Evgeni Malkin’s Free-Agency Outlook Shapes the Future of the Pittsburgh Penguins

The Penguins were eliminated in overtime by the Philadelphia Flyers in Game 6 of the first-round series, ending a season that saw veteran forward Evgeni Malkin become an unrestricted free agent on July 1. Malkin’s four-year, $24.4 million contract expires after the 2025-26 campaign, and General Manager Kyle Dubas has indicated the club is not planning a long-term extension for the 40-year-old Russian.

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Despite missing time with injuries, Malkin posted 61 points (19 goals, 42 assists) in 56 games, a 1.09 points-per-game rate—the best since 2019-20. His most recent salary was an average annual value of $6.1 million, and he has expressed willingness to take a pay cut to remain in the NHL. The Penguins project roughly $45 million in cap space for the 2026-27 season, according to PuckPedia.

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Dubas has publicly emphasized a “younger, faster” roster as the organization prepares for a post-Crosby rebuild. The front office is clearing cap space and acquiring draft picks, a strategy that may limit the likelihood of a multi-year deal for a 40-year-old veteran.

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Teammates Rickard Rakell and Bryan Rust both voiced a desire to keep Malkin in Pittsburgh, with Rakell stating, “I can’t see him not being back. He’ll be back,” and Rust adding, “I love Geno, I don’t know life in the NHL without him.” Sidney Crosby described the long-standing trio of himself, Malkin, and defenseman Kris Letang as “like family.”

Malkin open to playing for new NHL team if Penguins don’t make offer

Analysts have listed several clubs that could pursue Malkin if Pittsburgh does not re-sign him:

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• Washington Capitals – highlighted by former teammate Tyler Kennedy because of Malkin’s friendship with Alex Ovechkin.

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• Florida Panthers – noted for Malkin’s summer residence in the state and the presence of Russian goaltender Sergei Bobrovsky.

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• Tampa Bay Lightning – a possible fit alongside Nikita Kucherov.

Evgeni Malkin reveals he is open to playing with another team during locker clean out day

• Minnesota Wild – cited for connections with former Penguin Bill Guerin, winger Kirill Kaprizov, and forward Vlad Tarasenko.

Evgeni Malkin reveals he is open to playing with another team during locker clean out day

Sources differ on the certainty of a Penguins extension. *The Athletic* reported that the club “will not give Malkin a new contract extension,” while *DailyFaceoff* noted that his strong season “may have changed the front office’s thinking.” No official comment from Dubas confirming a definitive decision has been published.

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• “I want to play one more year in the NHL. I'm not looking back to KHL, play in Russia,” — Evgeni Malkin, Penguins forward

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• “If not Pittsburgh, I hope some team.” — Evgeni Malkin

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• “It’s something that we probably have just gotten used to, but I think they’re like family.” — Sidney Crosby, Penguins captain

Malkin open to playing for new NHL team if Penguins don’t make offer

• “I can’t see him not being back,” — Rickard Rakell, Penguins forward

Malkin open to playing for new NHL team if Penguins don’t make offer

• “I don’t know life in the NHL without him.” — Bryan Rust, Penguins forward

Malkin open to playing for new NHL team if Penguins don’t make offer

Malkin’s free-agency status will be resolved during the July 1 signing period. The Penguins must decide whether to allocate part of their projected $45 million cap space to a one-year deal for Malkin or to continue the youth-focused rebuild. Simultaneously, interested clubs will evaluate the veteran’s fit and salary expectations ahead of the 2026-27 season.

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