Offer sheets are a way for a team to acquire a restricted free agent from another team. New Jersey Devils GM Tom Fitzgerald thinks they will be used more often. To prepare for that, this post is a primer on how they work and how the Devils could use them this Summer.
One of the questions brought up to New Jersey Devils General Manager Tom Fitzgerald in May 8’s press conference was about offer sheets. Fitzgerald expects them to be used more often
Q: Tom, I’m just curious — as you and your group look ahead and plan for free agency, after the success that St. Louis had with offer sheets last offseason, are you anticipating that becoming a more widespread event around the league now?
FITZGERALD: I do, actually. It’s a tool to improve your team. But you have to have the cap space. You probably have to strategically target players to do it, knowing full well that there’s no way a team can match because they don’t have the cap space. A lot of teams have a lot more cap space. I think teams will try to do it — I just don’t know how successful they’ll be. I think the most important part of offer sheets is the player has to want to move. He’s got to want to come to your team. There’s that period where RFAs — you can talk to them. They probably have to initiate it themselves.
The context here is that St. Louis issued two offer sheets last Summer to Edmonton free agents Philip Broberg and Dylan Holloway. Both players signed the sheets as they were still waiting on a new contract from the Oilers back in August 2024. The Oilers opted to not match the offer. The Blues ended up sending picks to Edmonton to get two players who helped them quite a bit in 2024-25. Because of those successes, the question was asked and the answer was what it was.
It is absolutely another tool for Fitzgerald to potentially use in trying to make the team better for 2025-26. Let us go over the process – which in of itself is why it is not used a lot – and how the New Jersey Devils could use it this Summer.
The Offer Sheet Process
Offer sheets can only be issued to qualified restricted free agents (RFA) that have enough professional experience to earn RFA status. The majority of RFAs will meet this. As qualifying offers are only needed for a team to retain their rights, the majority are eligible for a sheet.
There are some RFAs that are ineligible because they have not had enough professional experience in the NHL. A season with professional experience is defined as 10 games played in a season. If a player signs their first contract at ages 18-21, then they have to have 3 seasons of professional experience before being a full on RFA. If they are 22 or 23, then they need 2 seasons. Anyone 24 or older only needs one. If a player does not meet this requirement and their contract ends, they are still RFAs but they cannot be given an offer sheet.
This is all to say that no NHL team can sign Luke Hughes to an offer sheet this Summer. He played in just 2 games in 2022-23 and that puts him in this category. Let me repeat that in bold: No NHL team can sign Luke Hughes to an offer sheet this Summer.
The qualifying offers are also necessary as a RFA that is not tendered one becomes an unrestricted free agent (UFA) on July 1. UFAs cannot be given an offer sheet. A team just has to make the player an offer and the player will sign with whomever he likes. This also means that offer sheets can only been given out after June 30, which is when qualifying offers are due. As with any contract, nothing new can be signed until July 1.
The process of an offer sheet is as follows.
1. Pending RFA player on Team A is qualified and is eligible for an offer sheet.
2. Team B gives the player an offer sheet, which is a contract.
3. If the player does not sign the offer sheet, then this is over. If the player does sign it, we move on.
4. Team A has 7 days to match Team B’s offer. If they do, then the player’s contract on Team A will be whatever the offer is.
5. If Team A does not match the offer, then Team B signs the player for the terms on the offer sheet. Team B then gives Team A compensation in the form of Team B’s own draft picks based on the average accrued value (AAV) of the offer sheet.
Note: The AAV of the offer sheet is the total value of the offer sheet divided by five or the length of the deal, whichever is lower. This is an important distinction; it is not necessarily the normal cap hit of the deal.
Again, the process itself shows why offer sheets have been rare. A team would need to provide a player an offer sheet the player would have to sign. That team needs to have the cap space and the amount of their own draft picks in the case that the player signs it and the original team does not match. And if the original team does match it, then it is all for naught. It worked for St. Louis last year because they had the resources and the patience to force a cap-strapped Edmonton team to consider taking the picks. That is not an easily repeatable situation.
