Star center Connor McDavid will remain with the Edmonton Oilers after signing a two-year contract extension with an average annual value of $12.5 million, the team announced Monday.
Less than two hours after signing McDavid, the Oilers inked defenseman Jake Walman to a seven-year, $49 million extension that will also start next season.
McDavid made his decision Monday morning, an NHL source told ESPN, and the contract talks were completed within hours.
He was set to become an unrestricted free agent after this season -- his 11th with the Oilers -- after signing an eight-year, $100 million deal in July 2017. The potential availability of the superstar sparked speculation about his future, but remaining in Edmonton was always seen as the likeliest outcome.
McDavid, 28, is considered by many to be the best hockey player in the world. He has 1,082 points in 712 career games, with 361 goals. He has won five scoring titles and three Hart Trophies as regular-season MVP. In 2024, he became the second skater ever to win the Conn Smythe Trophy as playoff MVP in a losing effort.
McDavid has led the Oilers to the Stanley Cup Final in two straight seasons, but they've lost to the Florida Panthers both times.
McDavid took his time in making a contract decision, sources told ESPN, as he evaluated the contention window for the Oilers. Fellow superstar Leon Draisaitl, 29, signed an eight-year extension with a $14 million AAV in September 2024. Other players such as forwards Ryan Nugent-Hopkins and Zach Hyman, as well as defensemen Mattias Ekholm and Darnell Nurse, are over 30. There were also lingering questions about the team's goaltending, arguably its biggest weakness in those two Cup Final losses.
Many anticipated McDavid would take a short-term deal with the Oilers to help them remain in their contention window for the next two seasons while he could potentially still become the most coveted free agent in NHL history in summer 2028. There were discussions about a three-year term for McDavid during talks with the Oilers before the sides ultimately landed on two years.
It was also expected that McDavid would take a team-friendly contract -- nowhere near Kirill Kaprizov's recent deal with the Minnesota Wild, which set NHL records for overall value ($136 million) and AAV ($17 million) on an eight-year term.
Walman, who arrived last season in a trade from the San Jose Sharks, provides the Oilers with another puck-moving defenseman in addition to Evan Bouchard. Walman had eight points in 15 games with Edmonton as part of a season that saw him score a career-high 40 points in 65 games between both teams.
Walman, 29, had 10 points in 22 games while averaging a little more than 20 minutes per game in the postseason. His extension means the Oilers have long-term deals in place for three of their top-six defensemen in a group that also includes Nurse and Bouchard, who is entering the first season of a four-year contract worth $10.5 million annually.
ESPN's Ryan S. Clark contributed to this report.