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Host (Athletic Hockey Show)
This is the Athletic Hockey Show.
Max Boldman
Hey, everybody. Max Boltman here alongside Mark Lazarus and Daniel Nugent Bowman for an emergency episode of the Athletic Hockey Show. Big day. Daniel, in your neck of the woods.
Mark Lazarus
The.
Host (Athletic Hockey Show)
The.
Max Boldman
The much anticipated Connor McDavid extension has landed and it is an interesting one. It's the, it's the, it's the exact kind of extension, Mark, that we talked about this morning on the hockey show. It's a short term deal. Two years. And Daniel, it's at his exact same AAV, $12.5 million that he's making right now. In a world where Kirill Kriov is signing for $17 million a year, why does the best player on earth take a two year deal at 12 and a half million dollars?
Mark Lazarus
Wait, wait, we're not talking about Jake Wellman today.
Max Boldman
We can do that later.
Mark Lazarus
That's.
Max Boldman
I think that's part of this conversation. Okay.
Mark Lazarus
Yeah, well, it kind of is in a way. Right? Like he's taking less to, to really build this team out or help the management build the team out. Like he has said, been very clear he wants to win in it in Edmonton. He's got his best buddy, Leandre Settle. Darren Lewis is, is a great friend. They're in his wedding party. You know, Zach Hyman there. He wants to win with these guys. But these guys are now 30 plus. And the clock is really ticking here for as good as this team has been getting to two consecutive Cup Finals, for as good as they could probably be in these next couple years, the clock, like I said, is ticking. And he has set this window right. Like, this is clearly what the window is. It's this year, it's two more. And I think there's going to be a real hard evaluation, even further evaluation by Connor McDavid of what this team is at that point. So it really puts the onus on management to a lesser extent, the coaching staff to help the team get over the hump.
Host (Athletic Hockey Show)
This feels really just like he just threw down the gauntlet at Stan Bowman's feet and said, prove to. You have two years to prove to me you can build a sustained winner or I'm out of here. And the fact that he took, he probably took seven and a half million dollars under market value here, just a staggering number. And that just gives him all the credibility in the world. Like, look, I'm making it as easy as possible for you to do this, to build a championship team here, but if you can't, if I'm not, I'm not going to waste my 30s. I'm going to go get a cup somewhere else if I have to.
Mark Lazarus
Yeah. And James, Myrtle and I did a piece where we last week where we talked to a bunch of agents and this one agent called this exactly as to what McDavid should do, take a little less, do the Sidney Crosby thing and really try to win. Now, this is his legacy at stake. And now it's not. You know, Connor McDavid is, let's be clear, is not the reason the Oilers have not won a Stanley cup to this point. Like, let's, let's be 100% accurate and clear about that. But he wants to, again, he wants to get it done in the place where he was drafted, where he, where he grew up. You know, all the, all the greats did this. You know, Marilyn Mu. 1, Gretzky won, Crosby, even Ovechkin, although it took longer. Eisenman, like, these guys won in the place that they were drafted. And I think it'll be a real blight on his, on his legacy when it's all said and done. If he doesn't get it done here, but, I mean, there's only so much he can do. I mean, if. If three years have gone by, including this one, and he has not won a Stanley cup, you know, he's going to be a 32, I believe, at that point, you know, they will be in the back half, clearly, of his career. And getting a cup somewhere is more important than anything else. So, like you said last, he's really, you know, laid claim as to how long he thinks this window is and put a little fire under management's feet to get the job done.
