The St. Louis Blues\' successful acquisition of restricted free agents Dylan Holloway and Philip Broberg from the Edmonton Oilers via offer sheets last August has potentially changed the NHL landscape heading into the 2025 offseason, according to The Athletic.
Blues GM Doug Armstrong structured the offers precisely to minimize draft compensation. Broberg received a two-year deal worth $4,580,917 (one dollar below the threshold requiring a first-round pick), while Holloway signed for $2,290,457 (one dollar below the threshold for a second-round pick). Armstrong even reacquired a previously traded draft pick to make the moves possible.
The strategy has paid dividends, with Holloway recording 26 goals and 63 points in 76 games, while Broberg is averaging over 20 minutes per game with eight goals and 27 points. The Blues are now playoff-bound and riding a 10-game winning streak.
\"It was smart and probably an eye-opener,\" New Jersey Devils GM Tom Fitzgerald told The Athletic.
Agent Allan Walsh was more emphatic: \"This coming offseason will be known as \'the summer of offer sheets.\' It will be.\"
Several factors could drive this trend, including the NHL\'s rare announcement of salary cap projections for the next three seasons - $95.5 million for 2025-26, $104 million for 2026-27, and $113.5 million for 2027-28. This unprecedented financial clarity gives teams more confidence in long-term planning.
Walsh also cited the weak unrestricted free agent market as a factor, noting: \"Would you rather devote $6, $7, $8 million to a 31-year-old where you have to attach term to that deal? Or would you rather throw that money at a 23- or 24-year-old and have a guy that, if you\'re successful, you\'re getting him for the prime of his career?\"
Among the notable restricted free agents potentially available this offseason are Minnesota\'s Marco Rossi, Toronto\'s Matthew Knies, Edmonton\'s Evan Bouchard, and Buffalo\'s JJ Peterka. Walsh claimed one GM specifically told him, \"My goal this summer is to do an offer sheet.\"
Not all executives share this outlook. Some GMs at recent meetings suggested the rising cap might actually make offer sheets less effective, as teams will have more financial flexibility to match offers. \"I don\'t know how teams will get caught with their pants down,\" Fitzgerald said. \"If they want to match, they should be able to match.\"
Armstrong maintains his moves weren\'t intended to challenge NHL norms: \"I don\'t think you do it to drive the price up. I think you do it because you believe you can get the player. Personally, I think it\'s bad business to do it to harm someone. You do it to improve yourself.\"
Looking back at his successful strategy, Armstrong expressed no regrets: \"They both have played very well for us. They fit in... we have a whack of players in that same age group, and they\'re starting to grow together. It\'s been a good fit for us. So I\'m glad we did it. If I had to do it all over again, I would.\"