With the NHL Trade Deadline behind us and a zero percent chance of the Seattle Kraken making the postseason, the question is: How do the Kraken get better for next year? After the trade deadline, general manager Ron Francis appeared on the Kraken Hockey Network pregame show on March 9 and outlined how NHL teams can acquire players, saying, “One is draft and develop. One is to trade for them. One is the free agent market and one is offer sheets.”
Watch the full interview here:
My ears perked up when I heard Francis mention offer sheets. With the NHL salary cap rising over the next three years—$95.5 million in 2025-26, $104 million in 2026-27, and $113.5 million in 2027-28—teams will have extra money to make bold moves. Historically, offer sheets are rare, but the cap increase could lead to them becoming a more frequently used strategy.
It has long felt like there was an unwritten rule among GMs to avoid offer sheets, but the tides may be shifting. With the additional cap space, this could be a viable way for the Kraken to introduce new talent to the team.
Since their introduction in 1986, only 44 offer sheets have been accepted by RFAs. Under the current Collective Bargaining Agreement (CBA), only six offer sheets have been signed in its 12-year span. Could a few more be signed this offseason?
What is an offer sheet in the NHL?
An offer sheet is a contract offered to a restricted free agent (RFA) by a team other than his current club. It is essentially a competitive offer made directly to a player whose rights are still held by another team. If the player signs the offer, his original team has seven days to match the terms and retain him or let him go and receive draft picks as compensation.
Below is an overview of the specifics that make offer sheets interesting, followed by some thoughts on how they could play a role for the Kraken and across the NHL this offseason.
Offer sheet details
Requirements
- Offer sheets can only be presented to Group 2 RFAs who have received a qualifying offer. A Group 2 RFA is a player who has previously signed an NHL contract, is under 27 years old, and has fewer than seven accrued NHL seasons.
- Group 4 RFAs—players drafted but never signed by their original team—are not eligible to receive offer sheets.
- If an RFA files for arbitration, they can sign an offer sheet before the arbitrator’s decision but not afterward. Once an RFA signs a new contract or accepts a qualifying offer, they are no longer eligible for an offer sheet.
Timing
- Offer sheets can only be extended between July 1 and December 1.
- Once an RFA signs an offer sheet, his original team has seven days to match or decline the offer.
Compensation picks
If a team successfully signs an RFA to an offer sheet, and the original team does not match, the signing team must provide draft pick compensation based on the player’s average annual value (AAV). Below is the 2024 compensation structure:
The AAV thresholds will increase for the upcoming offseason, typically announced in early June. The compensatory draft picks must be a team’s own picks, meaning draft picks acquired via trade that aren’t originally theirs cannot be used for compensation.
AAV calculations
For offer sheets, AAV is calculated slightly differently than for salary cap purposes. While a player can sign a deal for up to seven years, for compensation purposes, the AAV is capped at a five-year maximum. For example, a seven-year, $35 million deal would have a $5 million cap hit, but for compensation, the AAV would be calculated as $7 million ($35M/5), requiring a first-, second-, and third-round pick based on the 2024 compensation table.
Kraken potential involvement
The Kraken have around $20 million in cap space for next season and hold 12 draft picks in the first three rounds over the next three years. Francis has hinted at using these assets to improve the roster, potentially through trades—or maybe even an offer sheet.
The future of goaltender Philipp Grubauer remains uncertain, with a buyout becoming increasingly likely. If the Kraken are in search of a backup goalie, RFAs who could be acquired via offer sheet include:
On the forward front, intriguing RFAs with offensive potential include:
Offensive defensemen like Evan Bouchard and Bowen Byram could also be stolen away via offer sheets, but given the Kraken’s solid defensive core, a major move in this area seems unlikely.
On the other side of the coin, other teams could sign Kraken RFAs to offer sheets to force their hand. Last week we set expectations for RFAs and while most offer sheets presented to Kaapo Kakko or Ryker Evans would likely be matched, they could create significant headaches for Seattle’s front office. If the Kraken prefer a specific term length, an offer sheet could disrupt those plans, forcing them into either overcommitting or losing the player. Kakko, in particular, is one year away from unrestricted free agency and could leverage an offer sheet to push for a one-year deal.