Max Boldman
As we talked this morning about all the different people that Connor McDavid kind of has to find a way to make happy, and it seemed impossible, right? Like, how are you going to make the fans in Edmonton happy? How are you going to be able to, you know, serve your own aim of trying to chase a Stanley Cup? Your teammates obviously want, want the Stanley Cup. The PA is going to want you to know, you know, keep this rising tide lifting. In a strange way, I don't think any single stakeholder can be mad at Conor McDavid for this deal now, because this is what he's done, right? The Edmonton Oilers, I'm giving you two more years. I'm not leaving yet. You're going to have basically my entire peak prime like that. That's in the bag. The pa, as Sean Gentili pointed out in our Slack Channel, like, this contract is expiring at the same time as the U.S. tV deal. You expect another cap explosion potentially at that point. If it, if the explosion even slows from where it's been going, right? Like, it could just be a steady rise up. If that's what it comes to, will get your big money deal, then I feel quite certain about that. And. And to himself, he stays on a.
Mark Lazarus
Winning team, a team that has been.
Max Boldman
In the Stanley cup finals both of the last two years. And they allow to Daniel's point, like you signed Jake Wallman and that he was a big piece of their team last year. You keep him in the fold. So I think he managed to do kind of the impossible and thread that needle.
Host (Athletic Hockey Show)
He kind of. We said he couldn't please anybody, right? And I don't think he did please anybody here. That's the thing. You can't be mad at him, but nobody's thrilled. Like, Euler's friends are like, oh, God, he's leaving in two years. You know, the PA is like, oh, my God, he just took, you know, $8 million under market value, his Teammates are like, oh, God, he's gonna leave us. Like, I don't think anyone is thrilled about this, but you're right. He kind of just kind of threaded that needle. And, you know, it's funny, I'm talking to you right now from the Florida Panthers practice. I've been down here the last few days talking to some of these players, and Brad Marchand, Sam Reinhardt, Paul Maurice, all of them have talked about the quote, unquote, financial sacrifices that the Panthers have made to keep what they have together here. And you look at their cap sheet, and we can talk about taxes all you want, but the fact is Sam Reinhardt's only making 8.6. He's worth more than that. He had 57 goals. Sam Bennett signed for just 8 million. Brad Marchand signed for just 5 million. Barov's making just 10 million. I mean, these are all guys that should be making more money elsewhere, but they're not. This is, you know, between this and now, McDavid, it's kind of setting the bar. Like, Kabrisov is now the outlier, right? The guy who went and got the bag. And I think all of us want to see that these guys get the bag. They deserve it. I'm not on the side of billionaires here, but this is just another example of these players feeling the pressure to participate in their team's building, right? Like that. You have to take that sacrifice. You have to take that haircut if you want to win. And that's. I'm really curious to see how other superstars whose contracts are coming up in the coming years take that message.
Max Boldman
But the thing is, and Daniel can speak to this, right? Like, no one else is in Connor McDavid's situation. No one else is on a team that's been to the Stanley cup each of the last years. If someone else goes to, you know, if their GM goes to them and says, like, hey, we want you to do what Connor did, and, you know, just extend it your same salary, they can go back to him and say, yeah, well, I wanted to be in the Stanley cup finals each of the last two years. And how did that work out?
Mark Lazarus
Right?
Max Boldman
Like, I don't think anyone else can use that against Connor McDavid.
Mark Lazarus
Yeah, and players have become in. In some degrees, maybe Caprice off, as you mentioned last, is the outlier. But players have become capologists, too. Like, Connor McDavid looks at Leon Dry Seidel making 14. He looks at Evan Bouchard making, I think it's ten and a half, darl. Nurse making nine and a quarter and says, oh my God, if I take, you know, what I really am worth, which is, you know, 20 of the cap. So 20 million, give or take and the cap going up, is this team really gonna have a chance to win? And any, you know, like last said he left, you know, seven and a half, eight, whatever million dollars really on the table. If he had taken that contract, everyone would have said, oh, he's worth that like obviously. So yeah, I mean he, but he's also, he's talked about that, he's talked about threading the needle and, and he does know that there is this real desire to win and that's how it's, you know, the best chance for it to happen is if he does that, it takes a little bit less and took a lot less than I think even people thought. You know, when people were kind of speculating about short term extension, whether it be two or three years, kind of in that 15, 16 million dollar range. And he took the same 12 and a half that he'd been getting for the last eight, eight years where he was clearly underpaid based on what he had done. So yeah, the players are capitalists now too. Like they, they although they have to make what they want to make and, and try to get as much money as they can, that's what the PA wants them to do as well. Like they have to look at the team too. And I don't think anyone's crying over or has tears for McDavid here but, and I think, you know, in a couple years when that contract's up, he's really going to secure the bag as you guys refer to it. I think now it's just this, this kind of unique opportunity and he kind of took a little bit less to, for that opportunity.
