Canadiens’ options to exploit Oilers-Blues offer sheet situation

The St. Louis Blues shocked the hockey world on Tuesday morning, and while their decision to sign two Edmonton Oilers players to offer sheets doesn’t necessarily impact the Montreal Canadiens at this juncture, there are scenarios in which Kent Hughes’ team could get involved.

Offer sheets are quite rare, especially after the debacle that saw the Canadiens and Carolina Hurricanes exchange petty shots while former Hab Jesperi Kotkaniemi secured a very rich contract that quickly became an overpayment. In the end, Kotakenimi and his agent were the only winners of the offer-sheet, but this time around the Canadiens could play the role of a third-party salary-cap provider.

The details of the Blues-Oilers offer sheets are as follows:

The offer to Philip Broberg is for a two-year contract at $4,580,917 per year, the maximum offer that would require a second-round draft pick as compensation. The offer to Dylan Holloway is for a two-year contract at $2,290,457 per year, the maximum offer that would require a third-round draft pick as compensation.

As it stands, the Oilers already lack financial manoeuvrability, making the Blues’ offer sheets rather interesting.  The compensation is minimal, which means they may very well match both offers. Things can change, but for now PuckPedia has the Oilers already sitting at $7.2 million over the salary cap, indicating that if they do want to match, they may seek cap space from a team that is yet to reach the salary cap ceiling, and has no intentions of making the playoffs next season.

That’s the Canadiens’ music.

Montreal Canadiens Salary-Cap Options

Some may suggest it’s time to convince them to trade an elite player, such as Leon Draisaitl, but that’s much closer to wishful thinking than a scenario that has a legitimate chance to materialize. The Oilers are still trying to win a Stanley Cup, and trading away the second-best player in the lineup would be a ridiculous decision, especially if it’s to make space for players who do not possess the same type of elite skill set.

A more realistic target is Cody Ceci, a 30-year-old defenceman that has struggled to produce positive possession numbers since he entered the league with the Ottawa Senators. To his credit, he did improve his stats while playing with the powerhouse Oilers, but not to the point that you could suggest he’s an important member of the defensive core. He’s in the final year of a contract that carries a $3.5 million annual average value, making him a short-term problem, the perfect situation for the Habs.

Of course, Edmonton would have to pay the Canadiens to absorb the deal, and given they have little to no leverage at the moment, the price tag could be very interesting. I won’t propose they necessarily have to acquire a first-round pick, as they did when they acquired Sean Monahan, but the starting point in negotiations very well could be in that range. On that note, Edmonton does not own a first-round pick in 2025, but they do still possess their 2026 first-round pick.

If they do end up with Ceci in their lineup, there’s also a possibility the Montreal Canadiens could then flip him for a pick at the trade deadline, though his value would be minimal, even if they use their last remaining salary retention slot. For the record, the Canadiens still have a portion of Jake Allen and Jeff Petry’s contracts on the books, but both deals are set to expire next summer.

Other Edmonton Oilers Salary Dump Options

Beyond Ceci, the options for a salary-cap deal are few and far between. Evander Kane is set to be placed on the LTIR, a decision that will limit Edmonton’s spending, as LTIR relief funds are not calculated in the same way as regular cap space, which accrues throughout the year. Kane has two years left on a contract that carries a $5.75 million annual average value, and due to his sports hernia, you’d be hard-pressed to suggest he will provide good value once he’s ready to return to action. I don’t see a match here, especially since the Oilers seem quite fond of Kane, but if they do get desperate, the framework of a deal involving the 33-year-old forward could be in the mix.

Jeff Skinner, a known Canadiens killer, recently signed a one-year deal with the Oilers, providing Edmonton management with the exact type of scoring depth they have lacked as they attempted to ride Connor McDavid’s coattails to glory. It seems silly to suggest he will be dealt, and the odds of a trade are quite low, but the financial situation in Edmonton has changed significantly since he signed his deal.

As they say, any port in a storm.

Three bottom-six players could end up in play, as Corey Perry, Connor Brown, and Derek Ryan all have just one year left on their deals, but trading a trio of players that make very little is not enough to create the type of cap space the Oilers need. Besides, they’d have to replace said players, mitigating much of the potential savings.

Adam Henrique, on the other hand, signed a two-year deal with a $3 million average annual value. Like Skinner, Henrique recently signed his contract with the Oilers, and just like Skinner, he’s on the wrong side of 30 years old, connoting he won’t provide great value as his production continues to decline.

Montreal Canadiens Brass Tacks

As you can see, the salary-cap dump waters beyond the bay of Ceci are rather muddy thanks to Edmonton’s penchant for signing aging players to contracts, the exact opposite of the Canadiens’ strategy.

Of course, Edmonton is a different situation than Montreal, as they’re among the leagues legitimate contenders to win a Stanley Cup, but it’s a good reminder that small overpayments quickly become a major issue once they’re applied to a multitude of contracts.

In the meantime, if Hughes does want to take advantage of the cap space he has created in the last few years, a quick phone call to Edmonton may be in order.