I'm not sure I agree with the Leafs fans who say that Toronto would match a 5 year/$40 million offer sheet. The math doesn't add up.
Sure, they've got the cap room this season, but after that things change dramatically. I've heard people projecting Matthews to ultimately get $9 million or $10 million a year. Also heard that Marner is looking for big money ($7 million, $8 million?). So let's assume that between Matthews and Marner they get $17 million. Let's also assume that Nylander gets an offer sheet for $8 million. That's $25 million for three players against remaining 2019-20 salary cap room of $31.5 million. That leaves Toronto with $6.5 million to sign a minimum of 7 guys. No GM is going to put himself in that position.
Sure, there can be other moves made and other guys shipped out, but then you're creating a new hole in the line up. The bigger problem is that the issue perpetuates itself going forward, throughout the length of, at a minimum, Nylander's contract.
Now, I'm not saying that other teams should send an offer sheet over for Nylander. As a Canes fan, I wouldn't do it at $8 million per season (maybe $7 million or $7.25 million) but I'd want to have Aho and Teravainen under contract first so they don't use that as a comp.