Throughout their history, the Ottawa Senators haven’t made much use of the offer sheet strategy.
The one time they did was back in July of 1996 when they successfully signed Washington Capitals goaltender Ron Tugnutt. Then-Senators GM Pierre Gauthier had been dealing with the early stages of what would later become affectionately known in Ottawa as the “Goalie Graveyard.”
Gauthier saw an opportunity in Tugnutt, an undervalued asset, and signed him to a one-year deal believed to be worth $400,000. The Capitals refused to match the offer to their third-string guy, and it turned out to be a fantastic move for Ottawa. That season, the Senators improved by 36 points and qualified for the Stanley Cup Playoffs for the first time in franchise history.
Offer sheets don’t happen often, but the tactic paid off big for the St. Louis Blues last summer. The Blues successfully signed defenseman Philip Broberg and forward Dylan Holloway to offer sheets, giving up only a second and a third-round pick as compensation.
Both former first-rounders had shown flashes in the NHL, and they were solid in last year’s Cup run, but the change of address served them well. Once in St. Louis, they became full-timers: Broberg played 68 games this season, recorded 29 points, and played top four minutes (20:30). Holloway blossomed too, with 63 points in 77 games, finishing third in Blues scoring. Both players had a plus-minus of 21, a fitting number for the Blues who gambled and won.
At least in the short term, it certainly hasn’t hurt the Oilers, who just claimed their second straight Western Conference title. Some deals, even offer-sheets, can work out for both teams involved.
The Blues’ success with those offer sheets may have opened the door for other teams to consider taking the same route this summer.
But the strategy can be risky and expensive. You usually need to craft a deal rich and long enough that the player’s current team won’t match. That often means overpaying (looking in your direction, Jesperi Kotkaniemi). And you also need to be prepared to give up significant draft compensation. That’s especially true on offers for big stars when they’re north of $9.36 million.
OFFER SHEET COMPENSATION TIERS
For Ottawa, their offer-sheet drought isn’t likely to end this summer.
Obviously, offer sheets can’t be signed until July 1st, so the compensatory picks are for 2026. They also have to be a team’s own picks, not ones they acquire from another team.
And Ottawa is a little shy in that area.
The Sens have already forfeited their 2026 first-round pick to the NHL for messing up their trade of Evgenii Dadonov to Vegas. Their second-round pick was sent to the Utah Mammoth in the 2023 Jakob Chychrun trade.
The Senators still have their own 2026 third-rounder so, in theory, they could offer-sheet a lesser-paid player like Holloway. But honestly, it might be decades before we see the Holloway story repeat itself. If the Sens are excited enough about a player to sign him at $2.34 million, chances are his team is too.
If offer sheets do become fashionable this summer, it’s a trend the Sens won’t be jumping on anytime soon.
(Banner Image Credit: Lou Capozzola-USA TODAY NETWORK)
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