Edmonton’s biggest piece of offseason business is done on the eve of opening night. They’ve announced a two-year, $25MM extension to keep captain Connor McDavid off next year’s unrestricted free agent market. That’s a $12.5MM cap hit, the same as his current eight-year deal signed back in 2017 carries. It’s not just the Oilers’ generational talent inking a new deal, either. Defenseman Jake Walman has agreed to terms on a long-term extension, according to Sportsnet’s Mark Spector. That deal will be a seven-year, $49MM contract with a $7MM cap hit, per Friedman.
According to PuckPedia, McDavid’s new deal will be largely paid out in signing bonuses as expected. In 2026-27, he’ll earn an $850K salary with a $13.4MM signing bonus, and in 2027-28, he’ll make a $900K salary with a $9.85MM signing bonus. He’ll have full no-movement protection in each year of the deal.
In his first two years on the job, Edmonton general manager Stan Bowman has now been successful in renewing his two franchise cornerstones well before unrestricted free agency became a real threat. He went through a similar song and dance with Leon Draisaitl last year. However, unlike McDavid, Draisaitl’s commitment was long-term – an eight-year, $112MM extension in September 2024 that, at the time, carried the league’s highest cap hit at $14MM.
Draisaitl’s decision to extend came before the Oilers dropped a second straight Stanley Cup Final to the Panthers. Now 28 and entering his 11th NHL season, the context surrounding McDavid’s negotiations was markedly different as a result. The team has been knocking on the door for quite some time, but is now years deep into a contention window without a championship to show for it. With a bottom-five prospect pool and spending flexibility limited in recent seasons, there was an expectation that McDavid wanted the option to reach free agency in a few years, while still in his prime, if he hadn’t yet won a Cup with the Oilers.
But at least for the next few years, Edmonton’s contention window remains wide open with today’s news. McDavid is coming off an underwhelming regular season by his standards, one that saw him miss significant time with an injury for the first time since a fractured collarbone stole nearly half of his rookie season. He still managed to hit the 100-point mark in 67 appearances, but only 26 of them were goals, also his lowest output since his rookie year and one of the worst per-game efforts of his career.
That was all put to bed by another dominant postseason run that would have earned him MVP honors had Edmonton emerged victorious this time around – an honor he managed to win anyway in 2024 despite being on the losing end as well. In the Oilers’ back-to-back Final runs, McDavid has led the league in playoff scoring both times for a cumulative 15-60–75 line in 47 games. He’s established himself as one of the top playoff performers of all time in the process. He’s got 150 points in 96 games across seven trips to the postseason, making his 1.56 points per game third in league history behind Wayne Gretzky’s 1.84 and Mario Lemieux’s 1.61.
The regular-season numbers are similarly fantastic. Only twice in McDavid’s career has he managed not to hit the century mark – his rookie season and the 2019-20 campaign that COVID cut off with weeks left in the season. He enters Year 11 with 361 goals, 721 assists, and 1,082 points in 712 career games. That’s good for 1.52 points per game, also third all-time behind Gretzky (1.92) and Lemieux (1.88).
He and Draisaitl remain the co-headliners of a forward group that’s lost a bit of depth punch due to cap constraints, but still has Zach Hyman signed through 2028 and Ryan Nugent-Hopkins through 2029. McDavid’s deal coincides with the expiry of Hyman’s contract. It also marks an immense discount on his market value, which was close to – if not the max salary ($20MM-ish per season) – in order to help facilitate a long-awaited championship. If that doesn’t happen, it’s hard to envision a world in which McDavid doesn’t head elsewhere in the offseason of 2028.
As for Walman, it’s hard to find a player whose fortunes have changed as dramatically since last offseason as his. The 29-year-old is entering the final season of a three-year, $10.2MM contract extension he signed with the Red Wings back in 2023. Despite Walman averaging nearly 20 minutes per game in the first year of that deal and managing a 12-9–21 scoring line in 63 appearances – fine value for the money – Detroit opted to clear his contract. They even paid a second-round pick to the Sharks to take him on.
On a thin San Jose blue line, Walman quickly emerged as their No. 1 option. He averaged north of 23 games for the Sharks and responded with an offensive breakout, notching a 6-26–32 line in 50 appearances with a highly respectable -1 rating on a club that ended up finishing the season with a -102 goal differential. San Jose parlayed the lefty’s breakout by trading him to the Oilers at the deadline, netting a 2026 first-round pick in return in addition to the second-rounder they received from the Wings for taking on his contract in what remains one of the more puzzling trades in recent memory.
