Deciphering Evgeni Malkin’s NHL future: Penguins contract, new team or retirement?

AtlanticBruinsCanadiensLightningMaple LeafsPanthersRed WingsSabresSenatorsMetropolitanBlue JacketsCapitalsDevilsFlyersHurricanesIslandersPenguinsRangersCentralAvalancheBlackhawksBluesJetsMammothPredatorsStarsWildPacificCanucksDucksFlamesGolden KnightsKingsKrakenOilersSharksScores & ScheduleStandingsPodcastsFantasyNHL OddsNHL PicksPlayoff bracketNHL Draft rankingRed Light NewsletterNHL Playoffs Evgeni Malkin's situation is fascinating. His contract is up July 1. He could sign another deal with the Penguins, he could retire or, intriguingly, he could sign with another NHL team. Jamie Sabau / Getty Images Share articlePITTSBURGH — The Pittsburgh Penguins provide so much theater that it regularly seeps into the summer. This offseason will be no different. In 2022, Evgeni Malkin and Kris Letang’s contract statuses dominated the news cycle. Both players, against then-general manager Ron Hextall’s initial plans, were given long-term contracts. In 2023, the Penguins fired Hextall and hired Kyle Dubas, fresh off an exit from Toronto, as general manager and president of hockey operations. In 2024, the spotlight was on Sidney Crosby’s contract extension, which was signed by summer’s end. Last summer, it was Mike Sullivan’s firing and Pittsburgh’s coaching search that ended with Dan Muse’s hiring. This offseason, Malkin is again in the spotlight. The 39-year-old franchise icon is scheduled to become an unrestricted free agent on July 1. Here’s what we know, the argument from all sides and a look at what might happen next. • Sources within Malkin’s management team said that, as of Monday night, Dubas and Malkin’s representatives have not spoken since the Penguins’ season ended. Malkin’s camp said it has opted to remain quiet while Dubas handles his end-of-season exit meetings and focuses on AHL Wilkes-Barre during its playoff series with Hershey. Malkin’s team plans to reach out to Dubas at some point this week to try to set a date for an in-person meeting to discuss a potential new contract. • Dubas, to my knowledge, has not offered Malkin a contract for next season. The two sides met after the Olympics in February, but the Penguins didn’t offer a contract. Malkin hoped for a deal back then, but talks never progressed far enough. • Last summer, multiple team sources said Dubas had no intention of bringing back Malkin after his contract expires. • Crosby, who has one year left on his contract, has publicly said he’d like Malkin to return next season. • In March, Dubas spoke glowingly of Malkin’s season but also said he has to do “what’s in the best interest of the Pittsburgh Penguins.” • Malkin exceeded all expectations during the 2025-26 season. • Malkin’s 2025-26 season was impressive, as he produced 61 points in 56 games. His plus-13 rating was his best since 2018. • The Penguins reached the postseason for the first time in four years this spring, and Malkin played a big role. • Malkin’s chemistry with budding star Egor Chinakhov — on and off the ice — is real. • Malkin’s shift from center to wing for the first time in his life went seamlessly. • Sources close to Malkin say he isn’t looking for a raise from the $6.1 million he earned last season. • Malkin’s presence would help season-ticket sales, as he remains enormously popular among Penguins fans. • Crosby, with another contract negotiation looming, will be happy if Malkin returns. • If Malkin gets one last season in Pittsburgh, he’ll receive a yearlong sendoff that fans crave. • As those who’d like Malkin to return often note, he isn’t blocking anyone else from getting an NHL roster spot. • Malkin remains a beloved teammate. • Malkin turns 40 in July and twice has undergone ACL surgery. • The Penguins want and need to get faster. They looked slow against the young Philadelphia Flyers. Malkin makes the Penguins slower. • Malkin seemed to struggle, at times, with the pace of postseason hockey. • Malkin’s scoring ability is in decline because his shot has lost velocity. • Malkin is not durable. He missed 232 games due to injury over the past 14 seasons — an average of 17 per season. For comparison, Crosby has missed only 88 games in that stretch. • The Penguins allowed the second-most shorthanded goals in the NHL this past season, and Malkin played a significant role in that. • Malkin might not be blocking anyone’s spot in the organization, but he could be if Dubas wants to take a big swing on a trade this summer. • The Penguins’ core is legendary, yes, but it also hasn’t won a playoff series since 2018. • Malkin’s five-game suspension in March showed, even as he nears 40, that his periodic lapses aren’t going anywhere. • Given his superstar status and successful history, the coaching staff may have a hard