Lack of Offer Sheets This Summer Came Down to ONE Big Factor

Dylan Holloway & Philip Broberg celebrate a goal for the St Louis Blues

After the widely successful double-Offer Sheet splash that the St. Louis Blues made last summer in pilfering two up-and-coming Edmonton Oilers—Philip Broberg and Dylan Holloway—everyone thought that 2025 would be The Summer of the Offer Sheet around the NHL. But despite a number of enticing restricted free agents available, it's been complete crickets on that front. Why?

Insider Elliotte Friedman of Sportsnet explained on the 32 Thoughts Podcast that there's one main reason:

There's been a lot of talk about why Offer Sheets didn't happen this year after what St. Louis did last year. I really believe it comes down to... the whole thing with (consensus No. 1 pick in the 2026 NHL Draft) Gavin McKenna has terrified teams from doing the Offer Sheet. This is a player with a chance to do some great things in the NHL... and I really think that scared some teams away.

The compensation this year for signing a player to an offer sheet worth anything north of $4.68 million AAV would include a first-round pick in the '26 Draft. And no team wants to give up their pick and miss out on the opportunity of winning the lottery and having the chance to select McKenna with that No. 1 pick.

The 17-year-old McKenna led the Medicine Hat Tigers to the WHL title last season with an outrageous year that included 41 goals, 88 assists and 129 points in 56 games, with a plus/minus rating of +60. He added another 38 points in 16 playoff games.

As for the top potential RFA offer sheet candidates this summer, they're all now under contract with their teams, or, in the case of JJ Peterka and K'Andre Miller, traded, aside from the Anaheim Ducks' Mason McTavish—but no one expects him to be going anywhere. Luke Hughes (New Jersey Devils) and Connor Zary (Calgary Flames) are also still unsigned, but likewise, they won't be leaving their teams, either.