Max Boldman
Last is about to get thrown out of his second hockey rink in two weeks. We'll go quick here with these last two questions. Daniel, what is the reaction locally there? Is it more to the, hey, you know, we got Connor McDavid for two or three more years or is it more dread?
Mark Lazarus
No, it's, it's definitely like the thrill of, of extending this window for another two years, you know, again, three counting this year. But he, I don't think he was ever going to leave this year even if he decided he was going to go to market, which never really looked to me like was going to happen. He, again, he made it clear he wanted it to win in Edmonton. So I never saw him pulling the shoe this year. So we're Adding two more years to the mix. And I think that's what people are really looking at here. They think like, you know, if, if the team can't get it done in this period, these next three years, you know, again, this isn't McDavid's fault, but it is, it's his problem. Like he's got a, he'll want to get it done and he's got this time to get it done. So there's, although there is that dread and you'll see that from outside the market, notably our biggest city in the, in the country, in Canada. You'll see the uh, you know, the, the two year term is being that he's out of here and, and you know, quite frankly, that's a very real possibility. But I think here in Edmonton, all you're talking, all they're talking about is, is, you know, that he's around for a couple more years.
Host (Athletic Hockey Show)
I hope what this means is that more players are willing to take these short term deals. I want to see these guys with the cap going up the way it's been going up. We've been talking about this for a while now. These guys should be taking two or three year deals. You know, not only does that give you more money, but it gives you more control over your future. And if you get into a situation, I think of Seth Jones in Chicago where he signed, thinking they were going to be a contender and then nine days in, nine games in, they were in a rebuild and he was stuck there for eight years and it took a while for him to kind of extricate him from that. Guys should be signing two or three year deals so that they can maneuver it, it be more fun. I think for a lot of fans. Nobody wants to be rooting for laundry, but at the same time it'll allow for more parity. It'll allow for teams to make that leap from also ran to contender quicker. It'll just be more interesting in the off season. And it gives these players the power and the players should have the power in a league like this.
Mark Lazarus
Yeah. And especially a, a Star Like Connor McDavid, right. Like he, he blew out his knee several years ago. That didn't change anything, Right. Like, I mean granted it was, it was quite the, the comeback from that injury. But he's, you know, he's always going to have a contract. He's always going to have a big contract. You know, you go down the list. Austin Matthews, Jack Eichel, name your superstar, right? It's, it's the guys like Mikola there in Florida. If somebody's going to give you that contract, yeah, you take it. But you know, the superstars should be signing like, like they do in basketball, these short term deals that will allow them to hit the market more consistently and with the cap going up, allow them to make more money.
Max Boldman
Last question that I, I'm gonna ask you to put yourself in Stan Bowman's shoes here. And you just got this deal done. You know, you have this amount of time to work, to work with on the best player in the world and you obviously have Leon Draisaitl already in the fold here. How are you approaching the next year or two? Are you trying to push as many chips in as possible? How are you trying to balance that with the reality that in two years you may be in for kind of the nightmare scenario or can you not even let that enter your mind here?
