Offer Sheets – Revision 1

Terms
For the purposes of clarity, the "signing team" will henceforth refer to the team that signed another team's player to an offer sheet. The "signee team", thus known as the original team receiving the offer sheet, will then need to make a decision whether or not to match the offer sheet and pay an increased premium for the player to keep him OR to let him walk to the signing team, and receive compensation in return for the loss of this player.

Overview

 * Teams may protect up to 2 players per year and must submit their Protected List to the commissioner within one week following the last day of the League Championship
 * Every team is allowed one (1) offer sheet per offseason. Teams can match as many offer sheets as that they receive, but cannot sign more than one player to an offer sheet.
 * In the event a team matches the offer sheet it has received, it will be required to either keep that player or trade him to another team who will also be obliged to keep him.
 * Players who have had offer sheets matched will become Tier A*, Tier B*, Tier C*, or Tier D* keepers and require a higher, matched keeper cost (which acts as the premium for matching).
 * Tier D necessitates the highest of Round 16 or X-2 to account for the value of undrafted FAs in Round 23.
 * In the event a team does not match the offer sheet it has received, it will forfeit the player to the opposing, signing team and will receive compensation for losing this player from the team that poached him. In exchange for this additional draft pick, the signee team (original team) will send back its lowest draft pick held to the signing team at the time of the offer sheet to balance out the picks.
 * Players set to transition will still transition even in the event they are successfully acquired by another team via offer sheet. Players set to transition whose offer sheet is matched by the signee team that owns them will transition only if they are kept by this same team once again.

Protection List
Teams will have exactly one week following the last day of the League Championship to finalize and submit their Protection List to the Commissioner (official deadline will be the following Sunday at 11:59 PM ET). Teams may protect a maximum of two (2) players every calendar season.

The Commissioner will announce all Protected Players in a League-issued release that same night. Teams that fail to submit their Protected List to the Commissioner will have no Protected players, meaning any team is free to offer sheet any player on the roster.

Protected Players
Players that have been qualified as “Protected” are not eligible be signed to an offer sheet by any opposing team for the duration of the offseason. They are completely off-limits, and no team may thus attempt to sign them.

Trading before submission of List
Teams are permitted to trade within the 1-week period after the championship ends and prior to the deadline for submitting the Protected List.

No Keeper Requirement
Teams are not obligated to keep the players that they have designated as Protected. This status protects the player in question from an offer sheet but does not force the GM who protected him to keep him.

Unprotected Players
Players that been left “Unprotected” (the remaining players) are eligible to be signed to an offer sheet by any opposing team for the duration of the offseason. These are the only players that may be targeted by an offer sheet.

The Offer Sheet
Once the Commissioner has announced the Leaguewide list of players who have been Protected, teams are free to sign opposing players to offer sheets at any time in the offseason. The concept of an offer sheet revolves around a rival GM attempting to poach a player from another team by offering a compensation package to the signee team in an attempt to persuade them not to match. The signing team must first place bids on each player according to the compensation minimums set out for each Tier. The team bidding the highest compensation is the one that wins the offer sheet.

Teams have 2 days (48 hours) from the moment the offer sheet window closes decide whether or not to match the offer sheet.

Each team is permitted one offer sheet per offseason. A team cannot sign more than one opposing player to an offer sheet during the offseason.

Players who have been downgraded are NOT eligible to be signed to an offer-sheet.

Players who have been successfully acquired via an offer sheet CANNOT be downgraded by the team that receives the player.

Bidding Process
To submit an offer sheet, the poaching team must create a new post in the Facebook group as such: "Offer Sheet – Rene Bourque (Tier X)". Poachers can distinguish themselves from other competing poachers in the offer sheet process by offering increased compensation in order to win the offer sheet bid. The minimum starting bid for any offer sheet is the compensation that has been outlined in the CBA. If two or more teams are tied for the leading bid when the window closes, a random draw will determine the winner.

