Connor McDavid expected to sign new 8-year contract extension
by Elliotte Friedman
It isn’t finalized yet, but Connor McDavid’s new deal with the Edmonton Oilers is in the neighbourhood of $13.25 million for eight years. (Neither the Oilers nor McDavid’s agent, Jeff Jackson, would comment.) That’s a win for everyone.
Initially, the Oilers worried their captain might only want five years, but they get him for maximum term. It’s a win for McDavid — for obvious reasons.
The thing to remember here is this is for all of his prime years. Pittsburgh could “back-dive” Sidney Crosby’s contract. He’s making $3 million per season at ages 35, 36, and 37. The new CBA doesn’t allow that for McDavid.
Patrick Kane and Jonathan Toews are making $13.8 million in the first four years of their mega-deals with Chicago. It goes to $12 million in Year 4 but down to $6.9 million in Year 8, when both will be 34. McDavid won’t be into his 30s by the time this ends.
Now, what does it mean for the team?
Alex Ovechkin’s Washington extension was 19 per cent of the cap when he signed it. Crosby’s second contract was 17.3 per cent while Evgeni Malkin’s was 15.3. McDavid is at 17.6, but that’s assuming zero growth. Going into next year, it will be 12.7 per cent for Ovechkin and 11.6 for Crosby.
Malkin is a little more complex because he’s signed two contracts since his entry-level at two different values. The first was at an annual average value of $8.7 million. His second deal is at $9.5 million.
Remember that McDavid’s entry-level deal is still in place for next season, so the Oilers have one more shot with him at the low number no matter what Leon Draisaitl signs for. Pittsburgh won the Stanley Cup in 2009 under similar circumstances, as Malkin was still on his entry-level contract.
Connor McDavid to sign contract extension
