If ever there was a candidate for an offer sheet this summer, it was Capitals defenseman Karl Alzner. The 22-year-old was a top-five draft pick in 2007 and entered the NHL’s free agent period July 1 coming off a fine first full season in the league. He played hard minutes with defense partner John Carlson, and they held their own. He played in all 82 games. No one on Washington’s blueline was on the ice for fewer goals against per 60 minutes.
And given the NHL’s compensation rules for restricted free agents, the price for Alzner seemed reasonable given what he eventually signed for Friday. If a team had offered $3 million a year and the Caps chose not to match, they would have been owed just a second-round pick. A $3.5 million deal was worth first- and third-rounders. Not bad for a talented young player.
But while it seemed possible that Alzner would earn an offer sheet, it never happened. And with virtually no leverage in negotiations with Washington, Alzner instead signed a salary-cap friendly, two-year, $2.57 million contract. He’ll have to wait until next time for a bigger deal.
Such is life in the NHL, where the threat of an offer sheet often outweighs its actual use. That was again made clear during this month’s negotiations between the Tampa Bay Lightning and star forward Steven Stamkos. Ranked with Alex Ovechkin and Sidney Crosby as one of the best young players in the world, Stamkos, 21, signed a five-year, $37.5 million contract Tuesday. But he, too, says he never received an offer sheet from another team.
Why? There are risks. Restricted free agents tend to be young and relatively unproven at the NHL level. To force a team to walk away from a key player, a general manager needs to overpay, find salary-cap room on his own roster and have his own draft picks for compensation. And while the idea of saddling a rival team with a big contract seems like a no-lose proposition, it does have repercussions. After all, every team has restricted free agents, and payback can hurt.
