After a lot of speculation around the NHL about whether the best player in the world would extend with the Edmonton Oilers, we have our answer on the eve of opening day for the 2025 season.

Sportsnet’s Elliotte Friedman broke the news on Monday morning. At first, Friedman reported that both parties were trending toward an extension. Only to later confirm that Connor McDavid would be extending in Edmonton.

Then, 30 minutes later, the contract details were announced: two years, $25 million, $12.5 million per season – the same average annual value as he signed on his previous deal.

This is a massive discount for the Oilers, as he’s not taking a raise despite how high the salary cap is increasing over the following seasons.

McDavid, 28, is entering the final year of his eight-year, $100 million contract he signed in 2018. The 2015 first-overall pick has played all 712 career games as an Oilers, and his 1,082 points have him 71st on the NHL all-time points list.

Over the past two seasons, McDavid has led his team to the Stanley Cup Finals. Despite his best efforts, especially during the 2023-24 playoff run, when McDavid’s eight goals and 42 points earned him the Conn Smythe Trophy for playoff MVP, McDavid and the Oilers have come up short on both occasions.

Edmonton now has an internal window of three seasons. McDavid’s discounted contract, which could have been as high as $20 million per season, helps the Oilers win now and better the team around him in hopes of winning in Edmonton before deciding where he wants to end his career.

The Oilers jumped on their savings later this morning, as Friedman also announced the extension of defenceman Jake Walman.

He signed a seven-year, $49 million contract, carrying a $7 million average annual value. The Ontario native was acquired from the San Jose Sharks at last season’s NHL Trade Deadline, in exchange for a 2026 first-round pick and prospect Carl Berglund. As an Oiler, Walman scored one goal and eight points in 15 regular season games, adding two goals and 10 points in 22 postseason games.

While Canucks fans would prefer to see McDavid leave the Pacific Division, his two-year term is somewhat positive, as he could be on the move if the Oilers aren’t successful in lifting Lord Stanley before his contract is up.

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