Teams can bid on a player by commenting on the offer sheet post to either equal or outbid an existing bid by. Teams that are first to bid may either bid the minimum to begin or, at their discretion, start the bidding at a higher Round. Teams can only bid on one player at a time. Teams must win the offer sheet bid in order for it to count as their one and only offer sheet attempt of the offseason. If a team loses a bid, they are free to place a bid on another player.

The signee team has 48 hours from the moment the window closes and there is a winner in the bidding process to decide whether to match the offer sheet. If they elect not to match, the signee team will always send back the lowest pick it holds at the time of the decision. There is no negotiation there. If the poaching team does not hold the appropriate compensation to send to the signee at the moment of the decision, as in the keeper system, the next highest pick will be sent to the original team. There is no grace period to acquire the missing compensation after a decision has been rendered by the signee team.

Eligibility
Players remain eligible to be bid on until the commissioners have indicated offer sheets can no longer be submitted. Players drafted in the 1st round cannot be kept, and thus teams may not submit offer sheets for these players.

Retracting
If a team wishes to bid on another player, they must retract their existing active bid according to the retracting rules set out.

Window
Teams may bid on a player within a fixed 24-hour window. The windows opens every day at 12 PM ET and closes the following day at 11:59 AM ET. Once an offer sheet is submitted, this is the only window of the offseason where bids can be placed on this player. The window does not start when the player receives an offer sheet, it is important to note. The 24-hour clock does not start at the time of the first bid. Once a team’s bid has been eclipsed, this can either equal or exceed the current high bid OR they can elect to retract their bid. If you’re leading or tied for the lead, then you cannot retract your bid. You may only retract once another team has placed a higher bid than you. If a team retracts their bid, they are out on the player and they can no longer place another bid within the window.

Extension
If there is a new bid placed within the last hour of the window, the window will automatically extend by one hour to allow other teams the opportunity to place bids. This will discourage bidders from placing a bid at 11:58 AM and winning the player. Each time there is a new bid placed after the extension, one hour will be added once again. The window can be extended until as long as 6 PM ET every day (this will also accommodate those who are overseas). After 6 PM ET, the window will automatically continue on until 11:59 AM the next day, as we do not wish for GMs to stay up at night in order to monitor their bids.

Example 1: Multiple Teams
A Tier C player was drafted in Round 11. The CBA calls for his offer sheet compensation to be Round 15. In the updated system, Round 15 is the minimum bid that can be placed for the player that is being offer sheeted. Should another team wish to participate in the offer sheet process for that player, they must either equal the Round 15 bid OR post a bid of Round 14 or higher.

Maroons, 12:30 PM: Bid of Round 15 is placed (Maroons leading) Quebec City, 3:00 PM: Bid of Round 15 is placed (TIED) Maroons, 8:52 PM: Bid of Round 12 is placed (Maroons leading) Quebec City, 10:22 PM: Bid of Round 12 is placed (TIED) Maroons, 7:22 AM: Bid of Round 11 is placed (Maroons leading) Quebec City, 9:55 AM: Bid of Round 10 is placed (QC leading)

Maroons does not place another bid. When the window closes at 11:59 AM, Quebec City has won. The original team now has 48 hours to decide whether to match or not match the offer sheet.

Example 2: Window
Montreal submits an offer sheet for Cornwall's Cam Ward at 9:25 PM on Wednesday night. The window will close at 11:59 AM the next day.

Example 3: Extended Window
California submits an offer sheet for Cornwall's Eddie Lack at 12:28 PM. The window closes at 11:59 AM the next day.

Colorado bids on Lack at 11:30 AM the next day, eclipsing California's leading bid. Because Colorado bid on Lack within an hour of the window closing (there were 30 minutes remaining), the window is automatically extended by one hour and will now close at 12:30 PM.

California is now angry with Colorado and decides to increase its bid at 12:15 PM. California once again holds the highest bid, and the window extends to 1:15 PM.

Colorado, not content to let California sign Eddie Lack to an offer sheet, decides to equal the high bid at 1:13 PM. California and Colorado are now tied for the lead.

