Oilers Sign Draisaitl to Landmark, Eight-Year Contract Extension Worth $112 Million

Edmonton Oilers center Leon Draisaitl skates during Game 7 of the Stanley Cup Final against the Florida Panthers in Sunrise, Fla., on June 24, 2024. Wilfredo Lee/AP Photo

Leon Draisaitl had a hard time picturing himself playing in the NHL wearing anything but an Edmonton Oilers jersey, and the result of that is a long-term commitment to the organization’s pursuit of the Stanley Cup as the highest-paid player in hockey.

Draisaitl on Tuesday signed an eight-year extension worth $112 million, a deal that gives the German star the top salary-cap hit in NHL history at $14 million annually. The new contract, the second-richest in total dollars in league history, begins with the 2025–26 season and runs through 2033.

“For me, it was always the Oilers,” Draisaitl said on a video call with reporters. “Obviously, we haven’t gotten the job done yet, which makes it to me even more special. We’re going to do this together. We’re all pulling on the same rope here. I’m excited to be a part of it and excited to keep chipping away at the ultimate goal, and we all know what that is.”

Draisaitl’s landmark deal got done a little more than two months after he, fellow superstar Connor McDavid, and their teammates nearly pulled off an historic comeback in the Stanley Cup Final, erasing a 3–0 series deficit before losing to Florida by one goal in Game 7. Draisaitl had 31 points in 25 games during that run.

He could have become a free agent next summer. Avoiding that and getting him signed to a long-term contract was the organization’s top offseason priority.

“Players like Leon are special. There’s not many people in the world that can play hockey like he does,” said new General Manager Stan Bowman, who was hired in late July. “There’s no way we could ever replace what Leon brings to the table. He’s a huge part of our team. He has been, and he will continue to be.”

Draisaitl surpasses Toronto Maple Leafs center Auston Matthews’ $13.25 million cap hit with this new contract, which nearly doubles his salary. The 28-year-old Draisaitl is making $8.5 million on average on his current contract, which was signed in 2017 and became one of the most team-friendly in the league.

The contract trails only the 13-year, $124 million deal Alex Ovechkin signed with the Washington Capitals in 2008 as the biggest the NHL has seen. It comes with the salary cap expected to increase again in ‘25–26, likely exceeding $90 million or more, as league revenues keep growing to record levels.

“Certainly, there’s going to be challenges in the future, but that’s for us to figure out down the road,” Bowman said. “We’ll figure the other stuff out down the road, but for now we’re just thrilled that he’s with us.”

The big forward from Cologne has been worth every penny along the way, putting up 850 points in 719 regular-season games since making his NHL debut and being one of the top producers in playoff history with 108 points in 74 games. Draisaitl’s 1.46 points per game rank fourth all-time among players with 40-plus games in the postseason, behind Hall of Famers Wayne Gretzky and Mario Lemieux, and McDavid.

Draisaitl said he talked to McDavid, with whom he has become close friends, throughout the process before signing.

“I did what I thought was best for me personally. Do I hope that Connor follows along? I’d be lying if I said no,” Draisaitl said. “Of course I want him to stay on board.”

McDavid won the Conn Smythe Trophy as playoff most valuable player for leading all scorers with 42 points, and three times has taken home the Hart Trophy as regular-season MVP. Edmonton’s face of the franchise is eligible to sign a contract extension of his own July 1, which is expected to include McDavid getting a raise from his $12.5 million annual salary now that Draisaitl has gotten his new deal.

“Obviously, it shows that we want to win,” Bowman said when asked how this contract might affect talks with McDavid and his camp. “We want to win, and we’re going to do everything in our power, and hopefully that’s going to be something that Connor likes to hear. But the negotiation itself, it may be different, or it may not be. It may be very similar. I don’t know. But I’m looking forward to having that conversation.”

By Stephen Whyno