NHL insider provides details on an upcoming offer sheet for Macklin Celebrini

The panic started after the Philadelphia Flyers tendered restricted free agent Leo Carlsson a five-year, $18 million-a-year deal, the richest AAV in league history.

That number reset expectations across the league, and San Jose Sharks fans immediately wondered if their own franchise center was next in line for a raid.

He isn't, and the reason is procedural, not competitive.

Celebrini is entering the final year of his entry-level contract, which makes him extension-eligible as of July 1.

It does not make him a restricted free agent, and offer sheets can only be tendered to RFAs.

Anaheim had to worry about losing Carlsson to Philadelphia because Carlsson's rights were exposed.

Celebrini's rights are not exposed until next summer, if San Jose lets it get that far.

And even if the Sharks do let it get that far, NHL insider Greg Wyshynski believes one of two things will happen: Celebrini will either sign for less, or San Jose will hand him a blank cheque.

The actual variable is San Jose's own front office, not outside interference.

Sharks general manager Mike Grier said this month he isn't concerned about Celebrini's camp comparing his deal to Carlsson's, calling him "a step above" that tier of player.

Celebrini has echoed that in his own words, telling reporters this spring he wants to stay and build in San Jose.

The cap, not a rival offer sheet, is what will shape this contract.

The NHL upper limit is projected near $113.5 million for 2027-28, up sharply from this season's $95.5 million.

That growth gives San Jose room to pay market rate without gutting the rest of the roster.

The offer sheet threat was always the wrong worry. The extension timeline was always the real story.

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