The Edmonton Oilers and star defenseman Evan Bouchard have agreed to a four-year, $42 million contract extension, keeping him with the team through the 2028-29 season. The deal, which carries an average annual value (AAV) of $10.5 million, was finalized just before Bouchard was set to enter restricted free agency. While the Oilers and Bouchard ultimately found common ground, reports suggest there was a point where the team hesitated at the price tag of a longer, eight-year commitment.

Negotiations between Bouchard and the Oilers gained momentum over the weekend, with NHL insider Elliotte Friedman reporting a growing sense of confidence that a deal would be reached. Friedman speculated that the contract would be around four years at $9.5 million annually. However, the final agreement came in slightly higher at $10.5 million AAV. Oilers general manager Stan Bowman acknowledged the start of negotiations at the NHL draft, indicating the team's willingness to explore various contract structures. "We're open to a bunch of different ideas," Bowman stated, highlighting the necessity for flexibility in negotiations.

Prior to the agreement, projections from outlets like AFP Analytics suggested Bouchard could command an eight-year contract with an AAV nearing $10.9 million. While an eight-year term would have provided Bouchard with long-term security, the Oilers may have balked at the total financial commitment, especially considering their existing salary cap constraints. Opting for a shorter term allows the Oilers to manage their cap situation in the short term, potentially saving roughly $1 million to $1.5 million.

Bouchard's new $10.5 million AAV places him among the highest-paid defensemen in the league, trailing only Erik Karlsson, Drew Doughty, and Rasmus Dahlin. This substantial raise from his previous $3.9 million cap hit reflects his growing importance to the Oilers' success. Last season, the 25-year-old defenseman had 67 points in 82 games. During the playoffs, Bouchard elevated his game, contributing 23 points in 22 games.

By agreeing to a four-year deal, Bouchard will become an unrestricted free agent at a younger age, positioning himself for another potentially lucrative contract. However, this also carries risks for the Oilers, as Bouchard could leave and sign with another team at that time.

To accommodate Bouchard's new contract and potentially a future extension for Connor McDavid, the Oilers have made moves to create cap space. This included trading Viktor Arvidsson to the Boston Bruins and Evander Kane to the Vancouver Canucks.

Bouchard expressed his satisfaction with the new deal, stating that the four-year term was beneficial for both himself and the Oilers. He also conveyed his eagerness for another shot at the Stanley Cup, emphasizing the team's hunger and belief in their capabilities.