I like this poster he summed up why ufas are overpaid.
If I was a GM I'd be guilty of using offersheets though.
I definitly feel they are worth it
We don't really know how often Offer Sheets are offered, though. It requires a few different factors to work.
1 - Stalled negotiations between player and current team
2 - Bad enough blood that player wants to go elsewhere
3 - offer that is (probably) significantly above what being offered by current team
4 - reasonable confidence from offering team that either a) team isn't going to match, or b) if team matches, the picks given won't be worth more than the player coming.
5 - offering team possesses all of the required picks (their own picks)
Let's use Kucherov as a comparable. You can bracket his market value between forsberg and Tarasenko - so between 6 and 7.5 million over 6 to 8 years. I think all of those are 2 1sts, a 2nd and a 3rd (I think). So a team has to have the cap space to offer it, the picks to offer. Very few competitors have over 6 million in cap space, and Tampa would match that offer in a second. On the high end, fewer have 7.5 million or above. So a team that gets Kucherov has to be reasonably confident that Tampa won't match and Kucherov is the difference between picking top 5 and picking ~top 12 so the value doesn't get messed up.
It's a gamble. And it is one that if I were a GM I'd be VERY hesitant about making. I'd do it pretty much for elite #1Ds or Elite #1Cs, or relatively cheap players that fall below the first round compensation bracket.