The Philadelphia Flyers signed Leo Carlsson to a five-year, $18 million-per-season offer sheet on July 4, 2026, $5-6 million above the Ducks’ last proposal.
Negotiations Delayed Until Free Agency
Pat Verbeek planned to lock up the Ducks core with reasonable deals modeled after Montreal and Carolina. He left $36 million in cap space specifically to counter offer sheets to Leo Carlsson and Pavel Mintyukov.
Verbeek acquired A.J. Greer and signed him to a four-year, $4.25 million contract. This approach contrasted with teams that extended young stars before July 1.
Carlsson posted 67 points (29 goals, 38 assists) in 70 games during the 2025-26 season despite injury. His career totals reached 141 points (61 goals, 80 assists) in 201 regular-season games after a 55-game rookie load-management schedule.
The second-overall pick from the 2023 draft added 11 points (four goals, seven assists) in 12 playoff games. Verbeek viewed him as the franchise center yet allowed talks to stall.
Multiple holdouts involving Trevor Zegras, Mason McTavish, and Jamie Drysdale plus arbitration avoidance with Troy Terry and Lukas Dostal signaled to players that negotiations could drag.
Offer Sheet Forces Immediate Response
The Flyers tabled the five-year, $18 million AAV deal days after the Shea Weber offer sheet expired. Carlsson signed, triggering $20 million in immediate cash and $85 million of the $90 million total as signing bonuses.
Mintyukov received two offer sheets that pushed Verbeek to sign him on July 5 to a five-year, $7.2 million deal. This exceeded projections of $5 million and matched recent comparables like Jackson LaCombe at $9 million.
After matching Carlsson, the Ducks retain only $9.97 million for Cutter Gauthier. Verbeek’s earlier plan assumed Carlsson and Gauthier in the $10-12 million AAV range.
Luke Hughes and Jackson LaCombe both earn $9 million, illustrating the rising market that Verbeek underestimated.
Roster Choices Loom After Matching
Matching the offer sheet preserves Carlsson but leaves insufficient space for Gauthier without further moves. The Ducks could lose one of Frank Vatrano, Alex Killorn, Chris Kreider, or Troy Terry.
Four first-round picks from compensation would not replace Carlsson’s production. Verbeek now faces the same cap crunch he sought to avoid by leaving space open.
Earlier extensions for Carlsson alongside LaCombe and McTavish would have prevented the chain reaction. Ken Holland avoided similar exposure with Brandt Clarke in Los Angeles.
The Ducks must choose between losing Carlsson to Philadelphia or trading established forwards to create room.
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Par Mike Jonderson
Mike Jonderson is a passionate hockey analyst and expert in advanced NHL statistics. A former college player and mathematics graduate, he combines his understanding of the game with technical expertise to develop innovative predictive models and contribute to the evolution of modern hockey analytics.