Draisaitl is entering the final year of his current contract with the team next season. He is due a massive raise on his current 8 million dollar AAV deal. He was first eligible to sign an extension July 1st, but clearly, that has not happened. During his end-of-season exit interview, Draisaitl was rather coy about his contract negotiations with the team, stating that he loves being an oiler, but not committing beyond that.
Connor McDavid's deal with the team is up after the 2025-26 season. Naturally, his future hinges on what the team decides to do with Draisaitl. Should the team offer the German center a massive extension that we are all expecting, re-signing McDavid the following year should not be too difficult. That being said, NHL insider Chris Johnston has pointed out that whatever happens with Draisaitl, it will be finalized before the Oilers get a chance to negotiate with their captain.