July 13, 2022 by Eric Friesen

Just hours before he was set to hit the free agent market, the Edmonton Oilers signed Evander Kane to a four-year contract extension worth $20.5 million with a modified no-movement clause that runs through 2025-26 on Tuesday. Kane broke the news on Twitter just before midnight, expressing his gratitude to the Oilers organization for giving him another chance to play in the NHL and compete for a Stanley Cup.

“I’m back,” Kane wrote in a tweet. “I’m pleased to announce I will be staying with the Edmonton Oilers for the next 4 years (5.125 AAV). Throughout the last 12 months there have been lots of road blocks, tons of adversity and many tough days. I’m grateful for the tremendous amount of support from family, friends, teammates, and others who have helped me stay strong through those difficult times. I want to thank the Edmonton Oilers for giving me an opportunity to REMIND people who I am as a player and a person. I also want to thank my girlfriend Mara, she has been my rock through the past 12 months and I’m grateful to have her by my side. A big part of my decision to stay in Edmonton was because of the opportunity given to me only seven months ago but also the chance to be a part of a championship team. I want to win, and I believe after signing this deal, we will be able to add the right pieces along with myself to accomplish that goal, a championship.”

Here’s the break down of Kane’s contract per PuckPedia:

Year 1 – $750,000 base salary and $5.5 million signing bonus

Year 2 – $1.5 million base salary and $4 million signing bonus

Year 3 – $2.75 million base salary and $2 million signing bonus

Year 4 – $4 million base salary (full no-movement clause until February 28, 2025, then he can submit a 16-team trade list)

Upon joining the Oilers on January 29, Kane gave the Oilers some immediate scoring punch on the wing. Kane tallied 22 goals and 39 points in 43 games with the Oilers last season, which prorates to 42 goals and 75 points in a full 82-game season.

Related: Evander Kane emerges as a game-breaker for Oilers

As good as he was in the regular season, Kane elevated his game to a new level in the playoffs. The Vancouver native scored a league-leading 13 goals in just 15 games, despite only reaching the third round. Kane was also the first Oiler to lead the league in playoff goals since Fernando Pisani in 2006.

Though it seemed he had priced himself out of Edmonton’s plans following his fantastic playoff performance, Kane ultimately decided to stay with the Oilers. Signing Kane for only $5.125 million annually (6.2% of their salary cap in 2022-23) on a four-year deal is both a massive bargain for the Oilers. and a term length that the organization should feel comfortable with.

Playing alongside four-time scoring champion Connor McDavid, Kane should be able to score at least 30 goals over the next couple of seasons. I wouldn’t bet against him scoring 40 goals, especially if he sees additional time on the top power-play unit.

With McDavid and Leon Draisaitl each in the prime of their careers, the Oilers time to win a Stanley Cup is now. And keeping Kane in the fold, gets this team closer to realizing that goal.