time reducing his role, even if warranted. Malkin earned $6.1 million last season. Over his entire career, Malkin has made $151.6 million in 20 seasons with the Penguins. The Penguins now have around $45.8 million in cap space for the 2026-27 season. Other free agents they could potentially retain include: They are not expected to bring back UFA Kevin Hayes. Chinakhov and Šilovs are almost certain to return. Shea has stated his desire to return, and the Penguins like him a great deal. Dubas is also likely to make a competitive offer for Dewar, who is only 26 and had an excellent season. Mantha, Clifton and Skinner seem unlikely to return, though none can be ruled out. Acciari, despite enjoying a good season, is unlikely to return. • Malkin has 1,407 points in his NHL career, good for 23rd-most in league history. He is 18 points away from passing Bryan Trottier, Adam Oates, Doug Gilmour and Dale Hawerchuk on the NHL’s all-time list. • Malkin has averaged a point per game in 16 of his 20 NHL seasons, including 2025-26. • Malkin ranks 37th in NHL history with 533 goals. In Penguins history, only Mario Lemieux (690) and Crosby (654) have scored more. Malkin said last week at the Penguins’ locker-room cleanout day that he is willing to play for another NHL team. Though he’s always maintained that playing in Pittsburgh is his preference, Malkin said he would play for another team before retiring or playing in the KHL. We don’t know which team he would play for, and there would have to be mutual interest. Malkin owns a home in South Florida and has a good relationship with Florida Panthers coach Paul Maurice, who coached Malkin in Magnitogorsk, Russia, during the NHL’s 2012-13 lockout. One of Malkin’s closest friends, Sergei Gonchar, lives in the Dallas area. Given the season Malkin just had and the league’s rising salary cap, plenty of interested teams in win-now mode would likely line up for Malkin’s services. For all the scrutiny this decision will receive, Dubas is OK no matter what he does, so long as he’s true to himself. If Dubas brings back Malkin, fans and the locker room alike will be delighted. He can still play, and even if he doesn’t perform at last season’s level — given his age, he probably won’t — it’s not like he’s going to embarrass himself. Malkin also figures to sign at a team-friendly rate if he gets a contract. The Penguins won’t find someone with his talent on the market for this low of a price. The Penguins’ new owners, the Hoffmann family, certainly would be in favor of a box-office attraction returning for another season. So, on many levels, bringing him back seems logical. However, keep this in mind: Only Dubas truly knows the intricacies of his long-term plan. We know Dubas wants the Penguins to get younger and faster — two things that Malkin doesn’t provide. Several big, expensive names could be available on the trade block this summer and could be of interest to Dubas. Given his momentum over the past 18 months, Dubas has earned the right to build the Penguins in his vision, even if it doesn’t include Malkin. I suspect it does not. The Penguins have been an organization of stars since 1984, and right now, Dubas is one of its brightest stars. That trumps Malkin’s star power at this point in his career. If the Penguins give Malkin a one-year deal, this situation could easily repeat itself next year, which is to say, Dubas is likely to be villainized at some point. Dubas should not concern himself with nostalgia. He can leave that to the fans. His job is to build a sustained championship contender. If he believes Malkin can help in that pursuit, he should sign him. If he doesn’t, it’s time to say goodbye. It’s worth emphasizing that this isn’t a normal case. Malkin isn’t just another Hall of Famer. Very few, if any, Pittsburgh athletes have made such a strong connection with local fans. Crosby is beloved, sure, but he’s not as emotional on the ice as Malkin. Lemieux was a magician; we knew we were witnessing a once-in-a-lifetime athlete, but so much of his life was closed off. Malkin is an artist in the most traditional of ways: He makes you feel. Whether you’re in awe, frustrated or right there with him when he cross-checks someone, he conjures strong emotions. So, if this is the end, it will hurt a little bit more. The guy from Russia who speaks limited English is one of us. He’s a Pittsburgher to the core. There is nothing wrong with Malkin returning. He earned it with his performance. But signing him is only sensible if it’s part of Dubas’ bigger plan, which sure seems to be working. As much as Malkin earned his right to return, Dubas earned his right to make the decision he feels is best, even if it’s painful or uncomfortable. Spot the pattern. Connect the terms Find the hidden link between sports terms