20 power-play points for the second consecutive season. Perhaps we see a Crosby/Malkin/Jake Guentzel/Karlsson/Letang power play, with Rickard Rakell the odd man out. Rakell also picked up 21 power-play points in 2022-23, so him being dropped from PP1 shouldn't be a given, especially if Letang has truly lost a step at age 36. Also note that Letang and Rakell could both start the season on the first power play because of Guentzel's injury. The Penguins often don't seem to have all of their big guns in the lineup at the same time anyway, and Karlsson's injury history has been well-documented as has often been the case for Malkin and Letang in particular.

From the San Jose side, Mikael Granlund and Mike Hoffman give the Sharks two potential middle-six forward who could battle for first-unit power-play time. Both are past the age of 30 and have seen better days in fantasy leagues. Beyond Tomas Hertl, the Sharks' first-unit power play is up in the air, so either player could sneak on there.

Yet without a true power-play quarterback, the Sharks power play looks like one that will struggle. After Karlsson, Matt Benning, Mario Ferraro, and Jacob MacDonald were the only defensemen to record a power-play point (each had just 1 PPP). Perhaps Shakir Mukhamadullin, acquired in the Timo Meier trade, will be given a look here, but he has yet to play an NHL game. Henry Thrun is another possibility during the season if he makes the team. Keep in mind that the Sharks also acquired Jan Rutta in the trade, so the net result doesn't free up an extra roster spot. Rutta should slot in as a top-4 defenseman for the Sharks, but he doesn't provide much offense.

From Montreal's perspective, Jeff Petry should battle Mike Matheson for power-play minutes, or they could both play on the first power-play along with three forwards. Matheson wasn't typically used on the first power play prior to this season, so Petry might have the upper hand here with his recent experience. There are rumblings that the Habs are considering flipping Petry, so this may all be a moot point.

Casey Desmith adds to what appears to be a crowded Montreal goalie crease with no true starter. Jake Allen and Sam Montembeault are also in the fold, while Cayden Primeau will now need to clear waivers if he doesn't make the team and needs to be sent to the AHL. One or more of these goalies, including Desmith, could very well be traded before the season starts. Even after this major trade, the Habs roster may not be in a final state.

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Players this helps, in order:

Crosby / Malkin

Guentzel

Alex Nedeljkovic

Mukhamadullin

Thrun

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Players this hurts, in order:

Letang

Rakell

Matheson

Bryan Rust

William Eklund

Kaiden Guhle / Justin Barron

Allen / Montembeault / Primeau