In August 2021, the Carolina Hurricanes lobbed a fireball of chaos into the hockey world when they issued a one-year, $6.1-million offer sheet to then-Montreal Canadiens forward Jesperi Kotkaniemi. 

That the move came two years after Montreal tried — and failed — to pluck Sebastian Aho from Carolina’s coffers via an offer sheet of their own, and was accompanied by some well-placed snark courtesy of the Hurricanes’ social media squad, added a little extra spice to everyone’s off-season.

It was fun, it was fiery, and it left hockey fans wanting more. And three years later, we’re still waiting and hoping that we’ll hear those two special words again: offer sheet. 

We may never know if a team was preparing an offer sheet this summer for Anton Lundell, who signed a six-year extension to stay with the Cup champs last week. Nor will we get to see how the Hurricanes would’ve responded to a below-market offer on Martin Necas, whose decision to file for arbitration over the weekend ruled him ineligible for such an action. 

But we can speculate about other restricted free agents — those still unsigned, free of arbitration negotiations and whose talent other teams would surely covet. This is how we landed on this particular thought experiment, framed around the first question that emerges every time our hope falters and we tell ourselves an offer sheet is never going to happen:

But what if it does? 

With that in mind, here’s a handful of situations and players we’re watching… just in case. 

The deal disruptor: Jeremy Swayman, Boston Bruins

When the Boston Bruins dealt Linus Ullmark to the Ottawa Senators last month, they didn’t just make the league’s favourite post-game goalie hug a thing of the past — they declared Jeremy Swayman the No. 1 netminder of their future. The 25-year-old, who split time between being the club’s 1A and its 1B, but took over the crease in crucial post-season moments, appears ready to be the unquestioned starter in Boston, backed up by the newly acquired Joonas Korpisalo. 

And yet, each day that passes without a new deal between Swayman and the Bruins sows another small seed of doubt about this deal and how soon it’ll get done. The goaltender was vocal about his negative arbitration experience last summer, and the two sides opted to forego a second go-round with a neutral arbitrator this summer. While that points to a deal likely being secured soon without a looming deadline of a court date, it also opens the door for another club to step in with an offer Swayman can’t refuse — and maybe one Boston would be hard-pressed to match. 

While the Bruins are currently under the cap, they don’t have much room to spare, with about $8.6 million worth of flexibility. Considering their status as contenders, and Swayman’s importance, you’ve got to believe the Bruins would match whatever offer comes their way. Might an enemy club set the market for them? And is there a price the Bruins wouldn’t pay to keep him?

The revenge play: Seth Jarvis, Carolina Hurricanes

This is never gonna happen, right? Carolina’s been clear about how much they love Jarvis, and the forward’s production makes him indispensable on a Hurricanes team that’s had its fair share of turnover already this off-season. But it’s summertime, we’re speculating, and we all deserve to have a little fun with this one, right?

Just three seasons into his NHL career, the 22-year-old is already a fan favourite and has become an integral young part of the Hurricanes’ skilled group up front. The final year of his entry-level deal brought a major jump in his production, to the tune of 33 goals and 67 points through 81 games — good for second on the team in both categories. And his next deal will bring a jump in his salary, no doubt. Based on the compensation chart laid out by the fine folks at CapFriendly, there aren’t many teams with the draft capital to make a big-money offer to Jarvis… but look closely, and you’ll see a certain bleu, blanc, et rouge logo at each salary tier, a team that could surely use a boost of offence… 

The market-setter: Lucas Raymond + Moritz Seider, Detroit Red Wings

It’ll be near impossible to pry either one of Steve Yzerman’s prized top young players out of Detroit. Both Raymond and Seider are integral parts of the Red Wings’ rebuild and the team is well-situated to pay them both accordingly. 

Yzerman is swimming in cap space — more than $20 million, according to CapFriendly’s latest projections — and could match any offer. Whether someone swoops in and sets the market for him is likely the bigger question here. 

The squeeze play: Dylan Holloway + Philip Broberg

While Holloway may not be the biggest star on the list today, it’s his future we’re eying here. The same goes for Philip Broberg, as both players found themselves in and out of the Oilers’ lineup this year. 

The Oilers are one of seven teams currently in the red, and their dearth of cap space could spell trouble if another squad wanted to exploit it by way of an offer sheet aimed at Holloway or Broberg. 

Considering the team’s current cap crunch, it might not take much to pry either the winger or defender out of (insert GM’s name here)’s hands. Holloway, 22, is coming off the final year of his entry-level contract and is a prime candidate for a short-term, low-cost bridge deal while he earns a full-time roster spot for himself. The same goes for Broberg. 

Extending an offer sheet to one could force the club’s hand to choose between its young RFAs.

The potential bargain: Cole Perfetti, Winnipeg Jets; Quinton Byfield, Los Angeles Kings; Dawson Mercer, New Jersey Devils

Three different players, three different teams, three different cap situations… but there’s a link here between this trio of RFAs, and not just because they were all first-round selections in the class of 2020. 

Perfetti, 22, hit season highs in games played (71), goals (19) and points (38) in 2023-24, but didn’t quite get through the year unscathed, making him a prime candidate for a bridge deal to prove his worth in Winnipeg. 

A bridge is a logical route for Byfield, too, who just put together his first 50-plus-point season with the Kings. His giant potential has him projected for more to come. 

Of the three, Mercer has the most consistent NHL experience — he’s played a full 82-game schedule each of the past three seasons. 

The Kings have around $10 million in cap space to work with, which gives them flexibility to play a little but could also see them feeling the squeeze if a team swooped in with a big-money offer to match Byfield’s big potential. The Devils and Jets, meanwhile, don’t have much room — about $5 million each, and while signing Perfetti or Mercer shouldn’t be an issue, it’s worth wondering whether a club could find a bargain by way of an offer sheet.