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Several weeks ago, during the Flyers Alumni Charity Classic Weekend, a trusted Flyers inside source passed along a tip in utmost secrecy. The team was going to make an all-out effort to acquire young standout center Leo Carlsson from the Anaheim Ducks. The preferred means was by trade. However, if Ducks general manager Pat Verbeek was unreceptive to trade possibilities, the Flyers would not rule out an offer sheet.
Verbeek, unsurprisingly, was not interested in a trade. He told the Flyers and other teams that Carlsson was untouchable. Not being a fool, Verbeek surmised teams might tender an offer sheet instead. The Anaheim GM added a caveat: if you offer sheet Carlsson, the Ducks will match regardless of the structure or cap dollars.
The Flyers and, reportedly, three other teams were not deterred. The Flyers tendered a five-year, $90 million ($18 million AAV) front-loaded offer sheet to Carlsson. The Swedish star signed it on Friday. The Ducks now have until July 10 to match or decline to match. If the latter, they will receive the Flyers first-round Draft picks in 2027, 2028, 2029, and 2030.
Offer sheet structure
The offer sheet will become the exact terms of Carlsson’s new contract, whether it’s with Philadelphia or Anaheim. It cannot be renegotiated by any party involved; for example, by Anaheim shifting around the year-to-year payment structure or by Philadelphia adding more money during the waiting period. This is it.
Frank Seravalli broke down the year-to-year structure here:
Why five years?
Carlsson can become an unrestricted free agent at the conclusion of the deal. This was a big lure for signing the offer sheet, because Carlsson stands to cash in again (for an even more lucrative amount) either in an extension or the open market. It’s not a poison pill for the Ducks, but it creates an eventual headache (even for the Flyers) while Carlsson is still in the midst of his prime.
Can the Flyers and Ducks work a trade instead?
Technically, no. The Collective Bargaining Agreement (CBA) does not allow for the Ducks to trade Carlsson — even to the Flyers — during the offer sheet waiting period.
However, the CBA allows something similar to the Chris Gratton arrangement between the Flyers and Tampa Bay Lightning in 1997. Tampa Bay agreed not to match Philadelphia’s offer sheet. The Lightning received four first-round picks from Philly. Tampa then immediately traded the picks back to Philadelphia for Legion of Doom right wing Mikael Renberg and defenseman Karl Dykhuis.
Theoretically, Anaheim could trade some or all of the compensatory picks back to the Flyers for whatever the sides agree to exchange.
Note: If the Flyers obtain Carlsson by this means, they are not permitted to reuse the affected picks in future offer sheets. They also cannot substitute other obtained first-round picks (such as the 2027 first-rounder obtained from Toronto in the Scott Laughton trade).
Will the Ducks match the offer sheet?
If Verbeek is able to follow through on his word, they will. Anaheim has the cap space and owner Henry Samueli has the personal wealth to do it. However, it puts a real crimp in the Ducks’ organizational budget.
The Ducks still have two major restricted free agents this off-season: forward Cutter Gauthier and defenseman Pavel Mintyukov.
Gauthier, represented by Kurt Overvhardt, is not eligible for an offer sheet. That’s because he does not yet have enough NHL games played to qualify. Keep in mind that he burned the first year of his entry-level contract by dressing in the final game of the 2023-24 season. Without offer sheet leverage, Gauthier probably can’t get a matching contract to Carlsson’s.
Nevertheless, Gauthier’s signing price just spiked. The Ducks reportedly figured on $10 million to $12 million apiece for Gauthier and Carlsson. That seems to be out the window now. Gauthier almost surely will come in a few million dollars higher.
Mintyukov has become a prime offer sheet target. It seems to be a matter of which one he signs.
As for Beckett Sennecke, the young star still has two years left on his entry-level deal. However, he is eligible for an extension next off-season. One would think Verbeek will be more proactive with Sennecke than he was with Carlsson or Gauthier.
Would acquiring Carlsson hurt the Flyers’ cap management?
The answer is yes. The organizational likely figures they will cross that bridge when they come to it.
But, in the short term, the Flyers need to re-sign restricted free agents Trevor Zegras and Jamie Drysdale. Matvei Michkov is a restricted free agent next summer. Porter Martone can be a restricted free agent in 2028.
We will discuss this in depth if the Carlsson offer sheet proves successful.
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