​Philadelphia stunned the NHL on Friday by dispatching a five-year offer sheet to Anaheim Ducks center Leo Carlsson worth an eye-popping $90 million. The $18 million average annual value instantly elevates the 21-year-old Swedish center to the top of the league’s pay scale. But the headline figure barely tells the full story; the contract’s structure is what truly stands out.
According to Frank Seravalli, Carlsson’s base salary is set at the league minimum in every year of the deal, with actual cash flowing far more through signing bonuses. The arrangement includes a staggering $85.3 million in signing bonuses out of the $90 million total. The breakdown, year by year, shows $850,000 in salary plus a $19.95 million signing bonus in 2026-27; $900,000 with an $18.1 million bonus in 2027-28; $950,000 with a $17.05 million bonus in 2028-29; $1 million with a $15.2 million bonus in 2029-30; and $1 million in salary plus a $15 million bonus in 2030-31, which also features a no-movement clause.
The front-loaded structure is striking. Seravalli notes that $38.9 million becomes payable within the first 357 days of the contract, a design intended to maximize the financial impact on Anaheim if the Ducks choose to match. A July 10, 2026 signing bonus of $19.95 million kicks things off, followed by annual salary figures of $850,000 (2026-27), $900,000 (2027-28), $950,000 (2028-29), $1 million (2029-30), and $1 million (2030-31), with corresponding signing bonuses of $18.1 million, $17.05 million, $15.2 million, and $15 million on the subsequent July 1 dates. The total remains $90 million over five years, with an AAV of $18 million.
Elliotte Friedman notes the bonus-dense design was a deliberate tactic. Anaheim began the summer with about $35.2 million in projected cap space, a cushion that ranked ahead of every other club. However, absorbing an $18 million AAV commitment would eat up nearly half of that room and constrain general manager Pat Verbeek’s ability to address other roster needs, including potential new contracts for Cutter Gauthier and Pavel Mintyukov, the latter of whom had been the subject of intense speculation about an offer sheet.
Anaheim now has seven days to decide whether to match Philadelphia’s offer or surrender Carlsson to the Flyers in exchange for four first-round picks. The situation could reshape the Ducks’ summer plans as they weigh the financial implications of this landmark offer sheet.