Senators face long odds in ‘winning’ Erik Karlsson trade

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The Ottawa Senators needed to get rid of Mike Hoffman as soon as possible, even if they took a loss, which the Sharks and Panthers made sure of on Tuesday.

Maybe it’s a product of the bar plummeting incredibly low, but at least the Senators pulled off the Band-Aid quickly, by their poor standards. Losing the trade is akin to pulling off more skin than expected when removing that bandage.

[Senators land poor deal for Hoffman; Sharks then move him to Panthers]

On the scale of roster triage, the Hoffman situation was certainly important, but making the best of the Erik Karlsson situation is as close to “life or death” as it gets for an NHL franchise (beyond more straightforward issues such as bankruptcy and arena deals).

In virtually every situation, a team giving up a star player ends up losing a trade by a large margin. History frequently frowns on that side, even if context points to it being a no-win situation for the unfortunate GM in question.

Infinite crisis

This would be a desperate situation for any team, but the stakes seem downright terrifying for GM Pierre Dorion and the Ottawa Senators. Just consider the short version of their profound, gobsmacking organizational dysfunction.

  • They lost Mike Hoffman for quarters on the dollar, and he’ll still be in the Atlantic Division after the Sharks flipped him to Florida. The indication is that Ottawa was unwittingly part of a “three-team trade.”
  • Senators fans might become allergic to the phrase “three-team trade,” as the Matt Duchene swap looks awful already. Colorado made the 2018 Stanley Cup Playoffs, got a first-rounder, and an intriguing player in Sam Girard. The Predators added Kyle Turris. Ottawa may only have Duchene for about a season and a half, as he’ll be up for a new contract after 2018-19. If you were Duchene, would you want any part of the Senators?
  • Assistant GM Randy Lee was suspended as a harassment investigation is underway. That story surfaced mere weeks before the Hoffman/Caryk/Karlssons fiasco forced Ottawa’s hand.
  • Fans really want Melnyk out as owner. Franchise icon Daniel Alfredsson feels the same way.
  • After an unlikely run to the 2017 Eastern Conference Final, the Senators endured a brutal season, and their future outlook is grim. Not great when you consider that the team is likely to send its 2019 first-rounder to Colorado.

Again, that’s the back-of-the-box summary of Ottawa’s woes. It doesn’t even touch on Guy Boucher’s strangely harsh treatment or the fairly reasonable worries that someone might actually send a rare offer sheet to excellent forward Mark Stone.

Amid all that turmoil, it’s well known that the Senators are in a bind with Karlsson, as it’s very difficult to imagine the superstar relenting and re-signing with Ottawa. They’re at a serious risk of losing him for nothing as he approaches UFA status next summer, and he’s under no obligation to sign an extension if a team trades for him. Karlsson also has some veto power via a limited no-trade clause.

So, while the Senators gain some advantages that come with trying to trade Karlsson during the off-season (possibly as soon as this week with the 2018 NHL Draft approaching), his trade value suffers because a team would only get one guaranteed run with the Swede rather than the two they would’ve landed via the trade deadline.

No doubt, Dorion balking during the trade deadline will be mentioned if this goes sour.

The Senators certainly could’ve landed a better package for Hoffman during that time, and Karlsson’s value may have been higher then, too.

Ryan only makes things more difficult

For those who scoff at there being any doubt at all about the Karlsson point, don’t forget just how much of a star he really is. Contenders may go all-out for Karlsson now that they have the room to work with, and maybe someone could even convince him to agree to terms (official or tentative) in a hypothetical deal. In that scenario, the Senators might actually land a strong deal for their crucial blueliner.

Much like during the trade deadline, there’s a major stumbling block beyond the other context clues: Bobby Ryan‘s contract.

TSN’s Frank Servalli ranks among those who report that a Karlsson deal may still need to include Ryan’s albatross deal ($7.25M cap hit through 2021-22).

No doubt, the Senators would like to get rid of Ryan’s lousy contract, but that’s where this situation could really get awkward. Ottawa could severely limit the returns for Karlsson if they attach the Ryan mistake to it. Would the Vegas Golden Knights even give up a package such as Shea Theodore plus “picks and prospects” at this point, as Servalli points to, especially if it includes Vegas’ original first-rounder Cody Glass? Is Theodore + Glass + picks good enough if it even landed Karlsson?

From a PR standpoint, the Senators would likely be wiser to get the best-looking deal for Karlsson, and then move some futures to a rebuilding team to house Ryan’s contract. One might “or they can just suck it up and deal with Ryan’s contract,” but … Melnyk.

Ultimately, it was almost inevitable for the Senators to “lose” in some way regarding Karlsson, unless they beat the odds and convinced him to sign an extension.

There are degrees of losing when it comes to managing these assets, though, and the Senators face a real risk of turning a tough situation into a full-fledged disaster. Dorion is in an extremely difficult spot here, and the Senators’ recent history points to more heartache and aggravation.

One way or another, we may find out soon if they can salvage this situation.

James O’Brien is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @cyclelikesedins.