Mark Lazarus
Yeah, well, today I'm taking a deep breath, having a drink and just relaxing for one day. But yeah, the clock is ticking like we talked about and I'm trying to do everything I can to win a Stanley cup in these next three years. Let the future be damned. I mean we've already talked about, you know, Ryan Nugent, Hopkins, I didn't mention him earlier, but Nugent Hopkins, Nurse Hyman, like these guys are a bit older, dry, subtle, you know, is just about to turn 30 here as well. If it doesn't happen in this time, even if he does, Connor McDavid does resign past this extension, it's things are looking bleak. Like they, they don't have, they haven't had the last first round pick that they've developed and is on the team is Evan Bouchard who's 20, who's 2018 pick. We all know what happened with Holloway and Broberg. Those were two huge losses for this organization. They spent first round picks to acquire, you know, Wallman to acquire Adam Henrique, you know, a couple others in previous years. They don't have one this year. It probably won't have one in, in, in 2027. So you just gotta at this point have to keep pushing the chips in. They're doing little things to try to like they built out their player development staff. They added Ike Howard, they added Matt Savoy. There's a couple of prospects coming, but the cupboard's pretty bare. Eventually, barring something completely unforeseen, this is going to turn into a Chicago Pittsburgh situation and they need to get a cop while the, while the going is still good. Yeah, I think this, this McDavid situation really isn't is, you know, it's a shot. You know, I think teammates should be kind of looking at that as well. You know, you saw Evan Bouchard sign the four year extension in the off season as an rfa. Again, I think things could change very drastically after this contract's over. Especially obviously if he does leave. You're looking at Leon Dry Seidel. I mean, he's in now year one of eight. You know, two, three years goes by, McDavid leaves, you might be thinking that it's time to go to contract be damned. So if I'm Stan Bowman, I'm looking at this and I'm saying let's do everything we possibly can to win. And I know one of you might mention a goaltender because that's a topic of conversation. But yeah, it's convenient. Yeah, he's on that. I'll give him credit. He's done that with Connor Ingram. And I think, you know, at the deadline, if things aren't going well, I think they really look hard at that position too. But yeah, put the chips in. Let the future be. Let the future work how it will.
Host (Athletic Hockey Show)
I'll say this, man, Trade Deadline 2028 is going to be incredible. I can't wait.
Max Boldman
All right, well, we got a ways until then. But the big news today, Connor McDavid resigns in Edmonton for two more years. Years after this one. For Daniel Nugent Bowman and Mark Lazarus, I am Max Boldman. Thanks for being with us today. We'll talk to you soon.
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Date: October 6, 2025
Panel: Max Bultman (Host), Mark Lazarus, Daniel Nugent-Bowman
This emergency episode of The Athletic Hockey Show offers instant reaction and in-depth analysis following news that Connor McDavid has signed a two-year contract extension with the Edmonton Oilers, keeping his annual average value (AAV) at $12.5 million. The hosts break down why McDavid opted for a short-term and (by superstar standards) below-market deal, the implications for the Oilers, and the message this sends to the rest of the NHL.
Contract Terms: Two years, $12.5M AAV (same as current deal).
Context: In an era where top-tier players like Kirill Kaprizov are signing for $17M/year, McDavid’s choice to re-sign for less is notable.
Strategic Window: By signing for two more years, McDavid defines a clear competitive window for Edmonton.
“He has said, been very clear, he wants to win in Edmonton… these guys are now 30 plus. And the clock is really ticking here… So it really puts the onus on management… to get over the hump.”
— Mark Lazarus (02:30)
Below Market Value: Estimated $7-8M under potential open market value.
Legacy Focus: Following in the footsteps of legends (Gretzky, Crosby, Ovechkin) by attempting to win where he was drafted.
“He probably took seven and a half million dollars under market value here. Just a staggering number.”
— Host (Athletic Hockey Show) (03:28)
“Let’s be clear, [McDavid] is not the reason the Oilers have not won a Stanley cup. But he wants to… get it done in the place where he was drafted, where he grew up.”
— Mark Lazarus (03:54)
Threading the Needle: McDavid manages to please (or at least not alienate) all parties—fans get more McDavid, the team gets a shot, and the NHLPA sees contract expiry aligned with a new U.S. TV deal.
