In the dog days of the 2024 offseason, the St. Louis Blues sent shockwaves across the hockey world when they sent offer sheets to Edmonton Oilers RFAs Dylan Holloway and Philip Broberg. The move was understandable — St. Louis lacks youth in the NHL, has cap space, and only risked a second and third-round pick in potentially acquiring a future top-four defenseman and/or middle-six forward. While most fans’ attention went to the Oilers’ cap outlook this season, the main concern with these offer sheets should be the future of the Oilers’ superstars.
Broberg and Holloway’s Offer Sheets Differ
Holloway’s two-year, $2,290,457 annual average (AAV) deal is pretty bearable. For a bottom-six forward with a middle-six upside at 22 years old, this is fair compensation. As well, a disappointing 2024-25 campaign would not leave him as a negative asset, but rather a net zero who could hopefully return a late-round draft pick in a deal. With Broberg’s two-year, $4,580,917 AAV, the same cannot be said.
At over $4.5 million AAV, Broberg better be playing in the top four. He does not need to be perfect, but for someone projected to make around $2 million, his contract was astonishing. If he struggles this season, no team will be willing to give up assets for the then-24-year-old.
This hypothesis was seen no better than with Adam Boqvist of the Columbus Blue Jackets. Boqvist went from being the main return in the Seth Jones trade that current Oilers’ general manager Stan Bowman made with the Blackhawks, to being bought out this offseason.
Related: Comparing Connor McDavid & Connor Bedard’s Rookie Seasons
Boqvist was making just $2.6 million at 23 years old for next season while playing as a right-handed defenseman, a far more scarce position than Broberg, a left-handed defenseman. If the Oilers retained Broberg and he struggled this season, there would be no way to trade him without adding value to shed his contract.
2025 Offseason Priorities
With the massive risk of taking on Broberg’s salary for the 2025-26 season, the Oilers would be at risk of not signing Leon Draisaitl or Evan Bouchard. Both players are pending free agents in the 2025 offseason and for the Oilers, an already salary-tight team, adding Broberg’s cap hit would severely hinder the team’s cap flexibility. Bouchard is a restricted free agent, just like Broberg was, but who is to say he would not sign an offer sheet, too?
The Oilers already have nearly $70 million in signed salary for the 2025-26 season, and that is not factoring in Bouchard or Draisaitl’s next contracts. As well, that includes only 16 players being signed to contracts.
Draisaitl is expected to land north of $13 million AAV on his next deal, and Bouchard will be close behind at around the $10 million mark. This would leave the Oilers with close to $84 million in salary under a projected $88 million salary cap ceiling, leaving minimal wiggle room to bring back any additional, impact skaters.
McDavid’s Future in Limbo
While recent reports suggest Draisaitl and the Oilers are in good shape regarding an extension, matching Broberg’s offer sheet could change this. The Oilers’ cap projections are concerning, and while bringing back Draisaitl is a no-brainer, the Oilers may decide to wait in order to create leverage in future trades to create cap space. Of course, this includes a lot of salary cap gymnastics, and projecting the roster a year from now is a bit silly, but the premise is clear.
Additionally, recent reports suggest Connor McDavid will stay in Edmonton if Draisaitl, one of his best friends, is extended. McDavid is on contract for one additional year than Draisaitl (2026) and is not eligible to sign an extension until July 1st, 2025, but that does not mean the Oilers have not already begun planning for his future. If Draisaitl’s contract negotiations are delayed, even until next offseason, the Oilers’ plans will be thrown upside down.
Not to mention, Broberg’s qualifying offer will come in close to $5 million in the 2026 offseason. The Oilers would be under no obligation to send him a qualifying offer, but doing so would risk the team losing him for nothing. Again, this is a lot of speculation for an issue two years out, but maintaining a long-term outlook is pivotal for ensuring sustained success.
As of now, there is a lot of uncertainty and speculation. Broberg and Holloway signing offer sheets was always a concern, but nobody thought it was going to happen. The initial reaction was shock, but given the Oilers’ cap flexibility and the harsh reality of Broberg’s abilities, the Oilers must take the draft pick compensation for Broberg to ensure long-term cap flexibility to maintain McDavid, Draisaitl, and Bouchard.
