After winning the Stanley Cup with the Ducks, Penner's entry-level contract expired and he became a restricted free agent in the off-season. With the Ducks dealing with salary cap issues and the signing of Todd Bertuzzi, Edmonton Oilers general manager Kevin Lowe jumped at the opportunity and signed Penner to a five-year, $21.25 million offer sheet. Lowe was criticized by the media and Ducks general manager Brian Burke. After seven days had passed, the Ducks were ultimately unwilling to match the offer and Penner became an Oiler. To date, Penner is the most recent player to change teams via an offer sheet.