Oilers re-sign Ryan McLeod to two-year contract extension

The Edmonton Oilers announced on Tuesday night that they have re-signed forward Ryan McLeod to a two-year, $4.2 million extension which will carry an average annual value of $2.1 million.

McLeod was one of two RFAs the Oilers had yet to sign, with Evan Bouchard being the other. The 23-year-old suited up for 57 games this past season, scoring 11 goals and 23 points. He also played in 12 playoff games where he registered five helpers. He has logged 138 games overall in his NHL career, scoring 20 goals and 45 points.

While his offensive game has yet to round fully into form, McLeod has shown glimpses of his skill in that regard. He is also a fantastic skater with strong attention to detail in the defensive zone, which is part of the reason why he projects to centre the Oilers’ third line for the 2023-24 campaign.

While the Oilers would have liked to have signed McLeod for less given their cap issues, $2.1 million seems to be a fair deal for both sides. It is also slightly less than what had been reported a week ago, with chatter that he could be signed to a deal with an AAV as high as $2.5 million.

While a difference of $400,000 may not sound like a lot, it is for the Oilers, who are now down to just over $3.5 million in cap space and still need to re-sign Bouchard. Though the 23-year-old had just an ok regular season, he quickly improved once given an opportunity to be on the Oilers’ first power-play unit. By the time the playoffs came around, he was fully comfortable in that role and led all NHL defencemen in postseason points with 17 in just 12 outings.

Whether the remaining money the Oilers have is enough to get Bouchard re-signed remains to be seen. If not, Ken Holland may be forced to make a trade in order to get his young defenceman under contract. Regardless, the fact that they were able to get a deal worked out for McLeod ahead of his arbitration date is nice work by the Oilers’ front office.

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