10 Reasons Why There Haven't Been Any NHL Offer Sheets

The NHL's salary cap jumped from $88 million in 2024-25 to $95.5 million for 2025-26, sparking speculation that more offer sheets would appear this summer.

For readers unfamiliar with this piece of NHL business, an offer sheet is a contract proffered to a restricted free agent (RFA) by a team other than the player's current club.

If a player signs an offer sheet, their original team has seven days to match. If they decline, the team receives compensatory draft picks from the signing club, with the amount determined by the contract's value.

As Sportsnet's Ryan Dixon explained on June 12, the flattened salary cap of the previous five seasons restricted offseason player movement. With the cap rising significantly this season, and projected to reach $113 million for 2027-28, the stage seemed set for more offer sheet signings.

The anticipation was also stoked by the St. Louis Blues signing defenseman Philip Broberg and winger Dylan Holloway from the Edmonton Oilers last August. Both became key members of the team that clinched a playoff berth last season.

However, with training camps opening next week, none of this summer's RFAs signed offer sheets. Follow along as we examine the 10 reasons why.

In July, the NHL and NHL Players' Association ratified a new collective bargaining agreement (CBA). The deal begins Sept. 16, 2026, and expires on Sept. 15, 2030.

Several notable changes will be made to players' contracts under the new agreement. That could be one reason why there were no names signed to offer sheets this summer.

Under the new CBA, the maximum term of a player's contract will be reduced from eight years to seven when re-signing with their current team, and from seven years to six for unrestricted free agents.

Other changes include the elimination of deferred salaries and restrictions on front-loaded contracts and signing bonuses.

Some general managers could prefer waiting for the new CBA, when they can sign free agents under the new terms.

The increase in the salary cap from $88 million last season to $95.5 million this season is a substantial one. However, it didn't motivate any general managers into going the offer-sheet route during this offseason.

Some general managers could prefer waiting for the next two seasons. That's when the salary cap is projected to climb substantially higher.

On Jan. 31, the NHL and NHLPA released a statement revealing the $95.5 million cap for 2025-26. They also announced the cap would rise to $104 million for 2026-27 and $113 million for 2027-28.

With that much cost certainty known in advance, general managers can better plan their long-term cap spending. That could include estimating enough to ensure a sufficient amount for acquisitions via trades, unrestricted free-agent signings, and possible offer sheets to restricted free agents.

Every NHL team operates under the same salary-cap limitations as set by the league. This season, the cap maximum (the "ceiling") is $95.5 million while the cap minimum (the "floor") is $70.6 million.

As of Sept. 8, seven teams had over $10 million in cap space. At first glance, that's more than enough for one of them to pursue a rival club's RFA with an expensive offer sheet. However, just because a team has that much cap space doesn't mean they intend to use it.

On Aug. 30, New Jersey Devils general manager Tom Fitzgerald told RG.Org's James Murphy that some teams set an internal cap that doesn't reach the league's ceiling. He explained that not every team has the same automatic revenue, and thus can't afford to spend to the cap maximum.

That would explain why some of the clubs carrying plentiful cap space aren't using it to go the offer-sheet route. Plentiful salary-cap space doesn't mean every team will be a big spender in the free-agent market.

The steep increase in the salary cap does increase the odds of a team attempting to sign away another club's restricted free agent. As the cap rises, so do players' salaries, making that tactic a potentially expensive one.

For example, it was rumored Minnesota Wild center Marco Rossi sought a deal with an average annual value between $6 million and $7 million. He eventually settled for a three-year deal worth an AAV of $5 million.

If Rossi was seeking $7 million annually, no other team was willing to make the offer. That's probably because they felt the Wild would match, but it could also be that a rival club didn't want to risk that he wouldn't meet expectations.

Had Rossi signed an offer sheet, the compensation price would have been costly.

A contract worth between $4,680,076 and $7,020,113 would cost the signing team their first- and third-round picks in the 2026 draft. An offer between $7,020,113 and $9,360,153 would have cost a first-, a second- and a third-rounder.

The increase in this season's salary cap made it easier for clubs that are flush with cap space to retain their key free agents. It also made it possible to bolster the rosters with high-salaried players.

Some teams had the cap room to go the offer-sheet route. However, some of the clubs carrying players considered possible offer-sheet targets had the cap space to match. That seems to be the case for center Mason McTavish of the Anaheim Ducks.

McTavish, 22, is an RFA after completing his entry-level contract last season. During the Aug. 23 episode of Sportsnet's 32 Thoughts: The Podcast, Elliotte Friedman said he thought McTavish's representatives looked for an offer sheet, but it didn't happen.

That's probably because the Ducks could easily match any offer from a rival team. With $20.54 million in cap space and with all their other active roster players under contract, it was pointless for another club to attempt to sign McTavish.

