Did an Offer Sheet Indirectly Stop a Morgan Rielly Trade in Its Tracks? – The Hockey Writers –

A potential Morgan Rielly trade to Anaheim may have fallen apart due to an offer sheet that completely changed the Ducks’ overall offseason strategy. At least, that’s a logical assumption given how much a Rielly trade to Anaheim was being speculated, and then the talk just vanished.

Was Rielly Almost Traded by the Maple Leafs?

It’s unclear how close the Leafs got to actually trading Rielly. Reports were that he was hesitant to waive his no-move clause, but ultimately agreed if Toronto could secure a deal with a West Coast destination. San Jose was ruled out once they acquired Darnell Nurse and signed Jacob Trouba. Anaheim then emerged as the most plausible fit.

In an instant, everything changed.

An offer sheet for Leo Carlsson blew up the Ducks’ cap situation, forcing them to scramble and re-sign Pavel Mintyukov amid further offer sheet concerns. They still have to get Cutter Gauthier’s deal done. Their cap space vanished almost overnight, and any trade appetite likely disappeared with it.

That’s not to confirm the Ducks and Leafs were actually working on a deal. They might not have been. However, Anaheim had a ton of cap space and a reported interest. Rielly was open to the idea. The Carlsson offer sheet happened, and all that talk went away.

Was This A Blessing in Disguise for The Maple Leafs?

Rielly remains a Maple Leaf, and the timing suggests the Carlsson offer sheet may be why a deal never came together. That might not be a terrible thing for Toronto.

Yes, there are fans and analysts who still believe Rielly isn’t the best fit. Many argue his game has gone in the wrong direction and if it continues to do so, he could become an untradable asset. However, the Carlsson offer sheet created a domino effect of contracts being signed that quickly made Rielly’s deal look somewhat team-friendly. A $7.5 million contract today isn’t as overpriced as it was even one month ago. In two years, that same $7.5 million deal may look like a bargain.

If Reilly can continue to produce and eat up big minutes — which even his harshest critics have to admit he does — the Leafs might have dodged a bullet thanks to the Carlsson offer sheet. There wasn’t anything mentioned about a possible return in a deal with Anaheim, so the assumption is that it might have been a cap dump trade. That would have left Toronto trying to fill a void with a player who might be a lot more expensive today than Rielly is.

And, if you look at the open market for defensemen still available, there’s not an upgrade among the bunch.

New NHL Contracts May Change Several Trade Discussions

It remains to be seen if the Maple Leafs will continue to explore the idea of a Rielly trade this season. He could become more attractive to other teams because he’s locked into a deal that might appear more financially friendly than it did earlier this offseason. At the same time, the Maple Leafs (and other teams who could realize what they have) might be less open to a deal.

With every contract that is signed and reflects the new normal with the rising salary cap, deals like Rielly’s look a bit more appealing. Does that open up the door to more teams kicking tires on his availability? Or does it stifle the Maple Leafs’ desire to move on?

This could be an intriguing storyline to keep an eye on as the 2026-27 season rolls along. If he’s worse than in 2025-26, Rielly might not be attractive. If he’s better, there will be interest.