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The Edmonton Oilers have two of the best players in the world on two of the biggest contracts in the league. Leon Draisaitl will have the highest average annual value in the league when his $14 million extension kicks in next year. Connor McDavid's $12.5 million contract was the highest when he signed in 2018. The Athletic's Dom Luszczyszyn crunched the numbers and says that with the rising salary cap, the Oilers' star could set another NHL record.
“A league-max deal is 20 percent of the cap and during the 2026-27 season that amounts to $20.8 million,” Luszczyszyn wrote. “According to my model, McDavid is currently the only player in the league projected to be worth 20 percent of the cap or more. He’s the league’s only blank check player and in 2026-27 would have a projected value of $21.3 million.”
McDavid has won three MVPs, four scoring titles, and a playoff MVP so his value is extraordinarily high. When he signs his next contract, it will be in the middle of a meteoric salary cap rise.
By the second year of the next McDavid contract, a max deal would only be about 17% of the cap. The Oilers would still be underpaying McDavid by giving him a max deal, so don't expect Draisaitl's contract to sit on top for very long.
Who could join Oilers' Connor McDavid with massive contracts?
McDavid had the biggest contract in the league from when he signed in 2018 until 2022 when Nathan MacKinnon signed for $12.6 per year. Auston Matthews blew that out of the water with a $13.25 million payday in August of 2023. Next year, Draisaitl has the early lead at $14 million but Mikko Rantanen and Mitch Marner could challenge that.
The cap will rise from $88 million this season to $113.5 million by 2027-28. That is a historic increase that could benefit a lot of players but challenge a lot of teams, including the Oilers. With continued home playoff games and jersey sales, the Oilers should be fine but some small-market teams will be outpriced.
Matthews has the highest cap hit for this season and can reset the market before the 2028-29 season. The 28-29 cap number is not published yet. Based on the current numbers, something in the $23 million range could be in play for Matthews. But the Maple Leafs, or whoever signs Matthews, may not want to pay him more than the Oilers star.
Current young stars Macklin Celebrini and Connor Bedard likely benefit the most from this news. If they live up to their draft profiles, they could be the richest hockey players ever.