TSN’s Darren Dreger reports the Calgary Flames have signed Colorado Avalanche center Ryan O’Reilly to a two-year offer sheet. Details to follow.

O'Reilly signs offer sheet with Flames.

O’Reilly signs offer sheet with Flames.

SPECTOR’S NOTE: As per Dreger, “O’Reilly will make $1 million in base salary for 2012-13 with a signing bonus worth $2.5 million. His 2013-14 salary will be $6.5 million”. Big surprise to see this coming from the Flames, but this is a desperate club right now, and desperate times call for desperate measures. The Avs have one week to match the offer, or they’ll receive a first and a third round pick as compensation.

UPDATE: Well that didn’t take long. The Avs have matched the offer. He stays in Colorado and will join the lineup soon.