With just one day before July 4, the Philadelphia Flyers chose violence. On Friday the team signed Anaheim Ducks mega-star restricted free agent Leo Carlsson to a staggering five-year, $18M AAV offer sheet, which would make him the highest-paid player in the NHL by yearly earnings and do it by a substantial margin.
The figure for Carlsson eclipses that of Kirill Kaprizov, who the Minnesota Wild signed to a $17M AAV contract last year, which was the previous highest mark. Swelling NHL contracts are a sign of the times, with the sport’s popularity meaning increasing TV deals, growth in the salary cap, and whispers of expansion on the wind.
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Carlsson is one of the brightest young stars in the NHL. The 21-year-old just completed his third season in league since being drafted with the No. 2 overall pick in 2023, and has shown exponential growth. In 2025-26 he finished with 67 points in 70 games, and the record-breaking money being offered by Philadelphia proves that they believe he can quickly become an elite, 100-point player.
Two questions now remain:
Firstly, will the Ducks match the offer sheet? The team has seven days to decide if they want to match the Flyers’ offer and retain their RFA. The Ducks have more than enough cap space to make it work, currently sitting $35M under the salary cap for the 2026-27 season.
Secondly, is Carlsson worth it? While there are so many reasons to be hopeful about the 21-year-old’s future, this offer doesn’t come without mammoth risk for whichever side ends up with him. An $18M AAV deal means he absolutely needs to become a Top 10 player in the NHL within the next season or two, or this would be a colossal bust. The tea leaves are certainly there to say Carlsson can become that guy, but ultimately you’re still projecting how a very young player will grow moving forward.
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If the Ducks chose not to match the offer sheet and relinquish Carlsson to the Flyers, they will get colossal draft compensation. Draft picks are based off the money being spent on the player, and the $18M AAV deal means that Philadelphia will give up their first-round pick for the next four years if they are able to land the star.
Now begins the gamesmanship. Do the Ducks believe that Carlsson can make Philadelphia so much better than those four draft picks will be largely meaningless? Can they envision a future without their young star? Are they prepared to sink that much money of their cap into him moving forward? Those questions will be answered in the next week.
Either way, Leo Carlsson is now the highest-paid player in NHL history.
