Report: Connor McDavid and Edmonton Oilers agree to contract extension

Edmonton Oilers fans can breathe a sigh of relief because multiple reports are indicating that captain Connor McDavid has agreed to a two-year contract extension worth $25 million.

Here’s what you need to know.

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Connor McDavid

McDavid is in the final year of an eight-year $100 million contract that carries a $12.5 million cap hit. He finished with 100 points (26G, 74A) in 67 games last season and added 33 points (7G, 26A) in 22 playoff games.

McDavid is now signed through the 2027-28 season, with his cap hit staying at $12.5 million. Edmonton now has over $46 million per year invested in McDavid, Leon Draisaitl ($14 million), Evan Bouchard ($10.5 million) and Darnell Nurse ($9.25 million).

The deal comes after Oilers GM Stan Bowman said last Wednesday it’s not a guarantee the pending unrestricted free agent would sign an extension before the season began.

There’s been constant speculation on the future of the 28-year-old superstar, who has been eligible to sign a contract extension since July 1. Fuel was added to the fire in June when McDavid said he wanted to see a path to winning before he extended. Edmonton has lost to the Florida Panthers in the Stanley Cup Final in back-to-back years.

The McDavid deal comes in at a significantly lower cap hit than Minnesota’s Kirill Kaprizov, who just became the highest paid player in NHL history with an eight-year contract worth $136 million ($17 million AAV).

NHL futures

The Oilers enter the season tied with Vegas as the Stanley Cup favourites at +800. You can get a little better value on Edmonton winning the Western Conference as they are +425 compared to +400 for the Golden Knights.

If you’re looking for player futures, McDavid is a +190 favourite to win his fourth career Hart Trophy and a +160 favourite to win his sixth career Art Ross Trophy. The better value, however, is McDavid to win a second Rocket Richard Trophy at +1800 as he’s said he wants to score more goals this season.