Offer sheets around the NHL
Only 13 teams currently hold all their own draft picks in 2026, making them eligible to tender an offer sheet at any tier. Of these, 11 are outside the playoff picture as of March 18. The two playoff teams, Los Angeles and New Jersey, are not considered Stanley Cup favorites, but if they have a deep playoff run, could decide the later-round picks would be better spent via an offer sheet.
One of the biggest potential targets is Bouchard of the Edmonton Oilers. A team offering Bouchard an AAV of $10-11 million would put Edmonton in a tough spot, potentially forcing them to choose between matching or losing their top defenseman.
Matthew Knies of the Toronto Maple Leafs is another interesting case. At 6-foot-3 and 227 pounds, he’s a big-bodied winger who can score. With John Tavares and Mitch Marner entering free agency, Toronto has some holes to fill and could have a tough decision become even tougher if Knies signs an offer sheet. Knies does come with a bit of risk because his shooting percentage is unsustainably high at 21.2 percent, and he also benefits from playing with two superstars in Marner and Auston Matthews on his line.
Examples of offer sheets
Let’s review two recent examples of offer sheets: Philip Broberg in 2024 and Sebastian Aho in 2019. These two cases illustrate the different strategies behind offer sheets. St. Louis used a well-calculated gamble to acquire an unproven but promising defenseman, while Montreal aimed high but ultimately failed to pry away a franchise player. Offer sheets remain a rare but fascinating tool for teams looking to add talent.
St. Louis and Edmonton
Philip Broberg was a first-round pick in 2019 (eighth overall) by the Edmonton Oilers. Since being drafted, he split time between the Bakersfield Condors of the AHL and the Oilers, never quite securing a full-time NHL role. However, in 2023-24, Broberg took a significant step forward, posting 38 points (five goals, 33 assists) in 49 AHL games. He also appeared in 10 playoff games for Edmonton, positioning himself to make the Oilers’ roster for the 2024-25 season.
Then came the St. Louis Blues, who signed Broberg to a two-year offer sheet worth $4.58 million per year—well above his expected market value. As an unproven NHL defenseman, Broberg was likely looking at an offer in the $1-2 million range from Edmonton. St. Louis structured the deal strategically, staying just below the threshold that would have required a first- and third-round pick as compensation. Instead, by keeping the contract within the second-round pick range, the Blues forced the Oilers into a tough spot. Already in a tight cap situation, Edmonton chose not to match, reluctantly accepting the second-round pick. While St. Louis initially overpaid, Broberg has rewarded them with a strong first season, logging 21 points (six goals, 15 assists) while averaging 20:16 of ice time per game.
Montreal and Carolina
Sebastian Aho’s offer sheet in 2019 was a different case entirely. Unlike Broberg, Aho was an established NHL star, coming off an 83-point (30 goals, 53 assists) season. The Montreal Canadiens saw an opportunity and extended a five-year, $8.46 million AAV offer sheet to the young center. At the time, the NHL salary cap was $80 million, meaning Aho’s contract accounted for 10.5 percent of the cap—a substantial deal in 2019. The offer was enough to tempt Aho into signing, but Montreal’s plan ultimately failed. Carolina didn’t even wait a full day before matching the offer sheet, ensuring they kept their star player.
The deal Aho signed in 2019 expired after the 2023-24 season, and he has since earned a well-deserved pay raise, signing an eight-year extension worth $9.75 million per year. Adding to the intrigue, Carolina seemed miffed that Montreal had offer-sheeted one of their players. Two years later, the Hurricanes retaliated by signing Jesperi Kotkaniemi from the Canadiens to an offer sheet—one that included a signing bonus of exactly $20, a nod to Aho’s jersey number.
Final thoughts
Will offer sheets rise from the deep to become a legitimate strategy, or will GMs continue to avoid them? If the trend picks up, the 2026 offseason could be fascinating with players like Connor Bedard and Jason Robertson set to become RFAs.
Teams worried about losing RFAs to offer sheets can avoid the risk by signing their players to extensions before July 1. Ultimately, it’s always up to the original team whether to match the offer and retain the player or take the compensation and move on, but an offer sheet from another team can put a team into a pickle by forcing it to pay a player more than it was anticipating.
What do you think? Will offer sheets increase as the cap rises? Are there any RFAs you hope the Kraken target? And at what compensation level would you let Kaapo Kakko, Ryan Evans, or Tye Kartye walk? Let us know in the comments!
