That offer sheet would hurt Winnipeg and though I think they'd match it would be hard to do that for only 5 years!

From Chicago's point of view, it would probably have to be five years, because otherwise the compensation would go up. For example, if the same cap hit was for 7 years, it would mean the offer sheet cap hit would be $10.85 million, which would result in four first round picks. The Hawks could bump it to $8 million/year for 5 years and still be at the 1st, 2nd, and 3rd round pick compensation level. Would Winnipeg pass on an $8 million cap hit?

It won't work thanks to the bonus. You need to clear 4.5M in cap space.

Def gets it closer to the pass territory. If not pass it'd make it hard for WPG to be able to keep Buff and Wheeler and likely need to move one or both if they did want to match (which I assume they'd do).

Only real issues are a) Offer sheets are rarely if ever signed and b) CHI likely wouldn't do that to WPG with the Bowman-Chevy history.