Inside the $90M offer sheet Philadelphia devised to break Anaheim
A full breakdown of the contract details reveals just how extreme and unprecedented this offer sheet really is.
The Philadelphia Flyers dropped a bombshell on the NHL on Friday, tendering a five-year offer sheet to Anaheim Ducks center Leo Carlsson worth a staggering $90 million. The $18 million average annual value instantly makes the 21-year-old Swedish center the highest-paid player in the league.
But the headline number only scratches the surface. The real story lies in how the contract is structured.
According to Frank Seravalli, Carlsson’s base salary sits at league minimum in every single year of the deal. His actual salary ranges from just $850,000 in the first season to $1 million in the final two years. The overwhelming majority of the money, a jaw-dropping $85.3 million of the $90 million total, comes in the form of signing bonuses.
Here is how it breaks down year by year. In 2026-27, Carlsson receives an $850,000 salary plus a $19.95 million signing bonus. The following season, his salary bumps to $900,000 with an $18.1 million bonus. In 2028-29, it’s $950,000 in salary and $17.05 million in bonus money. The fourth year brings a $1 million salary and a $15.2 million bonus. The fifth and final season pays $1 million in salary with a $15 million bonus, and it includes a no-movement clause.
The front-loading is extreme. According to Seravalli, $38.9 million becomes payable within the first 357 days of the contract. That near-term cash commitment appears designed to maximize the financial strain on Anaheim should the Ducks choose to match.
July 10, 2026: $19.95 mil signing bonus
2026-27: $850,000 salary
July 1, 2027: $18.1 million signing bonus
2027-28: $900,000 salary
July 1, 2028: $17.05 mil signing bonus
2028-29: $950,000 salary
July 1, 2029: $15.2 mil signing bonus
2029-30: $1 mil salary
July 1, 2030: $15 mil signing bonus
2030-31: $1 mil salary
UFA at expiration: July 1, 2031
Total: $90 million over 5 years
AAV: $18 million
$38,900,000 payable in first 357 days.
According to Elliotte Friedman, the bonus-heavy structure was a deliberate strategy by Philadelphia.
The Ducks entered the summer with a league-best $35.2 million in projected cap space, more than $5 million ahead of every other franchise. That cushion was built specifically to protect their young core. However, absorbing an $18 million AAV commitment would consume nearly half of that room and severely limit general manager Pat Verbeek’s ability to address other roster needs, including new contracts for Cutter Gauthier and Pavel Mintyukov.
The latter has been at the center of another offer sheet threat rumour with insiders hinting at the possibility of Mintyukov receiving an offer sheet shortly.
Anaheim has seven days to decide whether to match the richest offer sheet in recent memory or surrender Carlsson to Philadelphia in exchange for four first-round draft picks.




