The Anaheim Ducks have matched the Philadelphia Flyers' five-year, $90 million offer sheet to Leo Carlsson, keeping the rising star and creating a little bit of a cap squeeze for the team.

The $18 million average annual value on the offer sheet makes Carlsson, 21, the highest-paid player in the NHL, passing the $17 million for Minnesota Wild star Kirill Kaprizov. The Flyers would have owed the Ducks four first-round picks if they had not matched.

With the match and the recent re-signing of defensemen Pavel Mintyukov and Tyson Hinds, the Ducks have about $9 million in remaining cap space according to puckpedia.com

Cutter Gauthier, the team's leading scorer, still has to sign and that cap space might not be enough after a 41-goal season. The Ducks' defense also could use an upgrade. That means general manager Pat Verbeek might have to trade a veteran or two to be cap-compliant.

Here's what to know about the Ducks matching the Flyers' offer sheet:

Leo Carlsson contract details

The Flyers' offer sheet was structured to make Carlsson's payouts mostly signing bonuses. Here are the details:

Carlsson offer sheet with #LetsGoFlyers breakdown:

Yr 1: $850K Salary, $19.95M Signing Bonus
Yr 2: $900K/$18.1M
Yr 3: $950K/$17.05M
Yr 4: $1M/$15.2M
Yr 5: $1M/$15M

NMC in Yr 5

Signing Bonus per @reporterchris

Rep’d by Matt Keatorhttps://t.co/dXmNTJXiYu

— PuckPedia (@PuckPedia) July 3, 2026

Leo Carlsson stats

Carlsson was the No. 2 overall pick of the 2023 NHL Draft behind Chicago's Connor Bedard. He had a breakthrough 67 points in 70 games last season. He was named to the Swedish Olympic team but wasn't able to play because of a leg injury.

In his first three years, he has 141 points in 201 games.

This article originally appeared on USA TODAY: Ducks match Flyers' massive offer sheet to Leo Carlsson: What it means

It was only a matter of time, and the Ducks used every last second they had. On Thursday, the Ducks announced that they had matched the Philadelphia Flyers' five-year, $90 million offer sheet to forward Leo Carlsson. If they had decided not to match, they would have received four first-round picks.

Carlsson, 21, was a pending RFA and coming off a 67-point season in his third NHL season. This move locks down the Ducks' No. 1 center for the next five years. It also adds an $18 million-sized cap hit to their 2026-27 salary cap. Per PuckPedia, the Ducks have a little over $9 million in cap space. Cutter Gauthier, who scored 41 goals last season, is still a pending RFA and will surely be looking for an AAV in that range--or higher.

“Matching the offer sheet was an easy decision, as Pat has intelligently left enough cap space to give us the ability to retain Leo,” Ducks owners Henry and Susan Samueli said via press release. “We have extremely high expectations for Leo. We firmly believe he will continue his strong growth trajectory and become one of the truly elite centers in the league, while continuing to make a strong impact in our community.”

“We are very happy to have Leo under contract for five years,” Ducks general manager Pat Verbeek said in the same release. “We have viewed Leo as a franchise player since the moment we met him prior to the 2023 draft. He’s a character person on and off the ice. Leo is viewed as a top player in this league, and it was always our intention to match any offer sheet.”

How did we get here?

In Nov. 2025, Ducks general manager Pat Verbeek said during an interview on Victory+ that contract extension discussions had been paused with the likes of Carlsson and Gauthier, stating that they wanted to see how the market settles. "I really don't want to get into too hard of it because I want the players to keep playing well and not think about their contracts."

In late January, during another interview on Victory+, Verbeek reiterated that he had tabled contract extension discussions with the camps of Carlsson and Gauthier, saying that he wanted both players to be focused on making the playoffs. "There's plenty of time to deal with it," Verbeek said at the time. "We'll deal with it when the season's over and beyond."

That's all fine and dandy, but it didn't sound like much progress had been made in the month and a half between the Ducks' season ending on May 14 and June 26, when Verbeek spoke to the media after Day 1 of the 2026 NHL Draft.

"They're ongoing. That's all I can say. We're talking, and we'll see where it goes."

- -Ducks GM Pat Verbeek when asked about the progress of contract extension talks with Leo Carlsson and Cutter Gauthier.

The bombshell dropped on July 3 shortly after noon PT, when the Flyers tendered the offer sheet that rocked the NHL. $85.3 million of Carlsson's $90 million was made up in signing bonuses, a contract element that the Samuelis do not typically include in their players' contracts.

Just a day before the offer sheet was officially tendered, a report came from Sportsnet's Elliotte Friedman that the Ducks were willing to match any offer sheet for Carlsson. Was it meant to be a scare tactic? Perhaps Verbeek--and cap guru Jeff Solomon--felt they had gauged the market well enough that any offer sheet that came their way would be an easy decision to match.

