Both are at the maximum of their respective categories in the offer sheet compensation thresholds, which the league updated this offseason. Should Edmonton fail to match, the Blues would owe the Oilers their 2025 third-round pick for Holloway and the aforementioned 2025 second-round pick for Broberg.

The preceding pick swap with the Penguins saw the Blues acquire Pittsburgh’s 2026 fifth-round pick and next year’s second-rounder, sending their 2026 second-round pick and the Senators’ 2025 third-round pick in return. St. Louis had sent its 2025 second-rounder to the Penguins in June to get Kevin Hayes’ $3.57M cap hit off the books, while it acquired Ottawa’s pick as compensation for taking on the final two seasons of Mathieu Joseph’s contract at a $2.95M cap hit.

New Oilers general manager Stan Bowman now has seven days to decide whether to match the offer sheets or accept the draft-pick compensation. But given Edmonton’s financial situation, matching the bloated short-term deals will be a tough ask.

The second year attached to both deals may be the deciding factor. Not only are the Oilers already over the salary cap Tuesday, but paying out nearly $7M in cap hits in 2025-2026 for Broberg and Holloway would significantly inhibit their ability to sign pending UFA Leon Draisaitl to what will likely be the richest deal in franchise history.

But if the Oilers decide to match one or both the offer sheets, they wouldn’t need to make any corresponding transactions immediately. Edmonton is only roughly $350K over the $88M salary cap, per PuckPedia, and teams can exceed that upper limit by up to 10 percent during the offseason. That’s enough wiggle room to add $6.87M worth of Broberg and Holloway to the books but it would need to shed more salary than previously anticipated to become cap-compliant by the time opening-night rosters are due.

Edmonton’s short-term crunch could be helped out by Evander Kane, who’s expected to need surgery and will likely start the season on long-term injured reserve. But if Kane and his $5.125M cap hit aren’t expected to miss the entire season, they’ll still need space to activate him at some point.

On St. Louis’ end, it’s now clear why GM Doug Armstrong was intent on keeping his options open financially this summer, shedding some bad deals for slightly more cost-effective ones.

The Blues have $7.34M in projected cap space, per PuckPedia, ninth most in the league. It’s enough to take on the AAVs for Broberg and Holloway without any corresponding moves, and they could end up with even more flexibility should defenseman Torey Krug require surgery to address pre-arthritic conditions in his left ankle. That would cost him the entire 2024-2025 season and make him eligible for LTIR, allowing them to use his $6.5M cap hit for relief.

Failing to match either would be a tough proposition for the Oilers, who selected Broberg eighth overall in 2019 and Holloway at 14th overall in 2020. Both are on their way to becoming everyday NHL contributors, with Holloway appearing in all 25 playoff games for Edmonton and Broberg pushing for more NHL minutes after excelling with the Oilers’ AHL affiliate, the Bakersfield Condors, last season.