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What is an NHL Offer Sheet And How Does it Work? Find Out
As the St. Louis Blues make offer sheets to two promising Oilers players, here’s everything you need to know about NHL offer sheets.
Tendering Offer sheets, one of the trickiest parts of NHL contracts, was a popular tactic for signing restricted free agents from other teams, especially back in the ‘80s and ’90s. Each summer seemed to bring its own offer sheet drama.
However, nowadays, it's pretty rare to see NHL teams use offer sheets, particularly in the salary-cap era. But on Tuesday, the St. Louis Blues stirred up the hockey world with an exciting move to try and snag two young talents from the Edmonton Oilers. So, what exactly is an NHL offer sheet? Here’s a breakdown of all you need to know!
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What is an offer sheet in the NHL?
An offer sheet in the NHL is a contract proposed by one team to a restricted free agent, whose rights are owned by a different team.
If the player decides to sign this offer sheet, the original team has two choices: match the offer, effectively taking on the new contract as is, or refuse to match.
If the team declines to match, the player moves to the team that made the offer, and the original team receives draft pick compensation based on the value of the offer sheet.
NHL Offer Sheet Compensation
Offer sheet compensation is divided into seven tiers based on the average annual value (AAV) of the offer sheet.
In the past, compensation could include players, draft picks, or cash, but now, only draft picks are given in return for not matching an offer sheet.
Here’s how the tiers break down:
| AAV | Compensation |
|---|---|
| $1 - $1,511,701 | None |
| $1,511,701 - $2,290,457 | 1 3rd-round pick |
| $2,290,457 - $4,580,917 | 1 2nd-round pick |
| $4,580,917 - $6,871,374 | 1 1st-round pick, 1 3rd-round pick |
| $6,871,374 - $9,161,834 | 1 1st-round pick, 1 2nd-round pick, 1 3rd-round pick |
| $9,161,834 - $11,452,294 | 2 1st-round picks, 1 2nd-round pick, 1 3rd-round pick |
What are the NHL offer sheet rules?
To be eligible for an offer sheet, a player must meet the following criteria:
- Have at least one expired NHL contract.
- Have played a minimum of 80 NHL games as a forward or defenseman, or 28 NHL games as a goalie (this applies only to players with three years of NHL service).
- Be under 27 years old on July 1 of that year.
- Be without a contract for the upcoming season.
- Receive a qualifying offer from their current team by June 25 or the Monday following that year’s NHL Entry Draft (whichever comes later).
If a player doesn’t meet these conditions, they become an "unrestricted free agent" and cannot receive an offer sheet. We have also covered what it means to have a Qualifying offer in the NHL; if you’re interested, go give it a read!
NHL Offer Sheet History
Let’s take a look at some offer sheets signed during the salary-cap era.
| Date | Player | Offering Team | Offer | Result | Comments |
|---|---|---|---|---|---|
| Sept. 12, 2006 | Ryan Kesler | Philadelphia Flyers | 1 year, $1.9 million | Vancouver Canucks match | Kesler used the money to buy a boat named 'Offer Sheet'. |
| July 6, 2007 | Thomas Vanek | Edmonton Oilers | 7 years, $7.14 million | Buffalo Sabres match | Vanek became one of the highest-paid NHL players. |
| July 26, 2007 | Dustin Penner | Edmonton Oilers | 5 years, $4.3 million | Anaheim Ducks receive 1st, 2nd, 3rd round picks 2008 | Led to infamous "barn fight" challenge between GMs. |
| July 1, 2008 | David Backes | Vancouver Canucks | 3 years, $2.5 million | St. Louis Blues match | Backes had a breakout season with 31 goals next year. |
| July 8, 2008 | Steve Bernier | St. Louis Blues | 1 year, $2.5 million | Vancouver Canucks match | Considered a “Revenge Offer Sheet” after the Backes attempt |
| July 9, 2010 | Niklas Hjalmarsson | San Jose Sharks | 4 years, $3.5 million | Chicago Blackhawks match | Key player in Blackhawks’ 2013 and 2015 Stanley Cup wins. |
| July 18, 2012 | Shea Weber | Philadelphia Flyers | 14 years, $7.86 million | Nashville Predators match | Predators shocked the NHL by matching the massive offer. |
| Feb. 28, 2013 | Ryan O’Reilly | Calgary Flames | 2 years, $5 million | Colorado Avalanche match | Flames dodged a waiver disaster by the Avalanche matching. |
| July 1, 2019 | Sebastian Aho | Montreal Canadiens | 5 years, $8.45 million | Carolina Hurricanes match | Aho was too valuable for the Hurricanes to let go. |
| Aug. 28, 2021 | Jesperi Kotkaniemi | Carolina Hurricanes | 1 year, $6.1 million | Montreal Canadiens receive 2022 1st and 3rd round picks | Seen as revenge for the Aho offer sheet two years prior. |
| Aug. 13, 2024 | Philip Broberg | St. Louis Blues | 2 years, $4.58 million | Undecided | Broberg is a former first-round draft pick. |
| Aug. 13, 2024 | Dylan Holloway | St. Louis Blues | 2 years, $2.29 million | Undecided | Holloway also a former first-round pick |
And now, we wait. Will Bowman match one of the offers? Both? Neither? Further complicating things, a player must remain with his team for a year if the team matches an offer sheet for him.
The Blues' offer sheets to Philip Broberg and Dylan Holloway
The Blues have missed the playoffs for the past two seasons and are now in a period of change. Last season, they replaced coach Craig Berube with Drew Bannister. This summer, they’ve made some roster changes, including sending center Kevin Hayes to the Pittsburgh Penguins and acquiring center Radek Faksa and veteran defenseman Ryan Suter from the Dallas Stars.
The Blues have a lot of promising young talent, especially forwards Robert Thomas and Jordan Kyrou. However, many of their key players are either in or approaching their 30s.
Broberg and Holloway, both former first-round draft picks, are finishing their entry-level contracts. They have their best years ahead of them and would bring a boost of youth and skill to the Blues' lineup.
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