Penguins trade for Phil Kessel

@RealKyper reports Kessel to PITT. Done.

— Damien Cox (@DamoSpin) July 1, 2015

More details to follow.

Kessel has 7 more years left at a hefty $8.0 million cap hit. There have been rumors that Toronto might have been interested in retaining some of his salary.

There is talk that Kasperi Kapanen and Derrick Pouliot might be part of the return, however it's not known at this point.

Obviously much much more to come.

UPDATE:

As a @RealKyper reported, Kessel to PIT for Kapanen, Harrington and a pick

— Elliotte Friedman (@FriedgeHNIC) July 1, 2015

It remains to be seen what the "pick" is. Toronto already has the Penguins 2nd round draft pick for 2016 with the Daniel Winnik trade.

If the Penguins have acquired Kessel WITHOUT giving up Derrick Pouliot or Olli Maatta, that's obviously a feather in the cap of GM Jim Rutherford.

The Maple Leafs are thought to possibly havepicked up some of Kessel's cap hit.

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UPDATE 2:

Kessel trade could be bigger hearing Spaling involved and Pitt also gets Torontos 2nd round pick.

— Darren Dreger (@DarrenDreger) July 1, 2015

Also told Toronto is eating between15-25% of Kessel contract.

— Darren Dreger (@DarrenDreger) July 1, 2015

Toronto eating 15%

— Darren Dreger (@DarrenDreger) July 1, 2015

This would make the deal even better. Trading Nick Spaling back gives Pittsburgh some leverage on contracts, which they will need to shed his $2.2 million salary now to sign more  lower line players.

If Dreger is correct about his Kessel salary hold, Pittsburgh would be on the hook for $6.8 million of Kessel's salary.