The practice of signing restricted free agents to offer sheets remains a seldom-used strategy among NHL general managers. Since the establishment of the salary cap two decades ago, only twelve players have been signed to offer sheets, with merely four—Dustin Penner, Jesperi Kotkaniemi, Dylan Holloway, and Philip Broberg—successfully departing their original teams. The signings of Holloway and Broberg by the St. Louis Blues last August sent ripples through the league, marking the first occasion in the cap era that two players from the same organization (specifically, the Edmonton Oilers) were both lured by the same team simultaneously. The Blues were able to acquire both players without exceptionally high offers, as the Oilers' salary cap constraints allowed St. Louis to secure these two contracts at manageable figures. 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.

Historically, offer sheets have often been perceived negatively by general managers, leading to concerns about fostering ill will between franchises and sparking retaliatory bids. This sentiment was evident during the Montreal Canadiens' unsuccessful bid for Sebastian Aho from the Carolina Hurricanes in 2019, which was followed two years later by the Hurricanes signing Kotkaniemi away from the Canadiens. However, Blues general manager Doug Armstrong dismissed such apprehensions, stating, 'If there is a GM code not to do offer sheets, no one emailed it to me.' Armstrong emphasized that he views offer sheets as a legitimate tool within the Collective Bargaining Agreement (CBA) that should be utilized. His perspective may resonate with some of his colleagues, particularly as the salary cap is projected to escalate to $92.4 million for the 2025-26 season, potentially encouraging GMs to pursue offers from cap-strapped rivals. Players like Evan Bouchard of the Edmonton Oilers are among those likely to become restricted free agents this summer, representing potential targets for offer sheets in the upcoming offseason.

The St. Louis Blues, while successfully acquiring Holloway and Broberg, may find themselves in a precarious situation regarding their own restricted free agents. They are projected to possess $3.1 million in cap space next season with a $92.4 million salary cap, maintaining contracts with twenty active roster players. Notably, defenseman Scott Perunovich and goaltender Joel Hofer will enter restricted free agency with arbitration rights. Hofer, 24, could attract attention as a potential offer-sheet target from teams looking to bolster their goaltending depth. He is currently completing a two-year contract at an AAV of $775,000, and with a career record of 29 wins, 18 losses, and three overtime losses, alongside a 2.75 goals-against average and a .910 save percentage, Hofer may prove an appealing option for clubs. Should he receive an offer in the range of $2.5 to $3 million for a two-year deal, the compensation owed to the Blues would be a second-round draft pick.

Kaapo Kakko entered the season under a cloud of uncertainty while playing for the New York Rangers. His sharp decline in production—dropping from a promising 40 points in the 2022-23 season to just 19 points in 61 games last year—ignited discussions of potential trades until he ultimately signed a one-year contract worth $2.4 million with the Rangers. The second overall pick in the 2019 NHL Draft, Kakko faced challenges in living up to expectations as a scoring winger. After managing only 14 points in 30 games, he was traded to the Seattle Kraken on December 18, a move that revived his performance. In his time with the Kraken, Kakko notched 13 points in 14 games, placing him on course to achieve 40 points for the remainder of the season and a career-best total of 54 points. This potential uptick in production strengthens his case for a lucrative new contract with Seattle, especially as he now possesses arbitration rights. With the Kraken projected to have $12.5 million under the $92.4 million cap and 16 players already under contract, they may find it challenging to retain Kakko, particularly if he seeks a significant raise. An offer sheet in the realm of $4.5 million annually could be on the table, with the compensation cost for Seattle being a second-round draft pick.

In a season marked by struggles following a President's Trophy-winning campaign, the New York Rangers are currently contending for a wild-card spot in the Eastern Conference. In December, the management initiated changes by trading away former captain Jacob Trouba to the Anaheim Ducks, as well as winger Kakko to the Kraken. Disposing of Trouba’s $8.5 million cap hit cleared valuable space, projecting the Rangers to have $23.3 million in cap space if the salary ceiling increases to $92.4 million. This projected space could facilitate the re-signing of restricted free agents such as Will Cuylle, Adam Edstrom, and K'Andre Miller, while also providing sufficient funds to add a backup goalie should Jonathan Quick leave the team as a free agent or opt for retirement. General manager Chris Drury may allocate a considerable portion of this cap space to enter the free-agent market, possibly constraining their ability to re-sign RFAs like Miller, who is currently completing a two-year contract with an AAV of $3.9 million. Given these developments, Miller could emerge as an offer-sheet candidate. Although the 24-year-old defenseman has experienced a challenging season, he previously set a career-best with 43 points in 2022-23, subsequently accumulating 30 points in the last season. A change of scenery might aid in restoring his form. An offer sheet valued at $5 million annually over two years could lure him from the Rangers, particularly if they engage heavily in the trade market. The compensation for signing Miller would consist of a first and a third-round pick, provided he remains on the roster until free agency commences in July.

Matthew Knies, after showcasing promise as a power forward last season, is solidifying his role on the Toronto Maple Leafs. The 6'3", 227-pound winger has already recorded 16 goals and 28 points in 45 games this season, establishing new career-highs and putting himself in contention to surpass last year's total of 35 points over 80 games. At just 22 years of age, Knies is projected to conclude the season with around 30 goals and 45 points. Currently in the last year of his entry-level contract, he does not possess arbitration rights, which affords Leafs management substantial leverage in negotiations. However, should Knies reach or exceed 30 goals, he may position himself for a raise ranging between $5.5 million and $6.5 million annually. A rival organization extending an offer sheet at this financial tier would necessitate their surrendering a first and a third-round pick as compensation if the Maple Leafs opt not to match the proposal. If the salary cap rises to $92.4 million next season, the Maple Leafs could have an estimated $27.4 million in cap space. Nonetheless, a significant portion of this budget may need to be allocated to re-signing impending unrestricted free agents Mitch Marner and John Tavares, which might complicate the matching of any substantial offer sheet for Knies.

The Edmonton Oilers boast one of the most formidable scoring duos in the NHL with superstar forwards Connor McDavid and Leon Draisaitl. Complementing their offensive firepower is defenseman Evan Bouchard, who is set to become a restricted free agent this summer, positioning himself as a valuable asset with arbitration rights. Bouchard, 25, is coming off two successful seasons with 40-plus point totals before recently reaching a career-high of 82 points. While his production has dipped this season with 35 points in 46 games, he remains on track to surpass the 60-point mark. As a talented offensive defenseman, Bouchard may seek a notable increase over his current cap hit of $3.9 million annually. Still, with the Oilers facing projected cap space of $16 million should the cap reach $92.4 million, they could attempt to negotiate a deal in the vicinity of $7.5 million annually. Conversely, an interested competitor could extend an offer exceeding $9 million annually, an offer sheet set at $9.5 million would attract a hefty compensation cost of two first-round picks, a second, and a third-round pick. However, the Oilers might match any such offer, albeit potentially leaving them with limited salary cap space to fill other roster needs.