The Anaheim Ducks will retain Leo Carlsson after matching the Philadelphia Flyers’ five-year, $90 million offer sheet to the star center, the team announced Thursday.

The Ducks matched it after the Flyers announced on July 3 that they had signed the restricted free agent to the record-breaking offer sheet, making Carlsson the highest-paid player in the NHL with an $18 million average annual value, surpassing Kirill Kaprizov’s $17 million per season with the Minnesota Wild.

“We are very happy to have Leo under contract for five years,” Ducks general manager Pat Verbeek said in a statement. “We have viewed Leo as a franchise player since the moment we met him prior to the 2023 draft. He’s a character person on and off the ice. Leo is viewed as a top player in this league, and it was always our intention to match any offer sheet.”

Anaheim, which owned the 21-year-old’s rights after his entry-level contract expired this summer, chose to pay Carlsson rather than take Philadelphia’s next four first-round draft picks as compensation for him going to the Flyers.

NHL offer sheets are just business

Sean Gentille and Sean McIndoe

“Matching the offer sheet was an easy decision, as Pat has intelligently left enough cap space to give us the ability to retain Leo,” Ducks owners Henry and Susan Samueli said in a statement. “We have extremely high expectations for Leo. We firmly believe he will continue his strong growth trajectory and become one of the truly elite centers in the league, while continuing to make a strong impact in our community.”

Carlsson finished second in scoring with the Ducks last season with 29 goals and 67 points in 70 games. He added four goals and 11 points in 12 playoff games before the Ducks were eliminated in the second round.

What does this mean for the Flyers?

The Flyers’ search for a true No. 1 center will have to continue after a shockingly aggressive move ended up for naught. While general manager Daniel Brière has done a nice job of accumulating young players that have taken steps to varying degrees, the gigantic hole at the top of the lineup remains. Considering the improving Flyers aren’t likely to have any top-three picks in the NHL draft anytime soon, Brière will have to find another avenue. None of the Flyers’ current centers — Trevor Zegras, Christian Dvorak, Noah Cates or Sean Couturier — are likely to be a top-line center on a contending team.

The offseason isn’t over yet, though. Perhaps Brière will remain aggressive and pursue the Columbus Blue Jackets’ Adam Fantilli, who remains a restricted free agent. Or maybe the disgruntled Dylan Larkin, who is still property of the Detroit Red Wings, adds Philadelphia to his list of accepted destinations. It’s evident now that Brière and the organization won’t be afraid to do anything in their power to fill what is a vital need.

That said, there’s just as good a chance that the Flyers’ roster now is how training camp begins in September. Brière isn’t going to make a move just to make a move, and with a team that is still the fourth-youngest in the NHL, he can stay patient and let the group grow together — while waiting for another opportunity to present itself. — Kevin Kurz

What does this mean for the Ducks?

The Ducks remain in a financial bind. They could have taken the four first-round selections and tried to reconstruct their team with the available salary cap space while also focusing their efforts on re-signing 22-year-old sniper Cutter Gauthier. But in the end, they simply could not let the 21-year-old they’ve long identified as their franchise player go to another team after professing that they would match any offer sheet.

Granted, the offer sheet came in at a much higher number than anyone in the Ducks’ offices expected or even planned for. But they will now take on the challenge of continuing to build a Stanley Cup-contending team with a No. 1 center who now occupies 17.4 percent of their cap for 2026-27. That percentage will go down as the cap continues to rise, but it will still be a hurdle to overcome, especially with Gauthier and his camp expected to ask for the forward’s own massive extension and the prospect of paying huge money to rookie standout Beckett Sennecke once he finishes his entry-level contract.

This was the Ducks not only betting that Carlsson will become an elite player in the NHL and one of its very best centers but a franchise putting its reputation on the line after going through contentious contract talks with other young restricted free agents Trevor Zegras, Jamie Drysdale and Mason McTavish before eventually trading all three. They needed to show the hockey world they’re serious about retaining their top talent. But it comes at a much higher cost than the price would have been if they were able to negotiate an extension with Carlsson last summer.

Now the attention turns to signing Gauthier. To sign him, they will need to move salary, as Gauthier’s potential contract will put Anaheim over the cap. With Carlsson’s $18 million in the fold, PuckPedia estimates the Ducks have just over $9 million remaining. Gauthier figures to be at minimum an eight-figure cap number. Frank Vatrano, who had a difficult 2025-26 season, figures to be a potential salary dump, and that would free up $4.57 million. But could another veteran such as Chris Kreider or Alex Killorn be sent out?

The Ducks could also consider dealing Gauthier, though that option is very unlikely given they acquired him from Philadelphia for Drysdale in a deal they would do 10 times over. And with everyone knowing that they’re in a cap crunch, they wouldn’t have much leverage in terms of the return they could get. There is little leverage in any case for any trade they’ll need to make, but they and Carlsson can now work on putting this industry-shaking experience behind them. — Eric Stephens