Neither money nor any players. The compensation is always draft picks, which depend on the new salary. The picks must always be their own, not acquired from other teams.
In Carlsson's case and his monumental salary of $90 million for a five-year contract, the annual average of $18 million means the Flyers would lose four first-round picks to the Ducks within the next five drafts.
If the Flyers didn't have these picks, they couldn't have submitted an offer sheet – that is always the prerequisite for such a maneuver.
So Carlsson will be a Flyer starting next season?
Nothing is fixed: The Ducks can match this offer sheet within a week – that is, by this Thursday – meaning simply taking it over. Carlsson then remains in Anaheim, and the Flyers neither win nor lose anything.
Can't the Ducks renegotiate?
What's on the table is what's on the table – they should have concluded a new contract with him since July 1, 2025; GM Pat Verbeek apparently believed he held a strong hand in the poker game.
Discussions with Carlsson's agents Ryan and Matt Keator yielded no results, even when they emphasized the urgency of the matter.
Negotiations are no longer possible; the contract automatically applies for the next five years, regardless of whether in Anaheim or Philadelphia.
Why did the Flyers do this?
For several reasons: The NHL salary cap is increasing this year from 95.5 to 104 million, and by another 9.5 million next year.
While Flyers GM Danny Briere still has defender Jamie Drysdale and winger/center Trevor Zegras to sign as RFAs, he simultaneously has 29 million in cap space for next season.
Accommodating Carlsson's salary will not be a problem. And the higher the offered sum, the lower the chance it will be matched.
The Flyers have many strong wingers (in addition to Zegras, there's super talent Porter Martone, Owen Tippett, Travis Konecny, Tyson Foerster, and despite some initial difficulties, Matvei Michkov), but they are poor in terms of centers (Christian Dvorak as the number 1 pivot?).
A player of Carlsson's qualities is not available on the open market, and it would be very difficult to acquire him in a trade. However, if the Swede remains in Anaheim, Briere will still have to explore this path, and Dylan Larkin could become a topic again.
Isn't Carlsson overpaid?
Undoubtedly, even if salaries are (and will continue to be) increasing. His 18 million per year makes him – at least for now – the highest-paid player in the league, ahead of Minnesota's Kirill Kaprizov (17 million).
The 21-year-old Swede is coming off a breakout season (67 points in 70 games), combining playmaking hands with a sturdy build. The skating issues he was rumored to have in his draft year have vanished.
An immensely strong package at such a young age – but can he really reach the level of stars like Leon Draisaitl or even Connor McDavid? Probably not.
What does this deal mean for the Ducks and the league?
The Ducks had estimated between 12 and 13 million for Carlsson's new contract; now they have to dig deeper into their pockets.
GM Pat Verbeek had already gone out on a limb before the offer sheet, saying he would definitely match one. Will he really stick to that?
His 10-million cap space will be too little; additionally, winger Cutter Gauthier (41 goals, offer sheet not possible) needs a new contract, and that won't come cheap. Defender Pavel Mintyukov just signed a new five-year deal worth 7.2 million each.
With 21 players already under contract, if Carlsson stays, Verbeek will first have to reduce the roster before he can head into the season.
The consequences of this offer sheet for other NHL teams:
All teams will want to extend their RFAs even earlier in the future than they already do – delaying it will simply be expensive. Can Marco Kasper in Detroit also benefit from this trend this year?
A rising tide lifts all boats, and Carlsson will not remain the league's highest-paid player for long.
Connor Bedard, Adam Fantilli, Cale Makar, and Macklin Celebrini will need new deals by next July at the latest, and those will definitively no longer be comparable to earlier contracts of their league colleagues.
So-called bridge deals should definitively no longer be an option for above-average NHL players; the risk of a scenario like Carlsson's is now too great. Youngsters can expect long-term and highly lucrative contracts …
