As the NHL free agency period approached, the Edmonton Oilers faced a looming threat: an offer sheet for their star defenseman, Evan Bouchard. Recognizing the potential consequences of losing such a valuable player, the Oilers prioritized securing Bouchard's future with the team.

An offer sheet is a contract offer a restricted free agent (RFA) receives from a team other than their current one. If the player signs the offer sheet, their original team has the right to match the offer. If they decline, the player joins the new team, but the original team receives compensation in the form of draft picks.

Several factors contributed to the Oilers' concern. Bouchard, a 25-year-old right-shot defenseman, was coming off a strong season and was due for a significant raise from his previous $3.9 million average annual value (AAV). As an RFA with arbitration rights, Bouchard had considerable leverage in negotiations. Moreover, the Oilers had limited cap space and a history of being caught off guard by offer sheets.

According to insiders, the Carolina Hurricanes were a potential suitor for Bouchard. The Hurricanes have a history of using offer sheets, having previously acquired Jesper Kotkaniemi from the Montreal Canadiens via this route. Other teams with sufficient cap space, such as the San Jose Sharks, Columbus Blue Jackets, and Anaheim Ducks, could also have been in the mix, although their status as non-contenders made them less likely to pursue Bouchard aggressively.

The compensation required to acquire Bouchard via offer sheet would have been substantial. An offer between $9,360,154 and $11,700,192 would cost the offering team two first-round picks, a second-round pick, and a third-round pick. An offer exceeding $11,700,193 would require four first-round picks as compensation. Despite the steep price, some teams might have been willing to pay it for a player of Bouchard's caliber.

Ultimately, the Oilers successfully signed Bouchard to a four-year contract extension with an AAV of $10.5 million. This deal, finalized on the eve of free agency, averted the offer sheet threat and ensured that Bouchard would remain in Edmonton. While the price tag is high, many analysts view it as a fair deal, considering Bouchard's talent and the expected rise in the salary cap.

Retaining Bouchard was crucial for the Oilers, who are in "win-now mode" and want to keep their core players like Connor McDavid and Leon Draisaitl happy. Losing Bouchard could have jeopardized their Stanley Cup aspirations and potentially led to McDavid's departure when he becomes a free agent. By locking up Bouchard, the Oilers solidified their defense and demonstrated their commitment to contending for championships.