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The Leo Carlsson offer sheet cost Flyers more than fans think

The Philadelphia Flyers' botched offer sheet cost them much more than just the bad optics of missing out on Leo Carlsson.
May 2, 2026; Raleigh, North Carolina, USA; Philadelphia Flyers center Trevor Zegras (46) comes out onto the ice for the warmups before the game against the Carolina Hurricanes at Lenovo Center. Mandatory Credit: James Guillory-Imagn Images
May 2, 2026; Raleigh, North Carolina, USA; Philadelphia Flyers center Trevor Zegras (46) comes out onto the ice for the warmups before the game against the Carolina Hurricanes at Lenovo Center. Mandatory Credit: James Guillory-Imagn Images | IMAGN IMAGES via Reuters Connect

The Leo Carlsson offer sheet, while a gutsy move by Daniel Briere, was the sort of move that would end up becoming a game-changer for the entire NHL. Regardless of how the situation played out, Carlsson’s contract would end up jacking up prices across the league.

And Trevor Zegras became a prime example.

The Flyers signed Zegras to a four-year deal with a $9.125 million cap hit. If that price tag seems inflated, that’s because it is.

Had the Carlsson offer sheet never happened, there’s no way Zegras gets that much from Philly. Yet, the offer sheet happened, and it ended up costing the Flyers more than they would have wanted to pay for Zegras.

But did Briere really have any choice? After missing out on Carlsson, the club had to keep Zegras. But you have to think: shouldn’t Philly have signed Zegras before extending the Carlsson offer sheet?

That’s a valid argument, and one worth exploring further.

Flyers should have signed Zegras before Carlsson

Hindsight is 20/20. That’s why the Flyers should have signed Zegras before considering the nuclear option with Carlsson.

Had the Flyers moved to extend Zegras last season, the price tag could have easily come in at $2 million less per season. Thinking about Zegras at, say, $7.5 million AAV would have been preferable to $9 million or more.

It would have also given the Flyers much more certainty with the Carlsson offer sheet. However, it’s evident that Briere was thinking about the Carlsson offer sheet all along. That’s why he didn’t sign Zegras when the price tag was lower.

In fact, Flyers fans should be glad that the Ducks matched the offer sheet. Had the Ducks passed, which they weren’t going to, Philly would have really struggled to sign Zegras.

Think about it. Would Zegras have signed for essentially half of what Carlsson got, knowing that his production was comparable to that of his teammate’s?

Fat chance. Zegras would have dug his heels in, potentially asking for over $10 million? I mean, why not? Why not ask the Flyers to pay up? The team is evidently willing to fork over the dough.

Such a scenario would have led to the Flyers trading Zegras. If we get conspiratorial for a minute, perhaps there was a potential deal simmering somewhere on the back burner. If the Flyers couldn’t keep Zegras following the offer sheet, Briere could have flipped Zegras for complementary pieces.

That’s all speculation, of course. But looking back at the situation, it’s safe to say that the Flyers’ botched offer sheet could end up costing them more in the long run.

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