What amounts determine the compensation? That changes from season to season. Every year, the NHL announces the tiers for draft pick compensation for offer sheets. They did so for 2025 on May 13. From Sportsnet:
Offer sheet AAV: $1,544,424 or less – No draft pick compensation.
Offer sheet AAV: $1,544,425 to $2,340,037 – Third round pick
Offer sheet AAV: $2,340,038 to $4,680,076 – Second round pick
Offer sheet AAV: $4,680,077 to $7,020,113 – First and third round picks
Offer sheet AAV: $7,020,114 to $9,360,153 – First, second, and third round picks
Offer sheet AAV: $9,360,154 to $11,700,192 – Two first round picks, a second, and a third round pick
Offer sheet AAV: Over $11,700,192 – Four first round picks
It is a lot to consider and the process itself requires agreement from the RFA player and the team to not match the offer sheet in order to get said player. And that offer sheet cannot be negotiated either. It is not a simple tool to use to get a player. It is not as direct like a trade or even free agency. But it is a way to get someone from another team without making a deal.
Offer Sheets and the 2025 New Jersey Devils
With all that covered about the process, how does it apply to the Devils for this offseason?
I would not worry about other teams issuing an offer sheet to a New Jersey Devils RFA. Luke Hughes cannot be given an offer sheet. If a team wants to squeeze Fitzgerald over Cody Glass, then it may be worth it to take the picks. Ditto for Nolan Foote – assuming he is qualified. I doubt either would garner such attention this Summer.
Could the Devils issue one themselves? The Devils do have their draft picks from 2026 and onward save for a third rounder in 2027. This means Fitzgerald can provide the compensation for any of the offer sheet tiers. Given that the Devils should look to contend, the picks are not going to be as valuable as they would be for a rebuilding or retooling team. Depending on how you feel about the drafts under Fitzgerald and Paul Castron, there may be more value in using picks in this way instead of at the draft. The main benefit of an offer sheet is to get someone to help right now. Something a contending team may want to prioritize over hoping a third, second, or even first round selection works out over time. The Devils can afford to spend some picks.
The challenge will be the actual money. Again, the Devils’ $12 million in projected cap space is not a lot considering the kind of contract Luke Hughes could and should get. Even if the Devils buy out a player or two and bury Kurtis MacDermid’s salary in Utica, the savings of an extra $2-3 million may be earmarked to spend on replacing most of the bottom six forwards from last season. Being able to offer sheet a player for over $7 million may not be feasible under the cap. As much as I would like to see him swing big for John-Jason Peterka or Matthew Knies, an offer sheet for either and re-signing Luke Hughes and filling out the rest of the roster may be too much to do. Besides, Fitzgerald should be looking for trade deals if they and others (Marco Rossi!) are available.
This is not to say I would recommend against using offer sheets.
Suggestions on How the Devils Can Best Use Offer Sheets This Summer
First and foremost, I would want the Devils to wait a bit into the offseason before considering an offer sheet. Everyone has to wait until RFAs are qualified and the beginning of free agency has most unrestricted free agents signed. July 1 alone represents the majority of signings. A lot of teams will be spending a lot of their cap space on that date and will have plenty of their own RFAs signed into July. The teams most at risk of receiving an offer sheet are those who have RFA players who are good and salary cap constraints that keep those RFA players from being signed. Projections for 2025-26 show that everyone has at least $5.87 million in cap space for next season. By July 2, 2025, there will be more teams closer and teams much closer to the new $95.5 ceiling. Those are the teams to target with an offer sheet. The only way you get the player is if the team does not match; so go after the teams that would struggle with that.
