Correction — October 2026: A previous version of this article discussed Connor McDavid’s next extension as an unresolved negotiation, even though the Edmonton Oilers had already announced his new contract in October 2025. The article has been revised to separate an analyst’s hypothetical $25 million valuation from the agreement McDavid actually signed.
What McDavid actually signed
Connor McDavid signed a two-year, $25 million contract extension with Edmonton on October 6, 2025. It carries a $12.5 million annual average value, begins in the 2026–27 season and runs through 2027–28. He can become an unrestricted free agent in July 2028. These terms were confirmed by the Oilers’ announcement and NHL.com’s contract report.
Where did the $25 million-per-season idea come from?
The earlier article discussed a hypothetical suggestion attributed to NHL analyst Russ Cohen: that McDavid might command five years at $25 million annually in a completely different negotiation. The original short video cited in the July article presents that debate. A potential market valuation is not the player’s actual salary, a pending team offer, or proof of a new negotiation. Edmonton’s 2025 signed agreement already settled his salary for 2026–27 and 2027–28.
Why McDavid stayed at $12.5 million
McDavid and the Oilers publicly emphasized an opportunity to compete for the Stanley Cup with their established core. The deal did not maximize the annual amount he might have received in a competitive market. NHL.com’s October 2025 interview explains McDavid’s reasoning, while general manager Stan Bowman said McDavid himself identified the $12.5 million AAV as the structure he wanted.
That decision creates meaningful roster-building flexibility. By comparison, Macklin Celebrini signed for an $18.8 million annual cap hit in July 2026, and Cale Makar established a new NHL record at $20.4 million per season in August. The Makar announcement shows how quickly the top of the NHL salary market has moved. Those contracts do not mean McDavid would necessarily receive the same amount or more under every possible set of negotiating terms.
The real decision is now about 2028
Edmonton has the two seasons covered by his extension to pursue a championship with McDavid at the existing $12.5 million cap hit. As that deal approaches expiry, questions about his next contract will become timely again. Until then, reporting a hypothetical $20–25 million annual deal as though it were pending would misrepresent his actual contract status.
HockeyGamedayTV analysis: the best way to judge McDavid’s decision is not whether he topped the salary leaderboard in 2026. It is whether the flexibility his agreement gave Edmonton helps produce the championship he has repeatedly said he wants.
