Draisaitl will make $14 million per season once the contract begins next summer, making him the highest-paid player in the NHL. Toronto Maple Leafs captain Auston Matthews previously held that distinction, as his deal carries an average annual value of $13.25 million.
Draisaitl was entering the final season of his eight-year, $68 million contract with the Oilers. The former Hart, Art Ross and Ted Lindsay Award winner was slated to be an unrestricted free agent in the 2025 offseason.
"This is a historic day for the Edmonton Oilers," general manager Stan Bowman said. "Leon's commitment to our team, our city and Oilers fans everywhere cannot be overstated. His desire to help bring a Stanley Cup title home to Edmonton is central to everything he does both on and off the ice."
Draisaitl recorded 106 points (41 goals, 65 assists) in 81 games last season. He added 31 points (10 goals, 21 assists) in the playoffs for the Oilers, who lost Game Seven of the Stanley Cup Final to the Florida Panthers.
Draisaitl has collected 850 points (347 goals, 503 assists) in 719 career games since being selected by the Oilers with the third overall pick of the 2014 NHL Draft.
The extension begins with the 2025-26 season and runs through 2032-33.