This charade continues on until California takes the lead at 5:39 PM. The window is extended until 6 PM at this point, and not by one hour.

Option 1: Team Does Not Match
The signee team does NOT MATCH, and thus assigns the player to the signing team. In return, he will receive compensation from the signing team as detailed in Table 1 below.

Special case: players who are drafted in Round 23 or were picked up as undrafted free agents require a 16th round pick as the minimum compensation in the event the offer sheet is not matched. Meaning, they do not operate like other Tier D players, whose compensation is X-2.

Option 2: Team Matches
The signee teams MATCHES, and thus the offer sheet is unsuccessful. The signing team will not receive the player and will not lose any draft picks. However, because the signee team elected to match the offer sheet, its player will now be designated as Tier A*, Tier B*, Tier C*, or Tier D* keepers. Meaning, they will require increased keeper compensation, and they will be more expensive to keep because of the matching. The new, matched keeper cost can be seen in detail in Table 2, Column B (“Matched keeper cost”)

In the event the team chooses to match the offer sheet on one of its players, that player MUST be kept for the next season either by the team that matched the offer sheet (the signee, his original team) or any other team in the League. Meaning, if, after matching, the signee team would rather not keep that player at his higher, matched keeper cost, his only other option is to trade him to another team who will then be under the obligation to keep him. Matched players MUST be kept by the team that matched the offer sheet or by someone. It is up to the team that matched to decide how it would like to proceed. In the event it cannot find a suitable trade partner, the signee team will have no choice but to keep that player.

SPECIAL CASE: Transitioning keepers. Please see the Ondrej Palat example below.

Bryan Little (Tier C)
Scenario: The Rockies sign Bryan Little (Tier C, Round 7 drafted) to an offer sheet because he was left unprotected by the GM of the California Golden Seals.

If the Golden Seals do NOT MATCH:
 * The Rockies successfully acquire Bryan Little and send, at the minimum, a Round 11 selection to the Golden Seals as compensation for successfully signing Little to an offer sheet.
 * The Golden Seals lose Bryan Little to Colorado, and trade their lowest held pick at the time of the offer sheet to Colorado in order to account for the fact they are receiving a Round 11 pick from Colorado. In addition, Colorado will pay a Round 5 draft pick to keep Little.

''The offer sheet compensation was calculated as such for Bryan Little (Tier C, drafted in Round 7)

Tier C compensation: X + 4 (X denotes the round a player was drafted in).

Thus, the offer sheet compensation is 7+4 = Round 11. The Rockies must bid and pay a Round 11 pick at the minimum to California as compensation for Little if California does NOT match the offer sheet.''

If the Golden Seals MATCH:
 * The Golden Seals retain Bryan Little on their roster. Colorado does not receive the player and does not lose any draft picks.
 * Bryan Little becomes a Tier C* player, and his matched keeper cost to California (or any team keeping him) is now a Round 4, instead of a Round 5, pick.
 * Little must be kept by the Golden Seals or another team. He must enter the draft as a keeper. Any team that acquires him will be required to keep him at the Tier C* cost, and not his original Tier C (Round 5) cost.

''The matched keeper cost was calculated as follows for Bryan Little (Tier C, drafted in Round 7)

Tier C* Matched Keeper Cost: X -3 (X denotes the round a player was drafted in).

Thus, the matched keeper cost for Bryan Little, as a Tier C* player, is 7-3 = Round 4. The Golden Seals or any team electing to keep him must pay a Round 4 draft pick.''

Ondrej Palat (Tier D, transition)
Scenario: The Rockies sign Ondrej Palat (Tier D, Round 23 undrafted FA) to an offer sheet because he was left unprotected by the GM of the Vancouver Millionaires.

Palat was kept by the Millionaires the previous offseason at the cost of a Tier D - Round 23 pick. Thus, he is due to transition to Tier C compensation should he be kept again by the Millionaires to Tier C - Round 11 pick. This scenario only applies to players who have not been traded by the team that kept them the previous offseason, and thus will transition if kept again.

