It has been a busy few weeks for the Pittsburgh Penguins, and if you have been paying close attention to the transaction wire, you might have noticed a shift in the wind. For the better part of the last year, the narrative surrounding the Penguins has been one of deconstruction—tearing down the old guard to salvage what remained of the asset cupboard.
But the recent flurry of moves in late 2025 signals something different. General Manager Kyle Dubas is no longer just selling off parts for scrap; he is beginning the actual architecture of the next era. The strategy has moved from simple accumulation to active procurement. As the organization pivots toward 2026, the mandate is becoming clear: improve the present by adding to the future.
Betting Big on Potential, Not Just Prayers
For a while, the Penguins’ modus operandi was the low-risk gamble. We saw this with the acquisition of Philip Tomasino earlier—a low-cost flyer on a player who needed a fresh start. If it worked, great. If not, nothing was really lost.
The acquisition of Yegor Chinakhov from the Columbus Blue Jackets represents a fundamental departure from that philosophy. This wasn’t a bargain-bin find. To land the 24-year-old forward, Pittsburgh parted with veteran stabilizer Danton Heinen, a 2026 second-round pick, and a 2027 third-round pick.
That is a healthy, fair price. It is legitimate draft capital that could have been hoarded for the amateur draft. By moving those picks for Chinakhov, Dubas is effectively stating that the timeline has accelerated. The organization is no longer content to wait four years for a second-round pick to maybe crack the lineup; they are using that capital to acquire a player who is NHL-ready now but still has his best hockey ahead of him.
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This is a bet on the Penguins’ internal culture and coaching staff to unlock a ceiling that remained out of reach in Columbus. It is a risk, certainly, but it is a calculated one that suggests the rebuild is entering a more aggressive phase.
The “Change of Scenery” Swap Meet
Shortly after the Chinakhov deal, we saw the other side of the roster-management coin: the “failed prospect” swap. The Penguins sent Philip Tomasino to the Philadelphia Flyers in exchange for defenseman Egor Zamula.
On the surface, this looks like shuffling deck chairs. Both players had recently spent time in the minors, and neither had cemented a role with their previous clubs. However, this trade highlights a specific tactical approach Dubas is employing. When a reclamation project like Tomasino doesn’t fit the current puzzle, you don’t just cut bait; you pivot to a different asset class.
The Roster Is an Audition Stage
The subtext of these moves is that the current regular season is essentially a massive, televised audition. The “improving the present” part of the strategy isn’t just about winning games tonight; it’s about seeing who survives the transition to tomorrow.
This evaluation period has serious implications for the veterans in the room. With the arrival of younger, high-upside players like Chinakhov, the coaching staff needs ice time to see what they have. That puts wingers like Anthony Mantha in a precarious position. If the kids push for minutes, the organization is reportedly prepared to clear space, likely moving veterans out to open up top-six roles.
Furthermore, we are seeing the art of “asset flipping” in real-time. Look at Brett Kulak. Acquired in the Tristan Jarry trade, Kulak has played well, and his value has subsequently risen. In a pure rebuild, you keep him. In Dubas’s hybrid model, he becomes a prime candidate to be flipped for futures later in the season. The goal is to maximize value at every turn, turning a solid defenseman into draft picks that can be used for the next big swing.
The Summer of 2026: The Main Event
All of these moves—the Chinakhov trade, the Zamula swap, the potential flipping of Kulak—are precursors to the main event. The organization is quietly positioning itself for a massive transformation in the summer of 2026.
Despite spending picks to get Chinakhov, the Penguins’ war chest is formidable: they still hold 15 picks in the top three rounds over the next three drafts, and projections suggest the team will have north of $50 million in cap space this summer.
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This combination is not accidental. The goal isn’t just to draft well; it is to have the ammunition to swing a blockbuster trade for a superstar. Dubas views this as a proven method for building a modern contender. You draft your core, but you buy your elite talent when the window opens.
By maintaining a surplus of draft picks and a mountain of cap space, Pittsburgh is ensuring they have a seat at the table when the next disgruntled superstar demands a trade. They are moving out of the phase of correcting “catastrophic mistakes” and into a phase of aggressive construction.
The Verdict
The Penguins are in a fascinating middle ground. They are no longer in a pure “sell mode,” stripping the roster down to the studs. Yet, they aren’t fully in “buy mode” for a Cup run just yet. They are restocking, repositioning, and preparing.
The Chinakhov trade was the warning shot. It showed that the Penguins are willing to spend real assets on young talent. The summer of 2026 is the target. Until then, expect every roster spot to be contested, and every asset to be evaluated not just for what it does today, but for what it can bring in return tomorrow.
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