Lack of Offer Sheets and Why They Will Never Be a Factor in Free Agency

In the 2011 free agency period, two of the premier free agents on the markets are Steven Stamkos and Drew Doughty.

As restricted free agents, Stamkos and Doughty are free to talk to any team they want and sign an offer sheet with any team they want. However, other than unsuccessfully negotiating with their own teams, nobody has officially reached out to either of the superstars about a contract.

Although offer sheets have been part of the NHL since before the lockout, most teams haven’t used them in signing free agents. Since the lockout, only six players were signed to offer sheets, with only one time where the offer sheet was not matched.

In that case, the Edmonton Oilers signed Dustin Penner, to a five-year/ $21.5 million contract. As a result, the Anaheim Ducks, Penner’s previous team, were awarded the Oilers’ first, second, and third-round picks in the 2008 draft.

The aftermath of Penner’s signing with the Oilers explains why offer sheets are scarcely used by NHL general managers. The signing was the beginning of a long feud between then-Ducks’ GM Brian Burke (now GM of the Toronto Maple Leafs) and then-Oilers’ GM Kevin Lowe.

The majority of NHL general managers are unwilling to sign players to offer sheets because the signings eventually hurt their own organization. If a team overpays a player with an offer sheet to the point where that player’s team can’t match the offer, then it will only make it harder for their team to sign their own restricted free agents.

Another disadvantage that comes with signing players to offer sheets is the compensation that comes with the signing. For any signing with an annual cap hit above $3.134 million, the team making the signing will lose a minimum of three draft picks. If the signing is more than $7.835 million, the team will have to give up four first-round draft picks.

For most teams, the price is too steep to pay, even if the reward is a top-notch player.

Which brings us back to the likes of players like Stamkos and Doughty. Stamkos reportedly rejected a five-year/$37.5 million deal from the Lightning, a deal that would have had an annual $7.5 million cap hit.

With teams hesitant to give Stamkos an offer sheet that he would consider signing, and the Lightning still far away from reaching a contract with Stamkos, the Lightning are exploring the possibility of a trade. However, don’t expect an offer sheet to be a resolution to signing restricted free agents.

Read more NHL news on BleacherReport.com