Because the Rockies have signed a player who is due to transition, they will not be able to avoid this transition should the Millionaires elect not to match. This is the opposite effect of a trade in this instance: had the Millionaires traded Palat to the Rockies, he would NOT transition to Tier C and would remain at Tier D - Round 23. However, because acquisition via offer sheets do not prevent transitions, Palat will still transition if he is kept by the Rockies (and thus the offer sheet is successful).

If the Millionaires do NOT MATCH:
 * The Rockies successfully acquire Ondrej Palat and, as the signing team, send, at the minimum, a Round 16 selection to the Millionaires as compensation for successfully signing Palat to an offer sheet.
 * Because compensation for Tier D player is the highest pick of X-2 and Round 16, in this instance, Round 16 is the highest (X-2 = 23-2 = 21, which is a lower round than 16).
 * The Millionaires lose Palat to Colorado, and trade their lowest held pick at the time of the offer sheet to Colorado in order to account for the fact they are receiving a Round 16 pick from Colorado. In addition, Colorado will pay a Round 11 draft pick to keep Palat.

''The offer sheet compensation was calculated as such for Ondrej Palat (Tier D, undrafted FA)

Tier D compensation: Highest of X - 2 AND Round 16 (X denotes the round a player was drafted in).

Thus, the offer sheet compensation is Round 16 as it is a higher round than 21. The Rockies must pay a Round 16 pick to Vancouver as compensation for Palat if Vancouver does NOT match the offer sheet.''

If the Millionaires MATCH:
 * The Millionaires retain Palat on their roster. Colorado does not receive the player and does not lose any draft picks.
 * Because Palat is set to transition, his matched keeper cost will operate as such:
 * Should the Millionaires choose to keep Palat again, he will become a Tier C* player, and his matched keeper cost to Vancouver (or any team keeping him) is now a Round 10, instead of a Round 11, pick. This is a result of Palat being set to transition to Tier C.
 * Should the Millionaires choose to trade Palat, he will become a Tier D* player, and his matched keeper cost to the team that acquires him (or any team OTHER than the Millionaires) is now a Round 18, instead of a Round 23, pick.
 * Palat must be kept by the Millionaires or another team. He must enter the draft as a keeper. Any team that acquires him will be required to keep him at the Tier D* cost, and not his original Tier D (Round 23) cost. If the Millionaires choose to keep him again, he will be kept at the Tier C* cost given he is transitioning to Tier C.

''The matched keeper cost was calculated as follows for Ondrej Palat (Tier D, undrafted FA)

Tier C* Matched Keeper Cost: X - 3 Thus, the matched keeper cost for Ondrej Palat, as a Tier C* transitioning player, is 13-3 = Round 10.

Tier D* Matched Keeper Cost: X - 5 (X denotes the round a player was drafted in).

Thus, the matched keeper cost for Ondrej Palat, as a Tier D* player, is 23-5 = Round 18.''

Unmatched Compensation
In the event the signee team does NOT match the offer sheet one of its players has received, the following table details the minimum compensation it will receive from the signing team. These compensation levels listed are the minimum bid a team must place to sign a player to an offer sheet.

''Because Yahoo! requires an equal number of picks to be traded between teams at all times, the signee team will send the lowest draft pick it holds at the time of the offer sheet when compensation changes hands.''

Matched Keeper Cost
In the event the signee team DOES match the offer sheet one of its players has received, the following table details the matched keeper cost the player will now require to be kept.

Please note the asterisk (*) next to the Tier letter, indicating that this player's team matched the offer sheet and that a matched keeper cost is required to keep him.

Offer Sheet Compensation Grid
For your convenience, please see attached cases for each player according to their round.

2015-16
- D(d) denotes the player in question was downgraded to Tier D according to the downgrade rules in place at the time of the keeper submission.

- No(d) denotes the player in question was set to transition and subsequently was prevented from transitioning because he was successfully downgraded.