I do think there are better options than simply a buyout. This team is going to be up against the cap (no matter the number), so it is always better to spend it on the active rather than the inactive players. I look at our cap right now and see Jack Johnson's dead cap money for the next three seasons, and I think to myself that I really don't want to see anymore players in this category this year.
I am not convinced that you cannot trade Granlund for "future considerations". Maybe not at the moment. But teams that do not land their primary targets (Tarasenko, Kane, etc) could circle back and take a chance on him. Ditto for Jeff Petry, who has more value but fewer team options of his own choosing.
One of the biggest things that Dubas needs to accomplish right now is to rid himself of contracts. And by rid, I mean completely. If it takes trading someone you would rather keep, so be it. If it means taking back a contract, also so be it (because maybe that other contract is a better fit for this team than Granlund is, or Petry et al).
So for me, this Karlsson trade is mostly about dumping contracts. Yeah, Karlsson is a great player and would be a nice addition to this team's core. And yes he helps the overall scoring depth, the power play and the entertainment value for us. But for me, this is an opportunity to get rid of pieces that do not fit the overall puzzle. And I would rather take on the full cap hit if it means fewer future assets would need to be included in the deal, and more contracts can be sent to San Jose.
If the Sharks' (the owner's, presumably) main motivation for trading Karlsson is to be rid of that cap hit, then we should do everything we can to take it on in full. If we moved Granlund and Pettersson to SJ, found a place Petry would like to play and would take him on, then we would NOT have to include much else. And that would be the win for Dubas in my humble opinion. Yeah, a lot of people do not want to trade Pettersson because our blueline looks scary without him. But it was not too long ago that it looked scary with him! He had a breakout season. Great! Why can't Joseph bust out this season? Why can't Ty Smith become an important player this season? Part of going younger means actually giving the guys we have more of an opportunity, instead of including them in trades. And while $11.5 million is tough to have on a cap, at least Karlsson is a superstar. I think you are always better off spending cap space on the talent you actually have, rather than breaking it down into pieces for players no longer on the roster. I also do not believe Crosby, Malkin and Letang would have any issue with him making way more than them at this point. They just want to get back into the playoffs.
So for me, $11.5 million makes sense for a team that (at least publicly) has stated that they are trying to improve for the now and for the future. I do not believe that the Penguins need to or should give up first-round picks in this deal WITHOUT retention. So, ask SJ not to retain. That probably gets their attention. AND, if Grier insists that a first must be included, then it has to come with the mother of all conditions attached to it.