What happened: The point being made is a reminder about how restricted free agency actually works: restricted free agents very rarely change teams, because their current clubs hold the right to match any outside offer. The structure heavily favors the incumbent team retaining the player. The last time a restricted free agent signed an offer sheet worth $5 million or more was July 2023, when Paul Reed did so.

Why it matters: It matters because offseason chatter often treats restricted free agents as realistic targets to be pried away, when history shows otherwise. Matching rights give teams the leverage to keep their young players, so fans and rival front offices should temper expectations about poaching this class. The long gap since the last sizable offer sheet underscores how seldom the mechanism is used to move a player.

What to watch: Watch whether any team this offseason breaks the pattern with a meaningful offer sheet, and whether the player's current club declines to match.