It's a done deal - Leon Draisaitl isn't going anywhere. As announced on social media, the Edmonton Oilers have signed the German superstar to a long-term contract extension:
🔒 LEON'S LOCKED IN 🔒
— Edmonton Oilers (@EdmontonOilers) September 3, 2024
The #Oilers have signed forward Leon Draisaitl to an eight-year contract extension beginning in 2025-26 with an average annual value of $14 million. pic.twitter.com/wERUyneHA7
Speculation had been circulating since early on Tuesday morning. This was helped when Bob Stauffer took to social media himself:
Today is going to be a good day in Oil Country...
— Bob Stauffer (@Bob_Stauffer) September 3, 2024
😎
Now yes, it was about as ambiguous as you can get. However, given the reputation and connections of the Oilers Now host, he undoubtedly got Oilers fans hopeful and excited.
However, Stauffer wasn't the only person fanning the flames. Soon afterwards, Sportsnet's Elliotte Friedman similarly took to social media:
Hearing the Edmonton Oilers and Leon Draisaitl have made significant progress on a contract extension. No one is commenting, but it appears we are close to an eight-year extension.
— Elliotte Friedman (@FriedgeHNIC) September 3, 2024
As with Stauffer, Friedman has an excellent reputation -- in fact arguably more so, in the hockey world as a whole. Regardless, it would only take another 16 minutes before the Oilers announced that the deal was sealed.
That Draisaitl is getting eight years is no surprise. It was long expected, with the Oilers being the only team allowed to offer him such term, which will begin in 2025-26.
HOW much?!?!
However, the Average Annual Value (AAV) of $14 million may well have caught some people off-guard. As much as Draisaitl had already indicated he wasn't going to give the Oilers a hometown discount, it's still a heck of a lot of money.
In fact, the deal is now the biggest in NHL history, no matter how you slice it up. In respect of AAV, Draisaitl overtakes Auston Matthews' $13.25 million per season, while the total of $112 million surpasses Shea Weber's $110 million.
Certainly Draisaitl has done plenty to justify his new deal, which includes totalling the second-most points of any player since entering the NHL in 2015-16. Over the same time period, he also has the third-most playoff points among all players.
Further, despite having to play second fiddle to Connor McDavid, Draisaitl has still managed to rack up some impressive accolades. Along with five All-Star selections, he won the Art Ross, Hart Memorial and Ted Lindsay in 2019-20.
Looking ahead to McDavid
With reference to McDavid, he's going to be in a similar situation next summer, entitled to negotiate a contract extension of his own. While there is no doubt number 97 wants to remain in Edmonton and will get a new deal agreed, it is the knock-on effect which will be interesting to watch.
Consider Draisaitl's AAV of $14 million, combined with whatever McDavid re-signs for -- and it will be more. The Oilers will then have to worry about having enough money to maintain a quality roster around the centre duo.
For example, what will happen with Evan Bouchard, who will become a restricted free agent himself next summer. He's going to want a rise on his current AAV of $3.9 million, and you can envision a scenario where another team tries its luck, a la the St. Louis Blues with Philip Broberg and Dylan Holloway.
However, this is something to worry about further down the road. For today at least, the Oilers and their fans can be both excited and relieved, because Draisaitl has proven he is committed to remaining in Edmonton and helping the team end their Stanley Cup drought.