What’s next for the Flyers after missing out on Leo Carlsson?

The Flyers tried.

In a world where the salary cap is rising, free agency is dwindling and trade partners want the world, the opportunity to get a top-line center who fits the Flyers’ timeline required a drastic step.

The Flyers did that by tendering an offer sheet. It made sense, but on Thursday, the Anaheim Ducks matched the hefty five-year contract with an average annual value of $18 million that the Flyers had given to 21-year-old center Leo Carlsson.

» READ MORE: Sielski: Without Leo Carlsson, the Flyers’ hunt for their pot of gold just got harder and longer

So what’s next for the Flyers? Let’s answer some questions.

Flyers general manager Danny Brière and his staff took a home run swing and ended up striking out. But the fact that they swung for the fences in this scenario was a solid attempt and showed that the organization is willing to pony up and take a big risk to acquire talent.

According to Puckpedia, the Flyers have a smidge above $29.5 million in cap space; however, as we have reported, that number includes center Jett Luchanko’s contract ($941,667), and Brière told The Inquirer in early June that the expectation is he will be in Lehigh Valley of the American Hockey League this upcoming season.

Regardless of whether Luchanko is around, that is a lot of cap space. Philly does need to sign its four restricted free agents: forwards Trevor Zegras and Nikita Grebenkin, and defensemen Jamie Drysdale and Hunter McDonald. Grebenkin and, especially, McDonald, could start the 2026-27 season with the Phantoms, meaning their salaries would not count against the cap.

Zegras and Drysdale’s new contracts should be around a combined $15 million AAV. They did file for salary arbitration — protecting them from getting an offer sheet — although the expectation is that it will not get that far.

But those are things that they have to get done. After Brière and Co. tried to upgrade their team, are they done? From what we’re hearing, it sounds like there was always a Plan B.

It feels like the Orange and Black have been in on everyone this summer, but thus far have only upgraded their backup goalie, with Joseph Woll, and their fourth line with Noel Acciari, and added depth defenseman in Simon Benoît. Necessary adds, but it still feels like more is needed.

So where does that come from?

» READ MORE: Noel Acciari is going from a hated Penguin to a (hopefully?) beloved Flyer. He said he’s excited to join a team on the rise.

The unrestricted free-agent market does not have a 1C remaining — and never really did with everyone signing extensions. How about a top-four defenseman with power-play punch? Not really, but names like John Klingberg, who has some power-play experience, Carson Soucy, and Logan Stanley could be interesting depth additions.

But this is about the 1C spot that the Flyers have needed for years. There is always the offer sheet route again. Most would argue that’s not the best move considering how the hockey world functions and how it could burn bridges. But it is fair game, and there is still an intriguing name out there: Adam Fantilli.

The Athletic’s Aaron Portzline reported Monday that the 21-year-old center could be the Flyers’ next target. It doesn’t sound like the Flyers want to go the route of another $90 million contract, but he does fit their timeline and has upside that still needs to be drawn out. According to Puckpedia, the Columbus Blue Jackets have more than $23 million in cap space, and while they have to re-sign Cole Sillinger and Jet Greaves, it doesn’t sound like matching would be an issue for them.

So that leaves the trade route. Mavrik Bourque and Mason McTavish have already been traded to the Nashville Predators and St. Louis Blues, respectively. Seattle Kraken forward Shane Wright continues to be a hot topic on social media as a possible solution to the Flyers’ need at center, along with teammate Matty Beniers. But the ask for Wright, a 22-year-old center, was reportedly high in June — the Flyers’ interest wasn’t high back then either — and there was also no indication that Beniers was available at that time.

» READ MORE: Flyers’ Trevor Zegras and Jamie Drysdale are among 15 players who have filed for salary arbitration

Could the Flyers circle back on Shane Pinto or Dylan Cozens with the Ottawa Senators? Both are young centers with size and skill. Dylan Larkin was someone that the Flyers were reportedly interested in; however, the Detroit Red Wings center has a full no-move clause and wants to choose his next destination — MLive reported on Thursday that he added the Dallas Stars to the original list of the Minnesota Wild, Vegas Golden Knights, and Florida Panthers as teams he’d waive for a trade.

If the Flyers do acquire a 1C or top-four defenseman, does long-rumored trade asset Rasmus Ristolainen finally get moved? He is a top-four defenseman, but at almost 32 years old, the thought is the Flyers are aiming for a younger defenseman who fits their timeline a little better.

Could the answer then be an RFA defenseman who is not eligible for an offer sheet but sounds like he is on his way out of Carolina and could be available via trade? On the 32 Thoughts Podcast, NHL insider Elliotte Friedman suggested Alexander Nikishin, who played with Egor Zavragin in 2024-25 and briefly suited up with Matvei Michkov across two seasons for SKA St. Petersburg in the Kontinental Hockey League, was almost traded to the New York Rangers. He fits the Flyers’ timeline, can play on the power play, was plus-18, had a 58.39% Corsi For at five-on-five during the regular season, and has the valuable experience of winning a Stanley Cup.

And are there other options that no one has seen coming? The general sense we’re getting is that the Flyers are still cooking.

The Flyers have six players who can play center: Christian Dvorak, Noah Cates, Sean Couturier, Denver Barkey, Zegras, and Acciari.

Barkey didn’t look bad down the middle when called upon in the postseason, but the expectation is he will play wing in next season. Couturier shared the middle spot with current unrestricted free agent Luke Glendening toward the end of last season, and for all intents and purposes, that’s probably the case with Acciari.

The biggest question mark: where does Zegras fit?

Brière told The Inquirer on March 7 that the team “felt he’s been a little better on the wing this year.” An hour later, Zegras was centering a line, and he held that spot for pretty much the rest of the season and into the playoffs.

» READ MORE: 12 players the Flyers could target to upgrade their roster via trade, free agency, or an offer sheet

So do they see Zegras as the answer for the No. 1 center slot heading into the season? Time will tell how Rick Tocchet lays out his lines; however, there is another layer to this. If Zegras is a center, his asking price for his new contract just went up.

But in the end, overall, where do the Flyers stand now? This is still a team that largely the same as last season, with a few small upgrades to the goaltending, the fourth line, and the defense. They are not the big splash everyone was hoping for.

They will still be a young team, with Porter Martone as a centerpiece, while Michkov will be expected to have a better season, and another young player, David Jiříček, will be in the lineup on the blue line as he is no longer waiver-exempt.

Brière suggested that “there’s a chance, and a good chance, that we take a little bit of a step back” in the upcoming season at his July 1 press conference. With Carlsson, that probably wasn’t happening. Without Carlsson, is that statement setting the tone?