Oilers Must Push for Leon Draisaitl Contract amid NHL Rumors After Ryan McLeod Trade

The Edmonton Oilers had little time between their heartbreaking loss in the Stanley Cup Final and the start of the 2024 NHL offseason. Edmonton has managed to navigate the early stages, despite having just before the draft.

The Oilers' latest move came on Friday, when the team dealt forward Ryan McLeod and prospect Tyler Tullio to the Buffalo Sabres in a deal that netted promising prospect Matthew Savoie. Now that McLeod and his $2.1 million cap hit have been offloaded, the Oilers have three tasks looming in front of them.

Edmonton needs to find its next general manager, and it also needs to work on contract extensions for Leon Draisaitl and Evan Bouchard.

Bouchard, who will be a restricted free agent next offseason, isn't likely to get his extension before the end of the summer, according to The Athletic's Daniel Nugent-Bowman:

CEO and acting GM Jeff Jackson appears content to wait on Draisaitl's extension until after a new full-time general manager has been hired.

"Jackson seems prepared to slow-play this, waiting until after a new GM is hired, letting everyone breathe," Sportsnet's Elliotte Friedman wrote. "The Oilers won't be concerned if no concrete answers exist for a few weeks. They didn't have to know by the draft or July 1."

There is some logic in waiting for the next GM to negotiate Draisaitl's next deal since it will heavily impact future financial and roster decisions. However, it would behoove Jackson to at least lay the groundwork for an extension now.

There are two significant reasons for this. One is that Draisaitl and his agent, Jiri Poner, may not possess the patience that Edmonton does.

"There's no rush yet, but either it happens quickly, i.e. by the end of August, or it doesn't work out at all," Poner told Michael Bauer of Germany's EishockeyNews (h/t Kyle Richardson of The Hockey News).

Secondly, Draisaitl's future could be heavily tied to that of friend, teammate and reigning Conn Smythe-winner Connor McDavid—who is set to be a free agent in 2026.

According to Chris Johnston of The Athletic, the Oilers are worried about potentially losing Draisaitl while McDavid is entering a contract year:

"With Connor McDavid eligible to sign an extension 12 months down the line and the Oilers eager to extend their championship window as long as possible, there is at least some concern about the potential for a "double whammy" in the event Draisaitl were retained for 2024-25 without a new contract in place. It could create a scenario where he leaves for nothing just as McDavid is set to chart his own future."

Losing Draisaitl for nothing in free agency would be bad enough. Losing Draisaitl and McDavid over a two-year span would be disastrous. Letting Draisaitl enter the 2024-25 season without a new deal would be a massive risk, one that carries two alternatives.

Either the Oilers extend Draisaitl quickly, or they try to get something in return via a trade.

The latter option would be tricky and not much less of a gamble than putting off Draisaitl's extension. It's hard to envision a trade scenario in which Edmonton comes out a winner. Even a favorable trade could potentially rub McDavid the wrong way as he enters the final two years of his deal.

In addition to being close friends with McDavid, Draisaitl is a star contributor, one who produced an impressive 106 points in 81 games last season. Moving him could push the Oilers away from championship contention—and if McDavid doesn't view Edmonton as a contender, he could look to find one in free agency.

Jackson, a former assistant GM of the Toronto Maple Leafs, has enough knowledge and experience to start working on an extension now. That's exactly what he must do, even if he waits for a new general manager before having Draisaitl put pen to paper.

If the Oilers hope to keep their championship window open for the foreseeable future, they have to retain Draisaitl, and eventually, McDavid. When it comes to extending Draisaitl, time does not appear to be on Edmonton's side.