McDavid signs eight-year extension with Oilers for highest cap hit in NHL history

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Connor McDavid has signed an eight-year, $100 million contract extension with the Edmonton Oilers.

When the deal kicks in after next season, the average annual value on his deal will be $12.5 million — the highest cap hit in NHL history.

Still, according to GM Peter Chiarelli, the Oilers got themselves a bargain.

“This may be one of the largest contracts ever given in the NHL, but I can assure you it easily could’ve been a lot higher in value and shorter in term,” Chiarelli said Wednesday at a press conference. “Building a team to win the Stanley Cup was a constant discussion point in this negotiation.”

McDavid is now signed through 2025-26. He still has one year left on his entry-level contract.

“Being here for the next nine years is something that was important to me,” said McDavid. “I wanted to show my commitment to the Oilers organization, the fans, the city — show that I’m in it for the long haul and I want to win here.”

It had been reported that McDavid’s cap hit could reach $13.25 million. However, TSN’s Bob McKenzie heard that McDavid “wasn’t comfortable with the number and may have insisted on lowering it.”

The 20-year-old center just won the Hart Trophy and Art Ross Trophy after piling up 100 points (30G, 70A) in 82 games and leading the Oilers back to the playoffs for the first time since 2006.

Per Sportsnet’s Mark Spector, $86 million of McDavid’s extension will come in the form of signing bonuses.