The Edmonton Oilers have had a very successful start to the 2024 offseason, bringing in multiple free agents on valuable contracts and retaining much of last season’s core. Despite this, the team sits over the salary cap with a 21-player roster and still needs to sign restricted free agents Dylan Holloway and Philip Broberg.
Daily Faceoff’s Frank Seravalli stated on the latest DFO Rundown that “If [he] were another team, [he’d] be trying to offer sheet Philip Broberg.” Offer sheers are quite unusual in the NHL, with just two occurring since 2013, but they occasionally happen. With the Oilers’ salary cap trouble, they may be the next offer sheet victim.
Oilers in Salary Cap Trouble
According to PuckPedia, the Oilers are a projected $354,167 over the salary cap ceiling for this season with just 21 players on the roster. By the looks of it, there are no ways to solve this issue without running a 20-player roster or making a trade. Outside of Derek Ryan, the entirety of the forward core has been recently signed or is on a long-term deal. Even if Ryan and his $900,000 cap hit were to be buried in the American Hockey League, there would be no way to call up a 12th forward while staying under the salary cap.
While sending down defenseman Troy Stetcher or recently signed Josh Brown would make the Oilers cap-compliant, it would be a very risky move if an injury were to occur. The team would need to place an injured skater on the long-term injured reserve list, leaving them out of the lineup for at least 10 games and 24 days, or place them on the injured list and dress just 17 skaters.
Making a change in the goaltending department is not possible either, as Stuart Skinner is the starter and Calvin Pickard is making just $1 million. All things considered, there is no possible way the Oilers can put together a cap-compliant lineup without making an additional trade, leaving Holloway and Broberg prime candidates for an offer sheet.
Projecting Holloway and Broberg’s Contracts
With both Broberg and Holloway in need of new contracts, what might they look like? The easier contract to predict is Holloway’s, as it will almost certainly be a bridge deal below the $1.5 million annual average (AAV) mark. There is no doubt he has a very high upside, but his six goals and three assists in 38 regular games last season do not warrant much more money.
At just 22 years old, a two-year deal would leave Holloway as a restricted free agent in the 2026 offseason. This proposed deal would follow a similar framework of Alexis Lafreniere who signed a two-year deal carrying $2.325 million AAV last offseason before breaking out, despite being a highly touted, former top prospect.
Broberg’s contract is a bit more difficult to tackle because of his inconsistent play. After a disappointing NHL regular season but impressive AHL season, he stepped up big in the NHL playoffs, scoring two goals and three points in 10 games while providing impressive defense. At 23 years old, he is likely to receive a bridge deal of around $2.5 million AAV, although he may be looking for a longer-term deal worth close to $4.5 million AAV. With these two players needing to be signed, how can the Oilers clear the money to sign them?
Three Trade Candidates
Three players stick out as trade candidates on the Oilers’ roster. The first is Evander Kane, who at nearly 33 years old is making $5.125 million AAV for the next two seasons. He struggled in the 2024 playoffs due to injury but has been a solid contributor in Edmonton throughout his three-season tenure. He should have some trade interest in the league, although his value is likely not very high.
Related: Flames Should Offer Sheet Oilers’ Holloway or Broberg
Cody Ceci also makes sense to be traded due to his underwhelming performance in the 2024 playoffs and his uncertain role in the lineup. Evan Bouchard is the team’s top pairing, right-handed defenseman, and Broberg played much of the playoffs on the right side, making Ceci’s presence of less importance. With Ceci making $3.25 million this season, he is the most likely candidate to be traded to clear space.
Brett Kulak is the third, and least likely trade candidate. He is through two of his four-year, $11 million contract with the Oilers, and he does not have a very clear role on the team. He is solid on the third defensive pair, but for $2.75 million AAV, the money could be used elsewhere. Clearing his cap space would help, but the Oilers would still have some heavy lifting to make everyone fit.
The Oilers were very active in the early part of the offseason, but more moves are coming. How the team will proceed is unknown, but they undeniably have additional moves to make if they hope to bring back Broberg and Holloway while remaining salary cap compliant. If they do not make a move soon, they may lose one, or both of them to an offer sheet.
