Evander Kane has signed a four year extension to remain with the Oilers through the 2025-26 season. The deal has a 5.125 AAV, which doesn’t blow the doors off of the Oilers’ cap situation. The deal contains a full no-movement clause until 2025, it becomes modified after that.
It had certainly looked like Kane was ready to test the free agent market. It especially looked like he was ready to test the market after his thank-you to the fans that came out at the conclusion of the 2021-22 season. Kane was a mid-season signing for the Oilers after he was terminated form his deal with the San Jose Sharks, he scored at nearly a point per game pace (22-17-39 in 43 games), while adding 13 goals in 15 playoff games. Kane’s arrival to Edmonton was intended to be a “rental” acquisition similar to a trade deadline deal, but his performance made it too difficult for the Oilers to ignore.
Kane fits the bill for Edmonton in that he’s a goal scorer, through and through. His success on the top line with Connor McDavid clearly helped land him this extension, and it’s a good bet that he’ll be around the 30 goal marker again in 2022-23. The Oilers are banking on Kane’s past is just that - in the past. Kane’s deal with San Jose was terminated in early 2022 after Kane allegedly violated the terms of his contract while in the AHL.
The deal is modest in length - it will take Kane through his age 34 season. There’s a fair chance he continues to perform at a high enough level to where this deal remains good throughout its tenure. It also keeps the Oilers from making a trade for Josh Anderson which would likely have cost additional assets. The potential for this deal to look good in 2 years is above average if Kane is able to continue to perform at or near the level he has in his time so far with the Oilers.