Walman’s production barely even took a hit despite slotting in as Edmonton’s No. 4 behind Evan Bouchard, Mattias Ekholm, and Darnell Nurse. He spent most of his time last year anchoring a third pairing with John Klingberg, but is now getting a look in the top four to start 2025-26, moving to his offside to play with a fellow lefty in Nurse. In 37 combined regular-season and playoff games with the Oilers after the move, Walman had a 3-15–18 scoring line with a +14 rating while still averaging north of 20 minutes per game.
A seven-year extension keeps the pending UFA under contract through the 2032-33 season, so Walman now carries the longest remaining term of any Oiler alongside Draisaitl and Trent Frederic. He’s also due to be their fifth-highest-paid skater next season behind Draisaitl, McDavid, Bouchard ($10.5MM), and Nurse ($9.25MM). With McDavid and Walman in tow, the Oilers now have $81.3MM committed to 14 players for 2026-27, per PuckPedia. That still leaves at least $22.7MM in flexibility to fill nine roster spots, a number that could grow if the salary cap exceeds its $104MM projection. They do still have a few notable UFAs left unsigned past this season, a class headlined by Ekholm and starting netminder Stuart Skinner.
Frank Seravalli of Bleacher Report and Victory+ was first to report notable progress on McDavid talks today. Elliotte Friedman of Sportsnet was first to report the deal had gotten signed. TSN’s Ryan Rishaug was first on the two-year term.
Image courtesy of Perry Nelson-Imagn Images.
8 year 160mil equals 20mil/year. No other player should be higher then this guy but on the other hand I think no player is worth this. Stick boys will be making a mil soon.
The players are worth this because they generate more revenue for the owners than they’re paid in salary.
If you generated millions of dollars per year for your employer you would have the leverage to request millions in compensation.
Foolish. Obviously don’t understand economics
That’s not how free agency works in a free market.
Next man up negotiates based on the current revenues.
You’re describing some form of feudalistic capitalism lol.
You can’t cherry pick salaries based on favorites
That’s what endorsement deals are for!
There has been much speculation that Connor McDavid is looking to sign a 1 or 2 year deal with Edmonton to observe where things go with the team and organization. I suspect, if Edmonton hasn’t won a championship during his additional contractual extent, he’ll surely leave for other pastures for his final contract of his career.
McDavid clearly doesn’t trust Stan Nepotism Bowman to get the Oilers across the finish to the ultimate prize, And he shouldn’t.
The longer McDavid waits, the more distraction he creates, the more he sows doubt for other players who would like to come to Edmonton, he should have even signed before July 1st. It would have been easier for the Oilers to sign free agents. Edmonton can go all the way, and it’s McDavid who, through his negotiation or his hesitation, is ruining everything.
Funny. Please tell us which free agents didn’t sign in Edmonton because an agreement wasn’t made by July 1.
A player who wants to sign long term is obviously going to evaluate the team, and if you don’t know if the captain is going to stay on board, well you don’t go there. Nothing worse than an organization in decline, all the players want to leave.
The Oilers current roster doesn’t scream NHL finals, Frederic is in the top six, The bottom six forwards are not very good, Hyman is still injured, They didn’t improve the goaltending, Howard, And Savoie didn’t jump off the page in training camp, And Edmonton is currently the oldest team in the league, Other than that, They should be good.
Putting themselves in a position to not match both offer sheets from St Louis has really put them behind the 8 ball.
Merry Christmas Jake Walman! Wow!
Ya that’s insane
They certainly outbid the marketplace with that deal.,
Knock knock…
Who’s there?
Frank Seravalli.
Frank Seravalli who?
That’s show business.
McDavid contact shows what type of person and teammate he is. He wants to win 🏆 in Edmonton. But then they sign another defenseman for big money?? Makes no sense. Wonder if Connor knew about that signing before he signed 🤔
They probably told him they wanted to get him done and needed a number for mcdavid first. I don’t think he would know the contract though
Is Puckpedia accurate that EDM has $864 (dollars not thousands) left under the cap? If so they clearly win the award for maximizing their LTIR.
That is the new HOMETOWN DISCOUNT definition
Clearly this is McDavid saying “alright you have two years to get us over the hump or I walk”
Smart move on both sides. 1. Win while the door still open and McDavid is giving you a discount for two years. 2. The salary cap and contract values have been increasing drastically in the NHL alone. McDavid can make up the difference in that inflation over two years.