The Philadelphia Flyers‘ offseason isn’t necessarily finished. But with Friday’s Jamie Drysdale news, it now could (mostly) be.

On Friday afternoon, the Flyers announced that they had locked up Jamie Drysdale — the team’s last remaining key restricted free agent — to a contract extension worth $26 million over four seasons, giving Drysdale the highest cap hit ($6.5 million) among Flyers defensemen. A team source confirmed to PHLY that Drysdale’s contract has very limited no-trade protection in Years 3 & 4, reported by PuckPedia to be a six-team no-trade clause in Year 3 and a four-team NTC in Year 4.

“We’re excited to have Jamie remain a key part of our organization for years to come,” Daniel Briere said via a press release announcing the signing. “Since we acquired him, Jamie has worked extremely hard and taken big steps in his development, and has established himself as a reliable piece on our back end with the ability to impact the game in all situations.”

Briere isn’t wrong. When the Flyers acquired Drysdale in the trade that sent Cutter Gauthier to Anaheim, he was the epitome of a work-in-progress, chock full of quality tools but in need of a full-fledged reconstruction of his game for him to have any chance of living up to his status as the sixth overall pick in the 2020 entry draft.

It took time. But by midway through his second season with the Flyers, he started to show real growth — especially on the defensive side of his game. That progression continued in 2025-26, as Drysdale posted the best even strength underlying metrics of his career — 70th percentile among NHL defensemen in overall xG impact (per Evolving-Hockey) and in the 69th percentile specifically in terms of defensive impact. Drysdale also posted a career-high in goals (eight), tied his best in points (32), and was entrusted with an average of 21:33 minutes per night — also a career-high.

Now, the focus for Drysdale turns to fully unlocking his offense, which was viewed as his biggest strength during his prospect days but has yet to fully come around in the NHL. Drysdale noted in his exit interview that he planned to emphasize improving the quality of his shot and increasing his overall assertiveness with the puck this offseason.

If Drysdale can indeed morph into a 50-point defenseman with power play utility, he’ll quickly become a massive bargain for the Flyers at a $6.5 million cap hit. If he merely remains the play-driving, 30-ish point blueliner he was in 2025-26, however, he’ll provide decent enough value, especially as the cap continues to rise. It’s a low-risk, medium-reward contract for the Flyers, with the only real downside being the fact that when the contract expires, he’ll be an unrestricted free agent at 28 — right in the heart of his prime — and potentially in line for an enormous raise lasting well into his mid-30s if he continues to improve.

With Drysdale locked up, Briere now has just two RFAs remaining — winger Nikita Grebenkin and defenseman Hunter McDonald. McDonald’s contract is unlikely to come in much higher than the current league minimum ($850,000), given his limited NHL experience (just one NHL game played). Grebenkin will come in a bit higher, but Evolving-Hockey projected his cap hit on a two-year deal (their view of its most likely term) to be $1.127 million, so only by a few hundred thousand dollars.

Assuming Grebenkin does indeed secure a contract matching the projection, Briere and the Flyers will be finished all of their required business for the summer while sitting on just under $15 million worth of cap space.

The Flyers certainly have the cap space to make more moves. But once Grebenkin is signed, they’ll have a full roster that looks playoff-capable already. Absent an opportunity to make a clear-cut upgrade at one or more spots, there’s little immediate need for Briere to make more moves this summer. He could legitimately be finished.

And if so, the Flyers’ path for improvement in 2026-27 would center around their additions at the edges of the roster (Joseph Woll, Noel Acciari), further development of their established 25-and-under players (Drysdale, Trevor Zegras, Matvei Michkov, Tyson Foerster) and the impact of players already in the organization entering the summer who did not spend a full season playing with the big club in 2025-26 (Porter Martone, Foerster, Denver Barkey, Alex Bump, David Jiricek).

That is indeed a plausible path to the Flyers taking a leap next season. But it would mean that the Flyers proved unable to make the “big move” that the organization clearly wanted to make, given their attempt at poaching Leo Carlsson in July and their glut of cap space. That move very well could have to wait for another day.