The tactic of signing restricted free agents to offer sheets has historically been underutilized among NHL general managers. Since the introduction of the salary cap two decades ago, only 12 players have signed offer sheets, with only four–Dustin Penner, Jesperi Kotkaniemi, Dylan Holloway, and Philip Broberg–successfully making the transition to a new team. Notably, the signings of Holloway and Broberg by the St. Louis Blues last August created ripples throughout the NHL, marking the first time in the cap era that two players from the same team, specifically the Edmonton Oilers, were signed simultaneously by another franchise. The deals were made possible not by outrageous offers but by the Oilers' limited cap space, allowing St. Louis to acquire both players at manageable contract values. Holloway signed a two-year contract with an average annual value of $2.3 million, while Broberg agreed to a two-year deal worth an average of $4.6 million.

The general perception among NHL general managers has been that offer sheets could foster negative sentiments and provoke retaliation, as evidenced by the Montreal Canadiens' unsuccessful attempt to sign Sebastian Aho from the Carolina Hurricanes in 2019, which later resulted in the Hurricanes signing Kotkaniemi in return. However, Blues general manager Doug Armstrong expressed a disregard for such unwritten codes, stating, 'If there is a GM code not to do offer sheets, no one emailed it to me.' He highlighted that offer sheets are a tool permitted by the collective bargaining agreement (CBA) and suggested that they should be used effectively. Armstrong's comments may indicate a shift in mindset among his contemporaries, especially with the salary cap projected to rise to $92.4 million for the 2025-26 season, prompting others to consider targeting financially constrained rivals.

In the upcoming summer, players like Evan Bouchard of the Edmonton Oilers will be among the restricted free agents who could draw interest through offer sheets, as detailed in Moneyline's projected profiles of potential targets. Meanwhile, the Blues find themselves in a precarious situation, with Armstrong facing potential difficulties retaining his own players due to projected cap space of only $3.1 million next season under a $92.4 million cap. The Blues' restricted free agents with arbitration rights include defenseman Scott Perunovich and goaltender Joel Hofer. Hofer, 24, may attract attention from teams in need of goaltending depth as he finishes a contract with an AAV of $775,000 and a solid career record of 29 wins against 18 losses, accompanied by a 2.75 goals-against average and a .910 save percentage.