Pittsburgh Penguins and Columbus Blue Jackets prepare for pivotal 2026 NHL offseason

The Pittsburgh Penguins and Columbus Blue Jackets head into the 2026 NHL offseason with substantial salary cap flexibility, positioning both teams for potential roster overhauls. Penguins general manager Kyle Dubas recently secured forward Connor Dewar to a two-year, $2.25 million per season extension, alongside defenseman Ilya Solovyov, leaving Pittsburgh with roughly $42 million in projected space under the league’s new $104 million ceiling.12 Meanwhile, the Blue Jackets sit at about $40 million in cap room, but face a lengthy list of free agents that could dictate their direction.3

These figures account for the rising cap floor of $76.9 million, which may force strategic spending. For Pittsburgh, this space supports a rebuild focused on prospects, while Columbus must balance immediate needs with future commitments. Recent reports highlight trade possibilities and re-signings that could reshape both rosters.

Penguins’ projected cap space fuels rebuild discussions

Pittsburgh enters the offseason with significant breathing room after locking in Dewar and Solovyov. Re-assigning contracts for defensemen Ryan Graves and Jake Livanavage to the AHL could push that figure even higher, providing Dubas with leverage in negotiations.1 The team must still fill five roster spots, potentially requiring $14-16 million just to meet the cap floor.

Evgeni Malkin looms as a key figure, with his contract expiring and strong indications from Dubas that a return is likely. Recent press conferences emphasized ongoing talks, signaling Malkin’s role in bridging the veteran core to younger talent.4

Arbitration-eligible winger Egor Chinakhov emerges as a potential target, projected at around $4 million on a short-term deal following a breakout second half. Restricted free agents Ryan Shea and Arturs Silovs could command $3.3 million and $2.1 million, respectively, fitting neatly into Pittsburgh’s plans.

Trading high-salary veterans like Erik Karlsson, Rickard Rakell, or Kris Letang for rebuilding assets presents challenges. With ample cap space, the Penguins might need to absorb incoming salary to hit the floor, limiting “salary dump” opportunities from other teams.

Prospects such as Harrison Brunicke and Rutger McGroarty stand to benefit from the expanded Wilkes-Barre/Scranton room under the higher cap. As detailed by Dan Kingerski at Pittsburgh Hockey Now, this setup favors youth integration.1

Overall, Pittsburgh’s position allows for aggressive pursuit of mid-tier talent while protecting draft picks.

Blue Jackets navigate crowded free agency landscape

Columbus faces tough choices with multiple unrestricted free agents (UFAs) who filled critical roles this season. Captain Boone Jenner, versatile center Charlie Coyle, and power forward Mason Marchment headline the list, with initial talks revealing mutual interest in extensions.3

Other UFAs include depth forwards Danton Heinen, Zach Aston-Reese, Hudson Fasching, and Brendan Gaunce, plus defensemen Erik Gudbranson and Brendan Smith. Goaltending options like Ivan Fedotov and Zach Sawchenko add layers.

• Key UFAs to watch:
  • Boone Jenner: Team leader, long-term Blue Jacket.
  • Charlie Coyle: Reliable two-way center.
  • Mason Marchment: Acquired midseason, first-line contributor.
  • Erik Gudbranson: Right-shot depth, alternate captain.

If Gudbranson departs, Columbus will seek right-handed defense reinforcements. GM Don Waddell has prioritized these discussions amid the team’s upward trajectory.

Restricted free agents Adam Fantilli and Cole Sillinger represent the core’s future, with bridge deals or longer commitments under consideration. Goalie Jet Greaves impressed in tandem with Elvis Merzlikins and merits a new pact.

Merzlikins’ four remaining years offer trade flexibility, though Waddell noted goalies are hard to replace. For deeper analysis on their cap crunch, see Jeff Svoboda’s breakdown on NHL.com.3

Strategic cap planning shapes both teams’ paths

Both franchises must project beyond 2026, with Columbus particularly cautious. Next season’s RFAs Kirill Marchenko, Kent Johnson, and Dmitri Voronkov demand foresight, alongside depth like James Malatesta and Hunter McKown.

Waddell emphasized this in recent comments: “This year, if we don’t make it to the cap, it might be because we know next year we have multiple-year contracts coming up. I think that’s where we have to look at it from the business side of projecting out contracts. You have a lot of guys coming up next year. You have more guys the following year, some key guys. You have to put it all in your planning.”3

Pittsburgh shares similar concerns, as re-signing Malkin could stabilize trades but eat into space. Our coverage of the Penguins’ 2026 offseason in focus highlights Dubas’ wishlist.

For Columbus, trading a mid-first-round pick for immediate help remains speculative. The Blue Jackets’ young core, including signed defenders like Zach Werenski through 2028, provides a foundation.

Pittsburgh’s trade chips, though few, hold value per recent analysis.5 Both GMs appear poised for measured aggression.

Forward outlook for Penguins and Blue Jackets

As the offseason unfolds, expect the Penguins to prioritize youth infusion while contending with the cap floor. Columbus, balancing UFAs and RFAs, aims to accelerate contention without mortgaging tomorrow.

Watch for re-signings of core pieces and potential trades involving Merzlikins or Penguins veterans. These decisions will signal each team’s timeline—rebuild for Pittsburgh, contention push for Columbus. With cap space abundant league-wide, flexibility favors the bold.