
The Philadelphia Flyers sent shockwaves through the NHL on Friday afternoon when they announced that they signed Anaheim Ducks restricted free agent Leo Carlsson to a five-year offer sheet.
The contract will pay Carlsson $18 million per season and make him the highest-paid player in the league on a per-year basis.
It is now just a matter of which team will be paying it to him.
The Ducks have seven days to match the offer.
If they do not, they will receive the Flyers' next four first-round draft picks.
Whether it works for the Flyers or not, it is one of the boldest moves the NHL has seen in years. It is also a worthy gamble.
First, offer sheets are not something NHL teams typically utilize.
Especially not for top players.
You still have to find a player that wants to sign with your team, you have to be willing to give up the draft pick compensation that comes with a successful offer sheet, and the team that currently owns the player's rights has to be in a position where it does not want to match it.
That is a lot of things that have to go right, and all of them rarely do.
There was also always a good-old-boys club element to this, where general managers did not want to rock the boat or leave themselves vulnerable to an offer sheet of their own in the future.
Slowly but surely, that mindset is starting to change. We saw successful offer sheets a couple of years ago when the St. Louis Blues successfully poached forward Dylan Holloway and defenseman Philip Broberg away from the Edmonton Oilers.
Those contracts started to get the ball rolling.
This contract will significantly help it along.
We have tendered an offer sheet to Anaheim center Leo Carlsson. The offer is a five-year contract worth an average annual value (AAV) of $18M, which would require four of the Flyers first-round draft picks in each of the next four seasons as compensation. https://t.co/nfhD4h6nEc
— Philadelphia Flyers (@NHLFlyers) July 3, 2026
Ducks general manager Pat Verbeek has said that he will match any offer sheet for both Carlsson and Cutter Gauthier, and the Flyers have simply called his bluff on that as it relates to Carlsson.
Is Carlsson an $18 million per year player right now? No. He is not. That is what the elites of the elite in the NHL get, and Carlsson is not quite on that level. But he is still only 21 years old and has all of the traits you want to see for a player to eventually become a top-tier center.
He has improved all three years he has been in the NHL and is coming off 67 points in 70 games this past season. He drives possession. He is on his way to becoming a No. 1 center with his best days still ahead of him.
It is exactly the type of player every team wants to build their team around.
From a Flyers perspective, it's a worthy gamble. They are not a team that is likely to be picking at the very top of the draft, and this is a potential pathway to finding a much-needed elite talent down the middle. Carlsson would also fit in with a lot of their young talent, including forwards Matvei Michkov, Porter Martone, Tyson Foerster and Owen Tippett.
It's the type of move that could help build the foundation of a Stanley Cup-contending team in the not-too-distant future if it all works.
There is also another sub-plot to all of this.
Gauthier, Anaheim's other top restricted free agent, was originally a first-round draft pick of the Flyers and was traded to Anaheim after he very publicly did not want to sign with the Flyers. It created some bad blood between two teams that would otherwise have no rivalry, and this could be seen as a major revenge play by the Flyers against both Gauthier and the Ducks.
Verbeek has a reputation for being an intense negotiator with restricted free agents, and in past years, it has drawn out right up until training camp with some of his top players. Carlsson may have seen that and jumped at the opportunity to not only become the highest-paid player in the league but also avoid that headache.
Now Verbeek has to make a massive decision that will significantly impact two up-and-coming franchises for the foreseeable future.
Does he pay the money?
Or does he take the draft picks and hope?
It's not an easy decision. And it is not a great position for him to be in.
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