What Evgeni Malkin’s Return Means for the Penguins in 2026-27

Evgeni Malkin will return to the Penguins for one last season in 2026-27. | Charles LeClaire-Imagn Images

The Penguins are bringing back Evgeni Malkin for one more year.

Pittsburgh and its longtime forward agreed to a one-year extension, the team announced on Tuesday. The deal is worth $5.5 million with performance bonuses baked in to secure up to an additional $3.5 million. If Malkin plays in 42 games, he’ll receive a $250,000 performance bonus. An additional $250,000 can be unlocked after 63 games. If the Penguins reach the playoffs, he’d earn $1 million, and an additional $500,000 for each round the team wins in the postseason, according to PuckPedia.

Malkin, who will turn 40 before the 2026-27 season begins, had an excellent season last year, when he averaged over a point per game for the first time since 22-23. It was his 20th season in the NHL, and he recorded 61 points (19 goals, 42 assists) in 56 games and had his best plus/minus (+13) since the 2017-18 season.

After proving he still has some gas left in the tank, Penguins GM Kyle Dubas made it a priority to keep him with the franchise for one more season, which may very well be his final campaign in the NHL.

Best day ever. pic.twitter.com/qiqShuCEyH

— Pittsburgh Penguins (@penguins) May 26, 2026

Even while signing what will very likely be his final NHL contract, Malkin remained a jokester, saying in jest that the contract was missing an additional “0” in its value.

Malkin is one of the most accomplished players in NHL history. He’s a three-time Cup winner, a three-time All-Star and won the Hart Trophy in 2011-12. A future Hall of Famer, Malkin has played in a total of 1,269 regular-season games for the Penguins, in addition to 183 playoff games.

Pittsburgh made a run to the playoffs in 2025-26, still clinging onto the nucleus of Sidney Crosby, Kris Letang and Malkin, all of whom have represented the franchise for their entire careers. Crosby and Letang are both under contract through next season, at a rate of $8.7 million and $6.1 million, respectively. Crosby, while only signed for one more year, has stated that he’s not close to retirement but is taking things year-by-year as it pertains to his future in the league. Letang is under contract through the 2027-28 season, and with Malkin’s new deal, the Penguins have now managed to lock down their legendary trio for one final season.

How does Evgeni Malkin’s return impact the Penguins’ Stanley Cup chances next season?

One last run to the Stanley Cup remains unlikely for the Penguins. The team finished second in the Metro Division last season, though their points total (98) would’ve ranked them as the No. 7 seed in the East. Malkin’s return is important. He’ll be on the books at $5.5 million, down from the $6.1 million he was earning last season, so the Penguins should have a tad more financial flexibility to improve the roster in free agency.

How much they can improve remains to be seen. Pittsburgh is likely more than one piece away from getting back into contention, despite a surprisingly strong season last year. They will need to address the defense, which surrendered 3.15 goals per game (ninth-most in the NHL), and find another goalie to compete with Arturs Silovs, who had a solid rookie season and impressed in the playoffs. Stuart Skinner is set to hit free agency, so his return is still uncertain. Other players set to depart this offseason include Anthony Mantha, Kevin Hayes, Noel Acciari, Connor Clifton and Ryan Shea.

Malkin, who transitioned to a role on the wing after spending much of his career as a center, will be a key piece for Pittsburgh. If they can make significant upgrades to other areas of the roster, there’s a slim chance they could pull off a miracle run to the Stanley Cup Final. If not, they’ve done right by a franchise legend who isn’t quite ready to drift off into retirement. For the two-plus decades of service Malkin has put in for the organization, he deserves a proper send-off and to depart on his own terms. He has that chance now, in what will almost certainly be his final go-around in the NHL.

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