This buys them negotiating time, they've had a year since before his last contract was going to end to negotiate, is it really going to change from now to whenever the arbitration date is?
This is two things, they thought either he would sign an offer sheet they would not match, which possibly they would not have, and faced fan backlash.
Or they did not want him to hold out, in which case, he may have to start the year yet then the leverage would have gone to the Flames as he was not going to just not play and put himself in the same position as he is in right now.
Again, I have no ill will here toward the Flames, I am really just trying to figure out their logic, and I'm guessing at this point its the first thing I said. They might have been better off taking the offer sheet compensation yet did not want to be in that position.