OK, So O'Reilly is some sort of ELFA (Entry-level Free Agent), and not an RFA in the usual sense. Now it's making sense. He's not holding out, so I was mistaken about that, and it changes the discussion quite a bit.
So right now, any team can:
- Offer sheet him under the usual offer sheet rules
- Trade with COL for his rights, and then hope that O'Reilly and the team can come to a contract agreement.
If O'Reilly doesn't agree with the new team after a trade, what next? Does he become UFA at the end of the year? Sounds like the Sabres could trade for a guy that may never play an a game and then lose him at the end of the season to the highest bidder.