The Anaheim Ducks have a math problem, and it’s not getting any easier.
Leo Carlsson’s offer sheet from the Philadelphia Flyers — five years, $90 million — dropped on the organization like a grenade last week. Now GM Pat Verbeek has to decide whether to match that monster deal or let one of his best young forwards walk for draft compensation. Either way, the Ducks are staring at a cap crunch that didn’t exist a month ago.
And the early word? Veteran forward Frank Vatrano might be the one who pays for it.
The Fourth Period’s David Pagnotta reported Sunday that Anaheim is actively looking at ways to clear cap space, and Vatrano’s name keeps coming up. He added the 32-year-old to his 2026 Summer Trade Watch List, noting the Ducks are “seeing how they can create more cap space for other moves and signings” and that Vatrano “may be the odd man out.”
It’s not hard to connect the dots. Vatrano carries a $4.57 million cap hit with two years left on his deal. He owns a seven-team no-trade list, so it’s not like he’s completely untradeable — but he’s not an easy guy to move either. Not after the season he just had.
Vatrano played 50 games in 2025-26 and managed just nine points. Nine. He was a healthy scratch for the entire Stanley Cup Playoffs. At 32 years old, that kind of production drop is tough to explain away. The Ducks might have to sweeten the deal or retain salary to get someone to bite.
But the bigger picture here is wild.
The Ducks just gave defenseman Pavel Mintyukov a massive new contract at $7.2 million per year after there were rumblings another team was planning to offer sheet him too. Between Mintyukov and what Carlsson would cost, that’s over $25 million tied up in two players alone.
And that’s before we get to Cutter Gauthier. The 24-year-old is also a restricted free agent with no contract for 2026-27. He scored 41 goals and 69 points this season. He’s going to get paid real money.
Meanwhile, the Ducks have already reshuffled their roster in a major way. John Carlson, Jacob Trouba, Olen Zellweger and former captain Radko Gudas are all gone. Mason McTavish was shipped to St. Louis before free agency even opened. The 2026-27 Ducks are going to look nothing like the team that finished last season.
Verbeek and the front office have a few weeks to decide on Carlsson’s offer sheet. That decision alone could set off a chain reaction that determines whether Vatrano stays in Anaheim or gets moved before the summer is over.
For now, Vatrano is still a Duck. But the clock is ticking.
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