The New York Rangers are coming off a frustrating season, and while hiring Mike Sullivan as their new head coach was a step in the right direction, the team still faces serious roster challenges. They must address several pending free agents, all while working with limited cap space and the looming risk of offer sheets. One player in particular—Will Cuylle—is coming off a breakout year and is at the center of these concerns.
To reestablish themselves as serious contenders in 2025–26, President and GM Chris Drury will need to find creative ways to clear cap room. That’s why early speculation has emerged around the possibility of offer sheets targeting Cuylle, who just had his best season yet.
Cuylle, who turned 23 in February, tallied 20 goals and 25 assists for 45 points across all 82 games, averaging just over 15 minutes per night. He initially played alongside Filip Chytil and Kaapo Kakko, a combination that produced strong underlying numbers before both linemates were traded. When paired with J.T. Miller and Mika Zibanejad later in the season, Cuylle continued to be effective.
Given the chemistry shown with Miller and Zibanejad, there’s an argument for keeping that line intact next season. However, doing so requires the Rangers to negotiate a new contract with Cuylle.
Even with the salary cap projected to increase, PuckPedia estimates the Rangers will have about $8.42 million in cap space. In addition to Cuylle, they also need to make decisions on K’Andre Miller, Adam Edstrom, Matt Rempe, Arthur Kaliyev, and Zac Jones.
The Rangers would ideally like to sign Cuylle for between $3 million and $4 million annually. While his NHL experience is limited, Cuylle’s size, physicality, and scoring potential make him an attractive asset—he’s even drawn early comparisons to Tom Wilson. Given the current market and his upside, Cuylle could easily draw an offer sheet in the $4.68 to $9.36 million range, which would put significant pressure on the Rangers.
It might seem unlikely a team would offer over $7 million AAV, but comparisons to situations like Dylan Holloway’s suggest it’s possible—especially for a player with Cuylle’s physical attributes and upward trajectory. If that kind of offer came in, it could be difficult for both Cuylle to refuse and for the Rangers to match.
Should they lose him via an offer sheet, the compensation—first, second, and third-round picks—would help replenish a prospect pool that’s already seen top names like Gabe Perreault and Brennan Othmann graduate to the NHL. Those assets could be used to draft or traded for more impactful players.
At this point, the Rangers have two clear paths: either overpay slightly to lock Cuylle into a longer-term deal, betting on his continued development and hoping to ward off offer sheets, or explore trading him to recoup value before his contract situation hampers their offseason flexibility. A multi-year deal could give them cost certainty, but they may be hesitant after Alexis Lafrenière underperformed following his extension—especially since both players finished with the same point total this season.
Trading Cuylle would be risky but might be necessary if his new deal compromises their ability to improve elsewhere, particularly on defense or at center. Giving Perreault a bigger role could offset his departure.
Freeing up additional cap space—perhaps by moving Chris Kreider or recent acquisition Carson Soucy—would make all of this easier. Still, core players like Zibanejad and Panarin are unlikely to be moved due to their contracts and value to the team.
There’s no perfect solution here. Drury has more breathing room after hiring Sullivan, and ownership remains confident in his leadership. But how he handles this offseason—especially the Cuylle situation—will define the Rangers’ direction and reveal whether a quick retool is possible, or if a deeper rebuild is on the horizon.