Signing restricted free agents to offer sheets has historically been a rare tactic employed by NHL general managers. Since the implementation of the salary cap two decades ago, only 12 players have signed offer sheets, with just four successful cases: Dustin Penner, Jesperi Kotkaniemi, Dylan Holloway, and Philip Broberg. The signings of Holloway and Broberg by the St. Louis Blues in August 2023 sent a shockwave through the NHL landscape, marking the first time within the salary cap era that two players from the same team, the Edmonton Oilers, were signed simultaneously by another team.

The St. Louis Blues capitalized on the Edmonton Oilers' cap constraints, landing both players without making extravagant offers. Holloway accepted a two-year deal with an average annual value (AAV) of $2.3 million, while Broberg agreed to a two-year contract with an AAV of $4.6 million. While offer sheets have traditionally been viewed with skepticism among general managers due to the potential for negative ramifications and retaliatory bidding, Blues GM Doug Armstrong expressed a different perspective. He indicated that offer sheets are a legitimate tool within the Collective Bargaining Agreement (CBA) that should be utilized rather than avoided.

With the salary cap projected to rise to $92.4 million for the 2025-26 season, it is plausible that other general managers may follow suit, targeting franchises with limited cap space. One potential candidate for an offer sheet is Edmonton Oilers defenseman Evan Bouchard, who will be a restricted free agent this summer. As the St. Louis Blues look to the future, their own cap limitations for 2025-26 could result in one of their players being targeted by an offer sheet, as they are expected to have only $3.1 million in cap space under the new ceiling with 20 active roster players already contracted.