Signing restricted free agents to offer sheets remains a rarely used tactic among NHL general managers. Since the imposition of the salary cap 20 years ago, only 12 players have signed offer sheets. Only four–Dustin Penner, Jesperi Kotkaniemi, Dylan Holloway, and Philip Broberg–were successfully signed away.

The signings of Holloway and Broberg by the St. Louis Blues last August sent a shock wave throughout the NHL. It was the first time in the cap era two players from the same team (in this case, the Edmonton Oilers) were signed at the same time by the same team.

It didn't take mind-blowing offers for the Blues to land both players as the Oilers' lack of cap space allowed St. Louis to sign the duo to affordable contracts. Holloway accepted a two-year contract with an average annual value of $2.3 million, and Broberg agreed to two years with an AAV of $4.6 million.

For years, there was a sense that offer sheets were frowned on by general managers, that it would lead to bad feelings and tit-for-tat offer-sheet bidding, as when the Montreal Canadiens unsuccessfully attempted to sign Sebastian Aho from the Carolina Hurricanes in 2019, only to have the Hurricanes sign away Kotkaniemi two years later.

However, Blues general manager Doug Armstrong was unconcerned. "If there is a GM code not to do offer sheets, no one emailed it to me," he said, pointing out it's a tool within the CBA that he believes everyone should use. He also said he doesn't believe that they hurt an organization.

Armstrong's comments could reflect a similar attitude among some of his peers. With the salary cap projected to rise to $92.4 million for 2025-26, others might follow his example and attempt to target cap-strapped rivals.

Players like the Edmonton Oilers' Evan Bouchard will become restricted free agents this summer. He's among five we've listed as potential offer sheet targets during the 2025 offseason. Read along to find out why, and let us know your thoughts on this topic in the app comments below.

Joel Hofer, St. Louis Blues

St. Louis Blues general manager Doug Armstrong took advantage of the Edmonton Oilers' salary-cap constraints last summer to sign away Dylan Holloway and Philip Broberg with offer sheets. However, his cap limitations for 2025-26 could lead to one of his players being signed away by an offer sheet.

The Blues would have a projected cap space of $3.1 million next season under a $92.4 million salary cap with 20 active roster players under contract. Defenseman Scott Perunovich and goaltender Joel Hofer are restricted free agents with arbitration rights.

Hofer, 24, could become an offer-sheet target for clubs seeking goaltending depth. He's completing a two-year contract with an AAV of $775,000. He has a career record of 29 wins, 18 losses, and three overtime losses with a 2.75 goals-against average, a save percentage of .910, and two shutouts.

Hofer won't get any opportunity for a starter's job with Jordan Binnington entrenched in that role with the Blues. Perhaps he'd be open to an offer of between $2.5 million and $3 million on a two-year deal with the compensation to the Blues of a second-round pick.

Kaapo Kakko, Seattle Kraken

A cloud hung over Kaapo Kakko entering this season with the New York Rangers. The decline in his production from a promising 40 points in 2022-23 to 19 points in 61 games last season made him the subject of trade speculation until he signed a one-year, $2.4 million contract with the Rangers for this season.

Chosen second overall by the Rangers in the 2019 NHL Draft, Kakko struggled to meet expectations as a scoring winger. After tallying 14 points in 30 games, the Rangers shipped him to the Seattle Kraken on Dec. 18.

The move rejuvenated Kakko, who collected 13 points in 14 games with the Kraken, putting him on pace for 40 points for the remainder of the season and a career-best total of 54 points. That will boost his case for a lucrative new contract with the Kraken, especially with his arbitration rights.

With a projected $12.5 million under a $92.4 million cap and 16 roster players under contract, the Kraken could find it difficult to re-sign Kakko if he seeks a significant raise. He could receive a two-year offer sheet worth $4.5 million annually. The compensation cost in that case is a second-round draft pick.

K'Andre Miller, New York Rangers

From President's Trophy winner last season to battling for a wild-card berth in the Eastern Conference, the New York Rangers are having a difficult season. Management started shaking things up in December, trading former captain Jacob Trouba to the Anaheim Ducks and winger Kaapo Kakko to the Seattle Kraken.

Trading Trouba cleared his $8.5 million cap hit from their books for next season, giving them a projected cap space of $23.3 million if the ceiling rises to $92.4 million. That would be enough to re-sign restricted free agents like Will Cuylle, Adam Edstrom, and K'Andre Miller and room to add a backup goalie if Jonathan Quick departs as a free agent or retires.

Rangers general manager Chris Drury could use a big chunk of that cap space to dive into the free-agent market, leaving little room for re-signing RFAs like Miller, who is completing a two-year contract with an average annual value of $3.9 million.

Miller could become an offer-sheet candidate. The 24-year-old defenseman has had a difficult season but so has most of his teammates. He had a career-best 43 points in 2022-23 and 30 points last season.

Changing teams could help Miller regain his form. A two-year offer sheet worth $5 million annually could be enough to pry him away from the Rangers, especially if they spend big in the trade market. The compensation price would be a first and a third-round pick. That's assuming the Blueshirts haven't traded him before free agency begins in July.

Matthew Knies, Toronto Maple Leafs

After showing potential as a power forward last season, Matthew Knies is establishing himself in that role for the Toronto Maple Leafs. The 6'3", 227-pound winger has 16 goals and 28 points in 45 games. He's established a career-high already in goals and is poised to exceed last year's 35-point performance in 80 games.

Knies, 22, is on pace for 30 goals and 45 points. He's in the final season of his entry-level contract and lacks arbitration rights. Leafs management will have considerable negotiating leverage, which could push Knies toward signing an offer sheet from a rival club.

If Knies reaches or exceeds 30 goals, he could put himself in a position to request a raise to between $5.5 million and $6.5 million annually. A rival club signing him to that salary rate would have to part with a first and a third-round pick as compensation if the Leafs don't match the offer.

If the cap rises to $92.4 million next season, the Leafs could have a projected cap space of $27.4 million. However, much of that could be used to re-sign pending unrestricted free agents Mitch Marner and John Tavares. In that scenario, the Leafs could find it difficult to match an expensive offer sheet for Knies.

Evan Bouchard, Edmonton Oilers

Superstar forwards Connor McDavid and Leon Draisaitl give the Edmonton Oilers the NHL's biggest one-two scoring punch. They also possess one of the league's best puck-moving defensemen in Evan Bouchard, who is slated to become a restricted free agent this summer with arbitration rights

Bouchard, 25, had two 40-plus point performances before reaching a career-high 82 points last season. Although his production is down from that lofty number this season with 35 points in 46 games, he's on track to exceed 60 points.

A skilled offensive blueliner, Bouchard could seek a substantial raise over his $3.9 million annual cap hit on his current contract. However, the Oilers will have $16 million in projected cap space under a $92.4 million cap. They could try to get Bouchard signed to $7.5 million annually but a rival club could offer over $9 million annually.

An offer sheet of $9.5 million would come with a high compensation cost of two first-rounders, first, a second and a third-round pick. However, a club seeking a defenseman with Bouchard's offensive skills could be willing to make that pitch. The Oilers could match but it would leave them with little cap space to fill out the remainder of their roster.

Stats (as of Jan. 20, 2025) via NHL.com. Salary info via PuckPedia. Offer sheet compensation rates via The Sporting News.