Flyers’ Record Offer Sheet Puts Ducks on the Clock for Leo Carlsson

Big drama and unprecedented money have hit the NHL offseason player market. 

A fairly conventional beginning to the league’s free-agent window, marked in part by Alex Ovechkin’s return to Washington, took a significant turn with the Flyers’ offer sheet for Ducks center Leo Carlsson.

The Flyers have tendered an offer sheet for Carlsson—a 21-year-old restricted free agent thought to be entering his professional prime—worth $90 million over five years. The average annual value of $18 million sets a new league record, surpassing the $17 million AAV for Wild star Kirill Kaprizov that goes into effect beginning with the 2026–27 season.

The Ducks now have a pivotal choice to make by 3 p.m. ET Friday. Their two options include:

• Match the Flyers’ offer and retain Carlsson at the unprecedented figure. Thanks to a league record $104 million salary cap for the forthcoming season, keeping Carlsson would still leave the Ducks with nearly $10 million in cap space. Anaheim, however, would see Carlsson soak up more than 17% of their total cap. The Ducks are also obligated to match the specific terms of the Flyers’ offer, which is significantly front-loaded and based heavily on signing bonuses, including one for the upcoming season of nearly $20 million.
• Allow Carlsson to leave for Philadelphia and take back four first-round draft picks over the next four years from the Flyers as compensation. 

The situation is even more notable because Carlsson is not yet an established superstar, though he was the No. 2 pick in the 2023 NHL draft. In three years of NHL play, Carlsson has elevated his production each season, reaching 67 points in the 2025–26 campaign. Anaheim, however, missed the postseason in two of those years.

By comparison, Kaprizov already had five years in the league when he signed his eight-year, $136 million pact last year, including three 40-goal seasons.

As a result, there will almost certainly be a sizable carryover effect from the Carlsson deal, escalating the future contracts of more proven talents elsewhere in the NHL. The same will likely be true for other young phenoms such as the Blackhawks’ Connor Bedard and Sharks’ Macklin Celebrini. Bedard is currently a restricted free agent, while Celebrini will become one next year if he doesn’t sign an extension with San Jose before then.