A week into the Leo Carlsson offer sheet saga, the story has evolved well past a simple “can Anaheim afford to match” question. According to Flyers reporter Bill Meltzer, that framing misses the point entirely. The real issue isn’t cap space or ownership’s ability to pay — it’s what matching would do to how the Ducks operate as a business.
Meltzer points to Forbes’ figures showing Anaheim’s operating income for 2025-26 at $26 million. If the Ducks match Carlsson’s offer sheet, it would carve out $20.8 million of that operating budget in fiscal year 2027 alone.
The Ducks Will Be Forced To Change The Way They Do Business
If the Ducks match on Carlsson, Cutter Gauthier’s contract comes next. Eventually, a second-contract negotiation with Beckett Sennecke will follow. Both would likely demand a similar front-loaded bonus structure if Anaheim sets that precedent with Carlsson. As Meltzer puts it, matching means “tearing up their entire way of doing business” and letting a division rival dictate the terms.
To make things even more complicated, the Ducks might be changing everything for a player who doesn’t want to be there. Frank Seravalli reported on Oilers Now that between Carlsson’s history with former coach Greg Cronin and tough negotiations, there’s “a real growing sense” that Carlsson simply doesn’t want to be in Anaheim anymore. If accurate, that reframes the entire situation — Anaheim isn’t just weighing whether it can afford to match, but whether it’s fighting to keep a player who may not want to be fought for.
The Fallout From This Is Real
Elliotte Friedman’s reporting on 32 Thoughts adds the roster consequences into the mix. If Anaheim matches, GM Pat Verbeek may have to move one or more of Chris Kreider, Alex Killorn or Frank Vatrano — all players carrying some degree of no-trade protection — just to make the finances work. Friedman was blunt about the impact: “it’s really gonna hurt the depth.”