Blaiz Grubic
Blaiz Grubic is a contributor at Sound Of Hockey. A passionate hockey fan and player for over 30 years, Blaiz grew up in the Pacific Northwest and is an alumni of Washington State University (Go Cougs!). When he’s not playing, watching, or writing about hockey, he enjoys quality time with his wife and daughter or getting out on a golf course for a quick round. Follow @blaizg on BlueSky or X.
Super interesting, thank you! What a great way to fish for players. I hope they use it to secure some gold for next season.
I was looking at potential offer sheet targets the other day. While it seems risky in the short term to go for younger emerging guys, RF has shown to be pretty good at identifying those players. It might take a year or two to pay off but long term it could be better than overpaying for 30 year olds for 7 years.
On the goalie front Joel Hofer jumped out. He has been consistently good at every level and is putting up better numbers than Binnington this year. He is still young by goalie standards and has the prototypical build of the modern goalie. St. Louis is tight to the cap and doesn’t have many holes to plug next year, but a ton of contracts for the middle of their roster expire in 2026. He may be worth giving up a 2nd round pick with a 2-4 year offer that puts the Blues in a tight spot to match. We have strong goalie prospects but they all seem 2-3 years away at least, and it would be a good problem to have too many talented goalies given the hot/cold streaks and insurance for injuries.
On the forward side Matthew Knies is intriguing because he plays a position we need filled, is very big, and his physical net front style is something we have never had. Add him to a mix with Kakko and Nyman, and our size up front really jumps. Biggest risk is his numbers are likely highly inflated by the line he is on. If the Leafs haven’t signed him by July 1 its worth taking a run at him.
Yep, Knies inflated numbers has me worried a bit, but his build is intriguing.
I am not sure the range for Hofer with 2nd round pick compensation gets it done. St Louis doesn’t have to do much this off-season as they have enough players under contract to field team. They should have enough to match and probably would if the return is only a 2nd round pick.
I think one important thing to note… the player has to be willing to sign the offer sheet. The teams don’t just get to “present” one. I think a lot players are not particularly fond of the idea of signing one and it typically takes particular circumstances.
In the case of Aho, the Canes – whose owner is notorious for being difficult to deal with – were jerking him around on an extension trying to buy UFA years cheap, so his agent (Gerry Johansson) signed a sheet with Montreal that was more to Aho’s liking.
In retaliation the Canes got Kotkaniemi to sign and offer sheet… but he was very unhappy with the Canadiens over his usage – and lack of it during the playoffs – so he was a ripe target.
In the case of Broberg (and Holloway) the Oilers were spending all their free agency dollars and it was becoming clear they were going to end up getting squeezed. Again, there was some “player distress” involved.
A player like Knies – who has said he loves playing in Toronto – probably isn’t going to sign an offer sheet… but a guy like Peterka – who possibly doesn’t “love” Buffalo… maybe.
Knies might be worth a 1,2+3 (they’ll have to trade back with the Rangers to get their 3rd) or even 2 #1s…. Kraken have the extra 1s, so it’s affordable. Plus Leafs might have to squeeze Knies if they go crazy on Marner….
Except that would be the McKenna draft. Even if it’s a 5% chance, and next year’s Kraken might hit bottom, you can’t take that risk
Rangers have the Kraken 2025 3rd round pick, so we are in the clear there as the compensation picks will be based on 2026. So missing out on drafting McKenna is a risk.
Though if Francis truly feels this is a playoff team, they might not think that is a real possibility (drafting McKenna).
Goalies are so unpredictable that i would not want to surrender the assets needed to offer sheet one, especially with Nikke Kokko seeming to be on-track to make the jump to the big league in a year or two. The team could use another right-handed defenseman, but third-pairing guys (because Larsson and Montour are not slipping down the depth chart any time soon) are fairly easy to pick up. Plus there is Cale Fleury who has had a good year in his role as a call-up/scratch. The team absolutely does not need any more centers; I’ll take them right off the table. They are still pretty deep with left-wingers. Schwartz, Tolvannen, and McCann all have pretty good chemistry with their linemates. That only leaves an opening at right wing right where Oliver Bjorkstrand used to be. Also, right now they have Burakovsky playing on the right, which is not ideal, so potentially getting him back to his natural spot on the left would be an added benefit.
