The NHL has a new top-paid player for the third consecutive year.

On Tuesday, Edmonton Oilers’ center Leon Draisaitl signed an eight-year contract extension worth $112 million. This deal will result in a $14 million hit against the salary cap beginning with the 2025-26 season. This surpasses Auston Matthews’ four-year, $53 million deal, which has a cap hit of $13.25 million and starts this season.

Matthews’ contract previously exceeded Nathan MacKinnon’s $12.6 million cap hit from the Colorado Avalanche, which went into effect last season. Before those contracts, Connor McDavid’s deal, averaging $12.5 million, held the record for the highest annual salary.

Draisaitl has been seen as significantly underpaid under his current contract, which averages $8.5 million and expires this year.

At 28 years old and as the third overall pick in the 2014 draft, Draisaitl ranks second in the NHL for points since becoming a regular in the 2015-16 season, with 841 points—only behind McDavid at 982. He also holds the record for power-play goals during this period with 145.

In playoff performance, his average of 1.46 points per game places him second to McDavid’s 1.58.

He was awarded the Hart Trophy as his team’s MVP during the 2019-20 season and played a key role in helping the Oilers reach Game 7 of the Stanley Cup Final last year.

New general manager Stan Bowman stated that signing Draisaitl was his main goal after taking the job in July. However, he had to postpone this move when the St. Louis Blues proposed offers to Dylan Holloway and Philip Broberg. Ultimately, he chose not to match those offers and allowed those players to leave.

McDavid’s contract ends following the 2025-26 season, and it is highly likely he would surpass Draisaitl’s figure in his next contract renewal.