However, nothing could have prepared them for the amount or the structure of the Flyers' offer sheet. Your offer has to be big enough to give the opposing party pause, which is exactly what the Flyers' offer did. "I don't think (the Ducks) thought it was going to go here," Friedman said on 32 Thoughts: The Podcast. "I don't think they thought it was going to go to 18 (million). And that is the lesson that everybody learns now, is that we better take care of our business; we better know our business; we better be sure of our business because we are now more vulnerable than ever. The NHL is changing."

Friedman also said that the morning the offer sheet was tendered, the Ducks reportedly offered a $12-13 million AAV contract extension while Carlsson's representation countered with $15 million. The Ducks said no.

We've seen teams be proactive in locking down their budding stars to long-term extensions before they ever reach restricted free agency. The Montréal Canadiens did it with Lane Hutson and Ivan Demidov. The New Jersey Devils did it with Jack Hughes. The Dallas Stars did it with Wyatt Johnston. The only player that Verbeek has gotten ahead of signing prior to hitting restricted free agency is defenseman Jackson LaCombe, who signed an eight-year, $72 million extension last October.

Troy Terry was arbitration eligible in 2023, when he became an RFA. He filed for arbitration and was just moments away from his arbitration hearing when his seven-year extension was finalized. Goaltender Lukáš Dostál also filed for arbitration last summer when he became an RFA, though a five-year extension was agreed to before a hearing date was ever set. Trevor Zegras, Jamie Drysdale and Mason McTavish all had their contract negotiations extend into training camp, with deals eventually agreed to. But all three of those players now no longer play for the Ducks.

Now, there's no doubt that negotiations are a two-way street, and it's a smart play for Ryan and Matt Keator (Carlsson's camp) and Kurt Overhardt (Gauthier's camp) to delay extension talks until season's end. Why sign now when you could have a breakout season and get even more in the offseason? Gauthier is not offer sheet-eligible, but Carlsson forced Verbeek's hand by accepting the Flyers' offer sheet. Would negotiations have dragged on for Carlsson as much as they had for some of his current and former teammates if he hadn't?

What happens now?

The Ducks have retained their No. 1 center. He was always destined for that spot after being selected with the second overall pick in the 2023 draft, but the exoduses of Zegras and now McTavish have all but cemented that. It's true, the $18 million AAV becomes quite troublesome for the 2026-27 season. With Gauthier still needing a contract and the blue line still a bit depleted after the departures of Radko Gudas, Jacob Trouba and John Carlson, it's difficult to envision this season's team being much stronger than the one from this past season.

As the last six days passed by, there has been mixed reactions and debates from Ducks fans on social media about Carlsson's approach. Some of them have questioned his level of selflessness and desire to remain a Duck. He will have the opportunity to lay out his reasons when the time comes.

With the current team still needing a few reinforcements, Verbeek will have to perform surgery on his roster, working to free up salary any way he can. The most likely scenario is jettisoning Frank Vatrano and his $4.57 million cap hit to a team that needs to hit the cap floor, attaching a draft pick as compensation for doing so. On the backend, players like Tristan Luneau and Tyson Hinds will be relied on heavily to fill everyday NHL roles. 2025 10th overall pick Roger McQueen could also be in the mix for a top-6 forward role.

It wasn't going to be a pretty situation either way. You lose your budding star and No. 1 center, or you get four first-round picks and essentially have to restart your rebuild (again). Verbeek chose the option that would put him in less hot water.

The Chicago Blackhawks are in trouble. They are not going to have Connor Bedard until the middle of November due to shoulder surgery that he had on Wednesday. 

With Bedard out, a potential 30 goal/point per game player is missing from the forward group. A lot of offense coming out of the lineup is less than ideal for a team that has already struggled to score in recent years. 

There are a handful of moves that could be made to help while Bedard is out, and be there as support when he comes back. Whether it is a trade or a free agent signing of whoever is left, Kyle Davidson is likely looking to make another move for a forward who can score. 

Among the options is Patrick Kane, who is a legendary player already, with most of his damage coming as a member of the Chicago Blackhawks from the time he was the number one overall pick in 2007 to 2023, when he was traded away. 

During that stretch, Kane won a Hart Trophy, 3 Stanley Cups, and a Conn Smythe Trophy. Over the course of his entire career, Kane has 508 goals, 892 assists, and 1400 points in 1369 games played. There is no denying that he is one of the greatest American-born players in the history of the sport. 

It's not like Kane is a low-end player at 37 years old, either. On an up-and-down Detroit Red Wings team last year, Kane had 16 goals and 41 assists for 57 points in 67 games played. If he were put in a strictly offensive role (attacking zone starts, power play, top-six line) on the Blackhawks, his production would be right on par with those numbers. 

Would Kane play with Bedard once the young center comes back from injury? It isn't a given at even strength, although they may give it a try here and there, but they would certainly get time together on the power play. 

