Mapping Out a Jeremy Swayman Offer Sheet

In 2022-23, the Boston Bruins employed the NHL's top goalie tandem, featuring Vezina Trophy winner Linus Ullmark and his partner, then 24-year-old Jeremy Swayman. After going through arbitration last summer, Swayman is yet again a restricted free agent and has yet to re-sign with the team, even though training camp is just two weeks away.

Bruins general manager Don Sweeney opted to trade Ullmark to the Ottawa Senators, handing the reigns to Swayman. Reportedly, Swayman may have already turned down a contract offer in the $6 million range, holding out for a deal supposedly starting at $10 million.

It's a significant ask for a player with just 132 games on his resume, a 79-33-15 record, a 2.34 goals-against average (GAA), and a .919 save percentage (SV%). 

For comparison, only two goalies in the NHL carry a cap hit over $10 million in 2024-25, Stanley Cup champion Sergei Bobrovsky (Florida Panthers) and all-but-retired Carey Price (Montreal Canadiens). Thus far, Swayman has yet to win the Vezina Trophy. In contrast, the reigning winner, Connor Hellebuyck, is only making $8.5 million, with past victors like Igor Shesterkin ($5.6 million) and Ullmark ($5 million) making almost half of Swayman's reported demand.

However, Sweeney didn't do himself any favors by trading Ullmark, almost forcing Swayman into the starter role. Yet, without a contract, the conversation shifted in the netminder's favor since the Bruins need him more than he needs them. 

The Bruins contender window continues to shrink with every passing day. Eventually, David Pastrnak will score under 40 goals, and Charlie McAvoy will stop collecting 150 hits a season. 

Ultimately, having a netminder of Swayman's caliber keeps the team in contention for the Stanley Cup. Think how successful the Toronto Maple Leafs could be if they had stability in the net to support their all-star forwards. 

Of course, the Bruins haven't won the Stanley Cup since 2011, but they rode a red-hot Tim Thomas to the championship and then returned to the Final in 2013 and 2019 with franchise win leader Tuukka Rask. They say defense may win championships, but the chances are not as strong in hockey without outstanding goaltending.

In 2024, Swayman is betting on himself to be the next Rask and Thomas and will be the missing piece to a future Boston Stanley Cup parade. But what if he doesn't stay with the Bruins because someone is willing to pay him his salary requests through an offer sheet?

NHL Offer Sheet Compensation

According to the NHL Collective Bargaining Agreement (CBA), any team that signs a player to an offer sheet must compensate their former team in draft picks if that opposing team doesn't match the offer.

The St. Louis Blues recently acquired Philip Broberg and Dylan Holloway from the Edmonton Oilers. Since the Oilers did not match the offer sheets, they received a second and third-round pick from the Blues in the 2025 Draft.

Surprisingly, teams only occasionally get involved in the offer sheet business, with only 12 occurring during the salary cap era, which began in 2005-06. Moreover, all but four were matched, with a few players changing teams.

Although many in the hockey community consider offer sheets a "dirty" business, the NHL is, first and foremost, a business. Even though every franchise's goal is to win the Stanley Cup, contracts and balanced books are the top priority. 

As the Bruins begin to host captain's practices and prepare for training camp, the possibility of a Swayman offer sheet remains on the table. Despite sounding like an end-of-the-world scenario, Boston could match any offer sheet, but depending on the figures, it would only complicate things since the team only has roughly $8.5 million in cap space. 

Why Couldn't Rebuilding Teams Take a Chance on Swayman?

For example, the San Jose Sharks were the statistically worse team in the NHL in 2023-24. They won the NHL Draft Lottery and selected Macklin Celebrini as the top pick. They also drafted Sam Dickinson (11th overall) to add to their prospect pool, which also includes Will Smith (fourth overall, 2023) and Quentin Musty (26th overall, 2023). 

The Sharks have had five first-round picks in the past three drafts and are rolling ahead with their rebuild. According to CapWages.com, they have over $11 million in cap space and would have their goalie of the future by offering Swayman the maximum deal he's seeking. 

Believe it or not, if San Jose's general manager Mike Grier pulled the trigger on this offer sheet, he'd lose draft capital for four seasons, but in a year or two, he could trade back into the first round to find more supporting pieces for Celebrini. 

Of course, Swayman would go from a contender to a rebuilding squad, but if he's chasing money and an opportunity, who knows how strong the Sharks could be in four seasons? Ultimately, he'd cement his status as an elite goalie by backstopping the franchise on a deep playoff run with the kids.

Meanwhile, the Chicago Blackhawks have had eight first-round picks in the past three NHL Drafts. After selecting generational star Connor Bedard in 2023, they need to find a goalie to get him to the playoffs and the Stanley Cup Final.

Last summer, Blackhawks general manager Kyle Davison acquired veteran players to support Bedard's transition to the NHL. Unfortunately, they finished with the second-worst record in the league and drafted second overall at the most recent draft. 

As another rebuilding team that just last decade won three Stanley Cup titles with homegrown stars Jonathan Toews and Patrick Kane, there's no reason why Davidson couldn't sign Swayman to offer him a chance to play for another Original Six franchise.  

Although Chicago has less cap space, just over $5 million, Davidson can tweak the roster to bring in a trustworthy starter. Last season, they lacked this, which kept them close to the league's basement. 

Ultimately, Swayman is in a tough spot, simultaneously chasing a higher salary and the Stanley Cup. Yet, there could be options if he's willing to relocate for the money and put in the work to progress with a team building towards a championship. 

In the end, Boston will likely sign Swayman to a deal that puts him among the NHL's highest-paid goalies. However, the hockey news cycle would turn on its head if someone emerged with an offer sheet, which makes the game's business side so intriguing to follow.