When the Tampa Bay Lightning were under the ownership of Oren Koules, they had a creative advertising campaign involving websites and highway billboards with to promote their first overall pick in the 2008 Entry Draft.

It was called “Seen Stamkos?”

Center Steven Stamkos was/is the future of the team, the transition point from their Stanley Cup Championship team of 2004 to a new era. By the end of his second season in the league, he scored 51 goals and 95 points, sharing the Maurice Richard Trophy with Pittsburgh superstar Sidney Crosby. By the midway point of the past season, Stamkos was named to play in his first NHL All Star game, was the second pick of Team Lidstrom, and finished the season with 45 goals and 91 points. In the playoffs, he notched 6 goals and 13 points in 18 playoff games as the Lightning finished one game short of representing the Eastern Conference in the Stanley Cup Final.

Suffice to say, a number of National Hockey League teams have seen Stamkos and have had a difficult time stopping him. However, negotiations for a new contract with Tampa have been very slow and if reports are to be believed acrimonious for a player with 232 points in 243 games.
With tomorrow being the first day of NHL free agency, other teams are faced with making a critical decision to put him in the “was” category. The management of those teams must decide whether or not to extend Stamkos an offer sheet that will likely be in excess of 10 years and well over $100 million dollars.

And the team apparently at the head of the pack? The Philadelphia Flyers.

The same Flyers who recently jettisoned franchise cornerstones Mike Richards and Jeff Carter in order to sign goalie Ilya Bryzgalov to a 9 year, $51 million contract.

Reports from the Philadelphia Daily News and the Delaware County Times have indicated that Philadelphia may be extending the 21 year old Stamkos an offer sheet of 12 years at $115 million with an eventual no-trade clause.

At the same time, Comcast Sportsnet reported that management hasn’t come to a consensus on the decision to even put out an offer sheet. Numbers have been discussed, but nothing has been sent to team owner Ed Snider for approval.

There are so many variables, fans’ and ownerships’ heads are spinning.

The first thing to look at is the possible offer sheet itself, which Tampa has the right to match. Once the offer is out there, it has potential franchise altering implications for both teams, cementing the legacies of both general managers in question: Steve Yzerman and Paul Holmgren.

From Tampa’s perspective, they would retain the services of a player that many consider behind only Crosby and Washington Capitals superstar Alexander Ovechkin. It would be a watershed moment to prove that the Lightning are serious about maintaining the momentum gained from this year’s postseason run, of which Stamkos was a key part.

In some ways, an offer sheet would be good for Yzerman because it finally nails down actual numbers as to what Stamkos is worth and it becomes only a matter of matching.

At the same time, financially, it has the potential of hamstringing the Lightning from getting other critical parts in place. Both franchise centerpieces from the title years: captain Vincent Lecavalier and right winger and heart and soul player Martin St-Louis are in the midst of long term contracts with sizable cap hits. If the Lightning sign Stamkos, does it make them vulnerable in losing other future core players, such as defenseman Victor Hedman, in the years to come?

But could it be worse for Tampa’s reputation if they do let him walk? It would reinforce beliefs that the Lightning can’t truly compete in the free agent market place and could see the team suffer in terms of ticket sales.

It’s the old adage: “Defense Wins Championships, Stars Sell Tickets.” This adage also applies to the other team in this dance.

From Philadelphia’s perspective, the acquisition of a player like Stamkos would put a superstar player in a major media market for the NHL on a team that would appear primed towards winning a Stanley Cup with the recent acquisition of a franchise goaltender and a deep blue line. His goal scoring prowess would go a long way in an individual sense of replacing the lost production of Carter and Richards.

However, the reported cap hit of over $9.5 million would have the same crippling effect on Philadelphia, making them a very top heavy squad again. The Flyers, according to CapGeek.com has $8.282 million in cap space. Some of that will go towards signing two of their recent acquisitions in Jakub Voracek and Wayne Simmonds. If the Flyers sign Stamkos, they would have to jettison more salary. They would have to look to possibly move a Danny Briere, Matt Carle, Scott Hartnell (who has a full no trade clause) or possibly one of their young core, such as James van Riemsdyk or their first round choice Sean Couturier (in a sign and trade scenario).

In many ways, the ramifications for Philadelphia may be more devastating, considering that they have only recently gotten prospects to begin to refill a system that has been decimated from previous acquisitions, most notably the Chris Pronger trade, which ostensibly traded three first round picks (including D Luca Sbisa who is developing nicely in Anaheim). The loss of four first round picks as compensation would leave Philadelphia threadbare for the future, especially in terms of their blue line which has to consider eventual replacements for Pronger and Kimmo Timonen who are on the other side of 35.

Another problem for Philadelphia would be that if they put the offer sheet out, they will be tied up for as many as seven days in the free agent market and will watch other possible targets for positions of need go to other clubs, such as gritty leader Jamie Langenbrunner who they had interest in during the season, or faceoff specialists like John Madden or former Flyer Michal Handzus.

What of their efforts to sign RW Ville Leino who potted 53 points last season? If they don’t sign him, do they sign power winger Eric Cole from Carolina, who has championship history with Flyers head coach Peter Laviolette?

All of this may be rendered moot if they put their eggs into the Stamkos basket.

Both teams have seen Stamkos in differing capacities. The question is whether one of the top players in the NHL is worth the cost.

Follow Anthony on Twitter: @anthonymingioni

*photo by Jeffrey Morris