Possible Dissatisfaction: No one is truly “thrilled”; fans are anxious about the short term, PA wanted a bigger contract for market-setting, teammates nervous about future departures.
“In a strange way, I don’t think any single stakeholder can be mad at Connor McDavid for this deal now, because this is what he’s done, right?”
— Max Bultman (05:16)
“You can’t be mad at him, but nobody’s thrilled… he kind of just kind of threaded that needle.”
— Host (Athletic Hockey Show) (06:27)
Financial Sacrifices: Like Florida’s star players, McDavid’s choice may influence others, but every case is unique to the particular team’s situation.
Other Superstars: The panel speculates how upcoming free agents will respond, noting not everyone is positioned like McDavid (i.e., a perennial contender).
Rise of Capology: Players now factor cap and team-building into their decisions (becoming “capologists”).
“This is just another example of these players feeling the pressure to participate in their team’s building… You have to take that sacrifice… if you want to win.”
— Host (Athletic Hockey Show) (07:14)
“Players have become capologists, too. Like, Connor McDavid looks at Leon Draisaitl making 14, Evan Bouchard making …10.5, Darnell Nurse making 9.25 and says, oh my God, if I take… what I’m really worth… is this team really gonna have a chance to win?”
— Mark Lazarus (08:13)
Short-Term Optimism: Fans are thankful the competitive window is extended for at least two more years.
Lingering Dread: Some fear what happens after this window if the cup isn’t won.
“It’s definitely like the thrill of, of extending this window for another two years… If the team can’t get it done in this period, again, this isn’t McDavid’s fault, but it is, it’s his problem… he’ll want to get it done and he’s got this time to get it done.”
— Mark Lazarus (10:18)
Control and Flexibility: Short-term deals allow top players to align contracts with cap jumps and provide more career control.
Comparisons to NBA: Reference to NBA superstars’ tendency for short-term deals to retain leverage.
Advice for Players: Don’t lock in for long periods if you want flexibility, especially with a rising salary cap.
“Guys should be signing two or three year deals so that they can maneuver… and it gives these players the power, and the players should have the power in a league like this.”
— Host (Athletic Hockey Show) (11:22)
“The superstars should be signing, like they do in basketball, these short-term deals that allow them to hit the market more consistently and… make more money.”
— Mark Lazarus (12:09)
All-In Mentality: GM Stan Bowman, faced with a ticking clock, is all-in for a Cup in this three-year window.
Asset Management: The Oilers are running bare on prospects and draft picks, making the window critical.
Goaltending Question: Goalie remains a focus for potential upgrades if needed.
“The clock is ticking… I’m trying to do everything I can to win a Stanley cup in these next three years. Let the future be damned.”
— Mark Lazarus (13:17)
“Eventually… this is going to turn into a Chicago-Pittsburgh situation and they need to get a cup while the going is still good.”
— Mark Lazarus (14:32)
On McDavid’s Sacrifice:
“If three years have gone by, including this one, and he has not won a Stanley Cup… getting a cup somewhere is more important than anything else.”
— Mark Lazarus (04:57)
On The Unique Nature of McDavid’s Choice:
“No one else is in Connor McDavid’s situation. No one else is on a team that’s been to the Stanley Cup each of the last [two] years.”
— Max Bultman (07:50)
On The Financial Landscape:
“The PA wants them [players] to try to get as much money as they can, but they have to look at the team, too. And I think… in a couple years when that contract’s up, he’s really going to secure the bag as you guys refer to it.”
— Mark Lazarus (09:30)
This episode captures the seismic impact and strategic nuance of Connor McDavid’s two-year extension with Edmonton. The panel explores the ripple effects for the Oilers, McDavid’s legacy, league contract dynamics, team-building strategy, and what it all means for NHL stars and franchises going forward. The consensus: Edmonton’s window to win is now, and the pressure is on management to capitalize before McDavid—and possibly this core—move on.