In the NHL, offer sheets are one of the most complex and rarely used tools when it comes to signing players from other teams. The rules and costs involved make it difficult for teams to simply steal talent from rivals, especially when it comes to star players.
Even though some teams have used this strategy in recent years, like the St. Louis Blues with Philip Broberg and Dylan Holloway, high-profile offer sheets remain rare. So, if you’re hoping your favourite team might snatch a superstar through this route, it’s best to keep expectations low.
What Is an NHL Offer Sheet?
An NHL offer sheet is a contract that a team can offer to a restricted free agent (RFA) from another team. If the player accepts, their original team has a chance to match the offer and keep them. If not, the new team must give up certain draft picks as compensation.
The value of those draft picks depends on how big the contract is. That’s what makes this process risky—especially when big money is involved.
Why Star Players Like Knies and Bouchard Won’t Be Offer-Sheeted
This year, some young stars like Toronto Maple Leafs winger Matthew Knies and Edmonton Oilers defenseman Evan Bouchard are technically eligible for offer sheets. But they are unlikely to receive one, and here’s why.
If a team wants to sign a player like Knies or Bouchard with a salary of $9.36 million to $11.7 million per year, they would have to give up two first-round picks, one second-round pick, and one third-round pick. Even a slightly lower salary still costs a first-, second-, and third-rounder. That’s a steep price.
Most NHL teams either don’t have enough draft picks to make such an offer or don’t want to lose them. Also, players like Knies and Bouchard are very important to their current teams, making it unlikely that their teams would let them go without matching the offer.
Why Mid-Level Players Are More Likely to Get Offer Sheets
Unlike top-tier players, mid- or lower-tier RFAs are more realistic targets for offer sheets. Last year, the Blues signed Philip Broberg and Dylan Holloway through offer sheets. Edmonton, their original team, let them go in exchange for a second- and third-round draft pick, which is a much smaller cost than multiple first-rounders.
These kinds of moves show that teams are open to letting go of players who aren’t seen as central to their future if the return in draft picks seems fair.
Teams Must Balance Salary Cap and Draft Pick Availability
Another reason offer sheets are so rare is the combination of salary cap pressure and limited draft capital. Many teams have already traded away some of their high picks, making them ineligible to even make an offer sheet in certain salary ranges.
And don’t forget—when a contract is longer than five years, the average annual value (AAV) is still calculated using five years, which can make the AAV look much higher and push the compensation to the next level.
Don’t Expect Offer Sheet Surprises for Big Names
While it’s not impossible, it’s very rare for big-name RFAs to actually leave their team because of an offer sheet. Most teams quickly match any offers for their key players. The public reaction would also be strong. Imagine the backlash in Edmonton or Toronto if Bouchard or Knies left because their team didn’t match an offer sheet!
The NHL’s offer sheet system might sound like a clever way to grab top players, but in reality, it’s filled with challenges. From salary cap limits to expensive draft pick compensation, most teams simply can’t afford to use offer sheets for big names. Mid-tier RFAs are much more likely to receive these types of offers, as we’ve seen with players like Broberg and Holloway.
So, while offer sheets can shake up the league now and then, don’t expect them to be the way teams land future superstars. They’re more of a rare strategy used in special situations—often involving role players rather than stars.
