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Edmonton Oilers forward Leon Draisaitl could sign a contract extension sooner rather than later, NHL insider David Pagnotta speculates. During a recent appearance on the Hello Hockey Podcast, Pagnotta talked about what he believes could be the contract Leon Draisaitl could sign with Edmonton.

Pagnotta explained:

“They’re going to continue their discussions with respect to an extension. Unless something has changed, since, I guess, the start of the playoffs, it’s more likely to see an Auston Matthews-esque-type extension.”

The comments underscore the direction the Oilers and Leon Draisaitl may go. Draisaitl’s current deal, which expires at the end of this upcoming season, was an eight-year, $68 million contract. The deal signed in 2017 made sense as Draisaitl was only 21 at the time

Now, fast-forward almost eight years later, Draisaitl is 29 and could be looking at maximizing his potential as the Salary Cap increases in the following years.

As a reference, the Toronto Maple Leafs gave Auston Matthews a four-year, $53 million extension last summer. The deal comes with a $13.25 million cap hit, according to PuckPedia.

So, could the Oilers head in that direction? Pagnotta seems to think so. He added:

“Four, five-year deal. Or, anywhere between a three to five-year extension versus a full eight.”

While the dollar value may be unclear, Matthews’ deal could serve as a comparison, meaning that Leon Draisaitl could be in the $12 to $14 million per year range. It remains to be seen what Edmonton does, considering extensions for Connor McDavid and Evan Bouchard loom on the horizon.

Leon Draisaitl has been playing below value

Draisaitl’s agent, Jiri Poner, was quoted by The Hockey News, stating:

“Draisaitl has been playing at least 30 percent below his value for three years.”

Those comments point toward what the Draisaitl camp believes his next contract should be worth. So, taking Draisaitl’s current $8.5 million cap hit and adding 30 percent to it, the AAV works out to about $11.05 million.

That value seems low compared to Draisaitl’s performance while considering Matthews’ contract.

However, Draisaitl’s agent, along with most analysts, believe Draisaitl’s new deal should be at least $12 million. That situation has prompted Draisaitl’s agent to state, per The Hockey News:

“We have our ideas, but the ball is in Edmonton’s court. 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.”

That’s a tight deadline.

Draisaitl’s last contract was signed in mid-August, meaning that the two camps have till the end of next month to work something out. Otherwise, there may be no deal on the table at all.

Rumors have already emerged, linking Draisaitl to West Coast clubs, in particular, the San Jose Sharks.

As Draisaitl’s agent pointed out:

“There will always be rumors until Leon signs.”

In the meantime, Oilers fans can only sit and wait.