The new deal — which will kick in after the 2018-19 season and run through 2025-26 — will have an average annual value of $12.5 million, surpassing the Blackhawks' contracts with Patrick Kane and Jonathan Toews, which pay them an average of $10.5 million annually.
"Being here for the next nine years has been really important to me. … I certainly think we'll win here and, honestly, it's an honor to wear the Oilers jersey for the next nine years," McDavid said.
"Connor has been unwavering in his commitment to stay with the Oilers," said GM Peter Chiarelli, who noted that the contract's dollar figure could've been higher, but McDavid wanted to leave the team financial flexibility to build around him.
McDavid, 20, signed with the Oilers in July 2015 as the first overall pick in that year's draft on a standard three-year rookie contract that pays him $925,000.
Few would argue that McDavid is worth the hefty raise or that he deserves to be the highest paid player in the sport.
In two seasons, he already has 102 assists and 148 points in only 127 career games played. He just won the Hart Trophy and Ted Lindsey Award, signaling his rise as the league's top player in 2016-17, when he secured the Art Ross Trophy, leading the NHL with 100 points.
That he did so as the youngest captain in league history merely adds to McDavid's growing legend.
In the meantime, the Oilers lock up the face of the franchise for eight years, a major coup, and McDavid pockets $100 million before potentially becoming an unrestricted free agent at 28.