EDMONTON, Alberta

The Edmonton Oilers paid a huge price to lock up superstar captain Connor McDavid.

But it could have been even higher.

The Oilers said Wednesday that the team and McDavid have agreed to an eight-year, $100 million extension.

That makes the 20-yearold league MVP the highest paid player in the NHL on an annual basis ($12.5 million per season), but it’s about $750,000 a year less than what reports last week figured he would be getting.

“It easily could have been a lot higher in value and shorter in term,” Oilers general manager Peter Chiarelli said.

McDavid’s extension kicks in after he finishes the final year of his entry-level deal next season. If the NHL’s salary cap stays at its current level of $75 million, McDavid’s salary alone would take up 16.6 percent of the Oilers’ cap.

But any cap relief would be welcome to Edmonton. The Oilers are also working to re-sign Leon Draisaitl, who is a restricted free agent after finishing his entrylevel deal and due a big raise.

“Part of this partnership was talking about building a team, and Connor was emphatic as was I about keeping this team competitive,” Chiarelli said.

“There are challenges at every juncture when you are building a winning team in the salary cap era. Connor recognizes that, Jeff Jackson (McDavid’s agent) recognizes that and we’re confident we’ll be able to ice a winning team, one that can contend and win the Cup.”

McDavid led the NHL in scoring with 100 points last season, en route to winning the Hart Trophy as league MVP. In just his second season he helped the Oilers transition from league doormat to a potential contender in the Western Conference.

Edmonton made the playoffs for the first time in a decade last season and advanced to the conference semifinal, where they took the Anaheim Ducks to seven games.

“I’m so excited to be able to wear the Oilers jersey for the next nine years of my life and play with some of the greatest guys that I know,” McDavid said. “I can’t wait to get back at it.

“I wanted to show that I’m in it for the long haul, and I want to win here.”

Drafted first overall by the Oilers in 2015, McDavid became the youngest captain in NHL history last season. Barely out of his teens, McDavid proved his leadership qualities in the playoffs by helping the young Oilers overcome potentially painful losses.

Winning wasn’t part of the Oilers’ recent history when McDavid first joined the team. Edmonton had missed the playoffs in nine straight seasons, often finishing at or near the bottom of the conference standings.

McDavid’s first season in Edmonton was more of the same, with the star rookie missing significant time with a broken collarbone and the Oilers finishing at the bottom of the West.

For his part, McDavid seemed uninterested at all the talk of figures and cap space at the news conference.