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Matthew Knies of the Toronto Maple Leafs celebrates with William Nylander #88 after scoring the game winning goal against the Boston Bruins to win the game 2-1 in overtime of Game Five of the First Round of the 2024 Stanley Cup Playoffs (Photo by Maddie Meyer/Getty Images)

New Offer Sheet Compensation Levels Raise Stakes for Knies, Maple Leafs

Originally posted on The Hockey Writers | By Jim Parsons | Last updated May 13, 2025 1:15 PM ET

The Toronto Maple Leafs face an intriguing contract dilemma with rising star Matthew Knies — one that could be influenced by the NHL’s updated offer sheet compensation structure. Elliotte Friedman, among others, posted the news structure and requirements for offer sheets in 2025, and while there aren’t dramatic changes, the fluctuation might be enough to make talks surrounding Knies’ future interesting.

Why Does This Affect Knies and the Maple Leafs?

As per the new thresholds, an offer sheet with an average annual value (AAV) between $7,020,113 and $9,360,153 would cost a team a first-, second-, and third-round draft pick. And that’s exactly the range where a hypothetical long-term deal for Knies — say, an eight-year deal at $7 million AAV — would fall.

While Leafs fans might cringe at the thought of losing Knies in such a manner, some around the league — and fans of other teams like to see the Leafs targeted — have openly joked about other teams making a move. “I would offer-sheet Matthew Knies at $9,359,000,” one fan posted online, suggesting that the compensation—three high draft picks—would be well worth acquiring the 21-year-old power forward. The offer financially would also be high enough that the Leafs might have to make a tough decision.

With Mitch Marner a pending UFA and looking for somewhere in the range of $13 – $14 million per season, Toronto has some tough choices to make. They also have to get a deal done with John Tavares, and he’s having the kind of season that could make his extension slightly more expensive than the Leafs had allotted for.

It is unclear whether there is room for Marner at $13 million, Tavares at $6-$7 million, and Knies at $9.4 million, while also having Auston Matthews making $13.25 million, William Nylander making $11.5 million, and Morgan Rielly making $7.5 million.

Should the Maple Leafs Be Worried?

There is good news. Thus far, the Leafs are not overly concerned — and neither is Knies. TSN’s Pierre LeBrun recently reported that Knies “isn’t really interested in entertaining an offer sheet this summer,” and that both he and his agent are focused on getting a deal done with Toronto. Chris Johnston also noted, “… the Leafs feel they have enough cap space to get their business done this summer…. But as of now, the Leafs are in a strong position to sign him. And if an offer sheet does come in, they’d likely match it.”

Still, the Leafs are under pressure to finalize a deal before the offer sheet window opens. Teams can begin talking to restricted free agents the night before July 1, and Knies’ ever-increasing value could tempt an aggressive GM looking to pry him out of Toronto.

Whether Knies ends up on a long-term extension or bridge deal, the new offer sheet compensation levels highlight some potential urgency for Toronto. The team is currently focused on the playoffs and getting past the Florida Panthers, but if negotiations linger too long, there’s always a chance a rival team plots a course to make a move.

The Leafs want Knies locked in, and Knies seemingly wants to stay. That said, the increasing salary cap, the new compensation levels, and the fact that Toronto has important decisions ahead create a potential perfect storm.