That said, there is one team that could be thought about now: Our Hated Rivals. It is not like Fitzgerald and Chris Drury are going to do any deals together anytime soon. So why not make life a little harder for Drury while trying to help improve the Devils? Their projected space is $8.42 million and demotions could see them raise that up to beyond $10 million. Yet, they would need to spend that space for new deals for their RFAs: Matt Rempe, Adam Edstrom, Arthur Kaliyev, Matt Robertson, Zac Jones, Will Cuylle, and K’Andre Miller. Miller alone could command a pretty penny given the outrageous extension they gave to Will Borgen. The one I think the Devils would want to target is Cuylle. He is that rare example of a physical, nasty player that pleases the People Who Matter who think that matters while actually producing and playing well in the NHL when not in the penalty box, which would please the People Who Matter who want the Devils to be actually better. If Cuylle is not re-signed by July 1, then the Devils should really consider giving him an offer sheet in that $2,340,038 to $4,680,076 range. A second round pick would be worth someone like Cuylle, and he would boost the middle six forwards right away. If Drury matches it, then Our Hated Rivals get to “enjoy” being closer to the ceiling and be at risk of other offer sheets.
Second, I would aim low with the offer sheets. Cuylle would be pretty much at the high end for who I would want Fitzgerald to focus on for an offer sheet. Both in terms of role and potential cost. That tier of an offer sheet and the ones below it are more palatable for the Devils’ cap situation. Plus, the cost of a second round draft pick, third round draft pick or even nothing is much easier for the Devils to take on. For the roles the Devils would want to change, they do not need to spend a lot to get them. Fitzgerald could find a heap of them on July 1 and even July 2. But they do need to find the right players to be on the third and fourth lines to make the team more effective.
For now, the discussions have to be happening between the front office, Sheldon Keefe and his staff, the pro scouts, and the analytics team to identify who are those right players. That discussion has to include pending RFA players on other teams to try and acquire. If it turns out that, say, a potential fourth line center for the Devils ends up stuck elsewhere in negotiation purgatory with their team, then that is someone the Devils should try to offer sheet. The play is straight forward. Offer a modest increase to convince the player to sign the sheet, and force the team to make a call. It is the same idea of what St. Louis did to Edmonton last year, only on a smaller and cheaper scale. If it takes $1 or $1.1 million to get a NHL-minimum salary player (which is $0.775 million) to sign an offer sheet and that player can help the Devils play in the systems Keefe and the coaches want, then Fitzgerald should go for it. That is not an outrageous overpay and it would cost the Devils nothing to the team if it is not matched. Remember, an offer sheet of $1.5 million or less costs zero draft picks in compensation. The Devils might as well exploit that to get some of the depth players they need. This would also help them get younger in the lineup (RFAs are typically younger than 27 years old) and it would be a more targeted approach.
That would be my advice. If the Devils want to go after bigger name RFAs, then they need to be talking trades. As fun as it would be for Fitzgerald to threaten Bill Guerin to make a deal before offer sheeting Marco Rossi, the Devils would not likely have the cap space to make an offer sheet that Rossi would actually sign. I would rather keep the 2026 first rounder too for a deal to be made and focus more on the sheets that would cost a second, third, or no pick at all. And if the Devils want to swing on a trade that would make their cap situation tricky to manage, then you know exactly they should be swinging for instead.
Your Take
The offer sheet may be something Fitzgerald may think will happen more often in this coming offseason. It is tricky tool to acquire a player. But it is a tool that Fitzgerald and his front office should at least consider for this Summer. There is little risk for the Devils to be subject to one this Summer. There is potential reward for a lower-stakes offer sheet to get a player that would improve the depth of the team without breaking the cap situation.
If nothing else, I hope this post helps explains the offer sheet process. Now it is your turn. What do you think of the offer sheet process? Do you think the Devils should use it this Summer? If so, what range should they aim for? What kinds of players? Will NHL GMs use offer sheets more this Summer? Please leave your answers and other thoughts about offer sheets in the comments. Thank you for reading.