Just because a rival team can sign another team's restricted free agent doesn't mean the player is willing to do so.

Toronto Maple Leafs winger Matthew Knies was among this year's RFA class. When asked about an offer sheet during a May 20 media scrum, he said, "I want to be here. I want to play here. That's all that matters to me."

On July 1, he signed a six-year contract with the Maple Leafs.

A general manager can contact an RFA's agent to inquire into the player's willingness to sign an offer sheet. But as the old saying goes, it takes two to tango, and the player could be reluctant to change teams for several reasons.

The player could be holding a position of importance on the roster or enjoying the camaraderie of his teammates. His team could be willing to pay him as much or more than the rival club. They could enjoy the city they're playing in, or their families may be unwilling to move.

Playing for a winner remains the biggest factor. While players want to be well-compensated, their competitive nature can make them unwilling to move to another club, especially if their current team is in a better position to win the Stanley Cup.

The compensation rates for NHL offer sheets rise significantly based on the average annual value of the offer sheet.

An offer sheet between $4,680,077 and $7,020,113 would cost the signing team their 2026 first- and third-round picks. One with an AAV between $7,020,114 and $9,360,153 would have cost a first-, a second- and a third-round pick.

It would cost the signing club two first-round picks, a second-, and a third-round pick for an AAV between $9,360,154 and $11,700,192. Anything over $11,700, 193 would cost four first-rounders.

CapWages.com compiled a list of teams that had the necessary draft picks if they were to go the offer sheet route. Eighteen had the required picks between $4,680,076 and $7,020,113. Only 12 teams had those picks for AAVs between $7,020,113 and $11,700,192.

Of those 12 teams that met the compensation requirements in the latter category, six (Boston, Los Angeles, Montreal, New Jersey, Philadelphia, and Utah) lacked sufficient salary-cap space to make a suitable offer. The rest may have been unwilling to part with their first-round picks in next year's draft.

Offer sheets have existed in the NHL since 1986 and were frequently used by general managers as a roster-building tool. However, that changed with the implementation of the salary cap in the 2005 collective bargaining agreement (CBA).

The salary cap should prompt teams with available dollars to sign RFAs away from cap-strapped rivals. Nevertheless, only 12 players have signed offer sheets over the past 20 years. Of those 12, all but four were matched.

In 2007, the Edmonton Oilers signed away winger Dustin Penner from the Anaheim Ducks. Fourteen years later, the Carolina Hurricanes successfully inked center Jesperi Kotkaniemi from the Montreal Canadiens. Last year, the St. Louis Blues signed away Philip Broberg and Dylan Holloway from the Oilers.

Given that limited success rate, the offer sheet isn't an effective way for a general manager to improve his club's roster. The offer will likely be matched, and it could result in retaliatory consequences down the road.

Imagine you're an NHL general manager going through a difficult negotiation with your top restricted free agent. Because of their status, your club holds the leverage in negotiations, especially if they lack arbitration rights. You're in the best position to get the deal you want.

Suddenly, that leverage vanishes when a rival GM signs that player to an offer sheet worth more in dollars and years than you were prepared to give. Now, you have seven days to match the offer (which could complicate your budget) or lose that player to the team he signed with.

That scenario can, and has, caused ill will between general managers. In 2007, Anaheim Ducks GM Brian Burke was so infuriated over Edmonton Oilers GM Kevin Lowe signing winger Dustin Penner that he wanted a "barn fight" with Lowe before cooler heads prevailed.

It can also lead to a retaliatory strike, as when the Carolina Hurricanes signed Jesperi Kotkaniemi in 2021, two years after matching the Montreal Canadiens' offer to Sebastian Aho.

The Hurricanes played down the Kotkaniemi signing as a tit-for-tat, but their social media account relentlessly trolled the Canadiens about it.

Whatever club wins the 2026 NHL draft lottery will have an opportunity to select Gavin McKenna of Penn State University. He's the early favorite to become the first-overall pick at next year's event and has the potential to become a franchise player.

McKenna is a 17-year-old left wing who has dazzled scouts since his 97-point performance for the Medicine Hat Tigers of the Western Hockey League in 2023-24. He followed up with a league-leading 129 points in 56 games last season, along with 38 points in 16 playoff games.

Named the 2024 CHL Rookie of the Year and the 2025 CHL Player of the Year, he will hone his skills against NCAA opponents this season. A strong performance with Penn State will ensure his place as next year's top NHL prospect.

The opportunity to land a future superstar like McKenna could explain why some teams didn't go the offer-sheet route this summer. According to Sportsnet's Elliotte Friedman, teams may have been unwilling to risk their 2026 first-rounder as compensation for signing away a rival club's RFA this summer.

CBA, offer sheet, and salary info via NHL.com, PuckPedia and CapWages.com.