Trades and signings are exciting, but no transaction gets the hockey world buzzing like an offer sheet.
They're a rarity, but after the St. Louis Blues struck gold by poaching Dylan Holloway and Philip Broberg from the Edmonton Oilers last summer, there's arguably more incentive than ever for general managers to force other teams' hands.
Not to mention, there's plenty more cap space to go around in 2025 with the league's limit set to rise to $95.5 million for next season.
Before we dive into this summer's top targets, here are a few reminders about the offer-sheet process:
- Teams can only surrender their own draft picks as compensation.
- Any player declaring for arbitration is ineligible for an offer sheet. Players must declare by July 5.
- Teams have seven days to match an offer sheet signed by their player.
Here's a look at the compensation tiers for this offseason:
* - Denotes arbitration-eligible player
Pipe dreams
Matthew Knies
No player has generated more offer-sheet speculation than Knies. Part of the buzz can be attributed to Knies playing for the Maple Leafs, but the reality is that he's developing into one of the NHL's premier power forwards and would be an enticing add for virtually any team. While he'd likely have to sign a highly lucrative contract for the Maple Leafs to even consider not matching, the club's financial flexibility hinges on UFAs Mitch Marner and John Tavares.
Knies' next deal could easily wind up in the range of $7 million to $9 million after he registered 29 goals and 182 hits this past season. It's a significant amount, but the Leafs appear to be in good shape to keep him, as the 22-year-old scoffed at the idea of playing elsewhere at his end-of-season availability.
Evan Bouchard*
Will someone go after the Oilers again? It worked swimmingly for the Blues last summer, and Bouchard is a certified star who could transform any team's blue line and top power play. Cale Makar and Quinn Hughes are the only defensemen to record more points over the past two seasons, but Bouchard is in a class of his own with 49 playoff points and counting over that span. He proved his worth over the course of his bridge deal and now deserves to be paid like the rest of the league's top rearguards.
It may seem feasible for a rival team to throw a bag at Bouchard and hope he's tempted to sign, but only 15 organizations have the adequate picks to offer the Oilers the second-highest compensation package - and most of them aren't Stanley Cup-ready. There's little incentive for Bouchard to leave a perennial contender that's probably willing to pony up the money itself.
Long shots who might be worth a try
Gabe Vilardi*
Vilardi has established himself as a legitimate offensive threat with the Jets, notching 97 points in 118 games since arriving in Winnipeg as part of the return for Pierre-Luc Dubois. He plays top-six minutes and is fresh off a career-high 27 goals and 61 points this season.
The Jets shouldn't have much of an issue giving Vilardi a raise, regardless of whether any team ups the ante with an offer sheet. Winnipeg has the majority of its roster signed for next season, and with ample cap space (approximately $25.6 million), the club could feasibly sign Vilardi, as well as UFA Nikolaj Ehlers, and still leave some money available to make improvements elsewhere.
JJ Peterka
Peterka isn't a household name but is on track to become one after producing 28 and 27 goals over the past two seasons. The 23-year-old ranked fourth in Evolving-Hockey's offensive goals above replacement metric this season, trailing only Leon Draisaitl, David Pastrnak, and Connor McDavid.
The main reason Peterka isn't in the pipe dream section is because he plays for the Sabres, who have developed a remarkable knack for giving away young talent. It would be nothing short of asinine if the Sabres were to lose Peterka due to an offer sheet, especially considering the club has $21.4 million in cap space to work with this summer. Peterka is part of the solution in Buffalo, and signing him for as long as possible is the right move.
Lukas Dostal* or Mason McTavish
The Ducks have a pair of impact RFAs to take care of this summer in Dostal and McTavish, but it's difficult to imagine Anaheim giving up on its goalie of the future or a 22-year-old top-six center that could be the club's captain one day. That being said, if a team wants to recreate last year's double steal by the Blues, this could be the best combination of players.
Dostal ranked ninth among all netminders in goals saved above expected as well as GAR. He often won games singlehandedly for the Ducks. McTavish, meanwhile, led Anaheim with 22 goals and is only four years removed from being drafted third overall. The Ducks have the cap space to give both players suitable raises and don't have much of a need for the excess draft capital they'd recoup from an offer sheet. Consider this one highly unlikely.
Noah Dobson*
Dobson's potential availability was unthinkable after last season, when he finished eighth in Norris Trophy voting on the strength of a 70-point campaign. His future is considerably more murky now after finishing 2024-25 as a minus-12 with 39 points and with a potential new No. 1 defenseman entering the mix if the Islanders draft Matthew Schaefer first overall.
It would be an incredibly risky move for whoever takes over New York's GM chair to let Dobson walk. After all, he's only 25 and has shown he's capable of being an elite blue-liner. The smart move is locking him up while his value is low and hoping his down year was an outlier in an otherwise impressive start to his career.
Cheap-value targets
Marco Rossi
Rossi jumped from 40 to 60 points this past season, but he wasn't a factor in the playoffs. He was demoted to fourth-line center at times and averaged 11:08 of ice time in the Wild's first-round defeat after playing 18:15 per game in the regular season. Much like Holloway, a bigger opportunity on another team could be enticing for Rossi.
Minnesota is finally freed from the most expensive portions of Zach Parise's and Ryan Suter's buyouts, and management is on the record about wanting to be aggressive with the newfound flexibility. Extending superstar Kirill Kaprizov and going shopping on the free-agent market might not leave enough money to give Rossi what he hopes for.
Will Cuylle
With Knies likely unattainable, Cuylle could be a cheaper option for teams in the market for a heavy winger. The 23-year-old managed 20 goals and a whopping 301 hits this season for the Rangers while averaging only 15 minutes per night. Cuylle also led the Blueshirts at plus-12.
The Rangers aren't in a position to give up on young players, but they enter the offseason with only $8.4 million in cap space and a long list of areas to improve. Trading a veteran could open up some money to sign Cuylle or the other six RFAs on the books. The Rangers are arguably the team most vulnerable to an offer sheet on this list.
(Salary-cap info source: PuckPedia)
(Advanced stats source: Evolving-Hockey)