Not only does Kane bring exceptional skill on the ice, but he has a level of experience that very few ever achieve in an NHL career. He has made so many deep playoff runs, including winning the last game of the year, and he has also had so many disappointments.

That level of wisdom would be great for not only Bedard but also Anton Frondell, Frank Nazar, Artyom Levshunov, and other young players on the team. 

It does not sound like Kane will be making a return to the Detroit Red Wings, no matter what. That leaves the Chicago Blackhawks and his hometown Buffalo Sabres as the top two candidates.

Anything can change with one phone call, as in another team swooping in, but these two teams that he's connected to have a hockey-related need in a market that he's familiar with. 

Visit The Hockey News Chicago Blackhawks team site to stay up to date on the latest news, game-day coverage, player features, and more.

For action-packed issues, access to the entire magazine archive and a free issue, subscribe to The Hockey News at THN.com/free. Get the latest news and trending stories by subscribing to our newsletter here. And share your thoughts by commenting on the article below on THN.com or by creating your own post in our community forum.

ST. PAUL, Minn. — The list of potential destinations for Detroit Red Wings captain Dylan Larkin has reportedly grown, but the Minnesota Wild remain firmly in the conversation.

According to recent reports, Larkin has expanded the list of teams he would be willing to accept a trade to by adding the Dallas Stars.

Even with Dallas joining the mix, Minnesota remains one of just four reported destinations on Larkin's approved list, alongside the Vegas Golden Knights and Florida Panthers.

The Wild's continued inclusion is notable.

Minnesota has long been viewed as a team searching for another top-six center, and Larkin would immediately provide a proven offensive presence down the middle.

The 29-year-old has established himself as one of the NHL's premier two-way centers, combining speed, leadership, faceoff ability and consistent scoring throughout his career.

General manager Bill Guerin has never been afraid to make significant trades when the right player becomes available. His acquisition of Quinn Hughes last season demonstrated the organization's willingness to swing big when an opportunity presents itself.

Whether the Wild have the assets, or the salary cap flexibility, to complete a deal is another question entirely. 

Still, as the offseason continues, Minnesota's place on Larkin's reported trade list ensures the Wild will remain connected to one of the NHL's biggest ongoing trade storylines.

For now, the list may have expanded to four teams, but the Wild are still one of the few organizations Larkin is reportedly willing to call home if a trade ever comes together.

See more of The Hockey News on Google — Save us as Preferred Source

For action-packed issues, access to the entire magazine archive and a free issue, subscribe to The Hockey News at THN.com/free. Get the latest news and trending stories by subscribing to our newsletter here. And share your thoughts by commenting below the article on THN.com or creating your own post in our community forum.

Nikita Kucherov is a critical figure in the Florida rivalry between the Florida Panthers and the Tampa Bay Lightning.

But what if he was on the opposite side?

Former Panthers assistant GM Steve Werier appeared on The Overdrive, a TSN radio show, to answer questions about Leo Carlsson’s offer sheet and how the process works.

To better explain his point, he reflected on real-life experiences, noting how the Panthers approached offer sheets in 2016. 

Werier mentioned that the Panthers made sure to lock up key RFAs before they became offer-sheet eligible, including Aleksander Barkov, Aaron Ekblad, Jonathan Huberdeau, Vincent Trocheck, and Reilly Smith. With their own business handled, the Panthers planned to offer sheet Kucherov.

Werier spent just one season with the Panthers as the assistant GM, during the 2016-17 season, when Kucherov’s entry-level contract expired. 

In the 2016 off-season, Kucherov wasn’t the player he is now, but he was beginning to show signs of it. He was coming off consecutive 60-point seasons and scored 29 and 30 goals. In the playoffs, Kucherov notched 10 goals and 22 points in 26 games during the Lightning’s run to the Stanley Cup final in 2015.

Werier on Carlsson: 'I think they're going to match, I think it's an easy decision'Aaron Korolnek and Dave Feschuk are joined by former Florida Panthers Assistant GM Steve Werier to discuss why he believes the Anaheim Ducks should match Leo...

He may not have been the two-time Hart Trophy winner and three-time Art Ross Trophy winner, just yet, but the Panthers clearly noticed something in his development, and they were right to think that way.

In the end, the Panthers did not offer sheet Kucherov and he signed a three-year bridge deal with the Lightning. Kucherov is now considered the best winger in the NHL, and when he calls it a career, he’ll go straight to the Hockey Hall of Fame, owning all the records in Tampa Bay. 

It’s fun to take a second to imagine how differently the NHL would have looked if the Panthers had successfully offer-sheeted Kucherov. 

---

See more of The Hockey News on Google and save us as a preferred source. Get the latest news and trending stories by subscribing to our newsletter here. And share your thoughts by commenting below the article on THN.com or creating your own post in our community forum.