J. J. Paterka is just incredibly tempting. In fact, it’s like the stars are all lining up to go after the guy. He is bold and physical. Folks have been talking about finding Shane Wright a Kaapo Kakko-type of his own; well here’s a likely candidate. He has fifty points so far this year, and it’s not based on a stupid-high shooting percentage. In fact, most of his points have been assists, which means that he will be likely to facilitate the puck to linemates like Shane Wright or Jared McCann who have deadly shots of their own. To top it off, rumors have been spreading lately that Paterka himself would like to leave Buffalo, so it would probably be not too difficult to convince him to sign an offer sheet. Hell, maybe Francis could convince Buffalo to trade him without the need for an offer sheet.
With teams like Montreal, and Detroit – teams in their division who are knocking on the playoffs door – having the picks to do an offer sheet, I’ve got to think if Peterka doesn’t want to resign, the Sabers are going to have to make a trade rather than giving Alan Walsh – Peterka’s agent – that kind of leverage.
I feel like offer sheeting Knies is win win.. I’m sure his numbers are a little inflated yes but he still has development ahead of him yet to come. If we get him, win.. if we force Toronto into a cap crunch by matching and offer, that’s a win in my book too! Bedard would be another interesting one. Chicago is in a really vulnerable position right now and afaik aren’t even close to being competitive. If Bedard wants to spend the prime of his career playing sub-.500 hockey with Chicago I guess that’s an option, but man I think if I were him I’d be looking to pull the rip-cord
Everyone… seriously… Matthew Knies is NOT signing an offer sheet… period! Even if the Leafs give Marner $14m they are still going to have plenty of cap to either go long on Knies or bridge him. There is no reason to believe Knies would actually sign an offer sheet… especially with Seattle.
I can hear it now… ‘terrible Ron Francis didn’t even offer sheet Knies… he needs to be fired NOW!!!’.
Just because Matthew Knies can sign an offer sheet… that has nothing to do with him actually signing an offer sheet… and before I have to hear about the Kelly McCrimmon “masterclass” and how Vegas would be all over Knies… obviously they’ve never tendered an offer sheet because they never have the picks.
I appreciate Blaiz explaining how offer sheets work… but THE No.1 thing folks have to understand… the players actually have to sign them… and they have to have a reason to be compelled to. This somehow seems to always get glossed over.
I’d be more inclined to say
“terrible Ron Francis didn’t even offer sheet Knies… he needs to be fired NOW!!!’. …. If he overpays with an offer sheet like he’d need to get anyone good to Seattle. I’m actually very worried about how ownership feels they need to win now. Save some money give it a year or two before you take that road. Save it for a year with better options on the table and we’re in more of a position to attract top end talent.
How many deals are made from offer sheets each season?
A handful. It’s become something over the last 5 years again where it’s been occurring with greater frequency since the Aho offer sheet but very few usually aren’t matched.
There have been 44 offer sheets since 1986, but only 6 in the last 12 years, so not very often.
I apologize; you wrote this in the very top of the article. I was so engrossed in deal making that i missed it. Why do teams think this is so taboo? And if it is, why do they not get rid of it? I don’t know if it’s in RF genetic make up to “stir the pot” with this but I think it might be time for him to think out of the box.
No need to apologize — all is good! This is just my opinion, and I don’t have a specific source to cite, but I believe the players’ union tends to favor offer sheets because they give younger players some leverage. It allows them an option outside of simply accepting whatever their rights-holding team offers.
From the team perspective, they want to protect their assets, which makes offer sheets a bit taboo. It’s completely within the rules, but if a GM goes after an RFA, it could sour future trade relationships with that team.
As Daryl W. pointed out, there are two sides to any offer sheet. The player has to want to sign it, and they also have to be prepared to stay with their current team if the offer is matched — which often happens.
At the end of the day, only Francis knows what deals he’s tried behind the scenes. He may have pursued offer sheets before, and the player simply didn’t accept. I think his moves to acquire Bjorkstrand, and to trade Lauzon and later Gourde/Bjorkstrand, show that he’s willing to pull the trigger when the opportunity is there.
There usually aren’t many, but I think there is a strong feeling that the Broberg/Holloway sheets last season were somewhat of a breakthrough and that there could be similar deals made this year. However, given the amount the cap is going up this year, teams may not be as pinched as the Oilers were leading into this season.