The Edmonton Oilers are facing a pivotal offseason after falling short in the Stanley Cup Final for the second consecutive year. With key contracts looming and limited cap space, General Manager Stan Bowman has significant decisions to make in the coming months. The primary focus will be on securing the future of franchise cornerstone Connor McDavid, while also addressing the team's salary cap situation and re-tooling the roster for another Cup run.

McDavid's Contract Extension:

The biggest storyline surrounding the Oilers is the impending contract extension for Connor McDavid. Eligible to sign a new deal on July 1st, McDavid is entering the final year of his current contract. While it is widely expected that McDavid will remain in Edmonton, the length and terms of his new contract will have a significant impact on the Oilers' future cap flexibility. McDavid himself stated that winning is his top priority and that if he feels there is a good window to win in Edmonton, signing an extension will not be a problem. TSN's Darren Dreger believes the question is how long of a commitment McDavid is willing to make.

Cap Space and Key Free Agents:

The Oilers currently have approximately $11.96 million in projected cap space for the 2025-26 season. However, a large portion of this will be allocated to re-signing restricted free agent Evan Bouchard, who is due for a significant raise. In addition to Bouchard, the Oilers have several unrestricted free agents to consider, including Corey Perry, Trent Frederic, Connor Brown, Jeff Skinner, and Kasperi Kapanen. TSN reports John Klingberg is also set to hit the open market after signing with Edmonton in January.

Several reports indicate that the Oilers are close to signing Trent Frederic to an eight-year contract extension with an average annual value of $4 million. This potential signing has raised eyebrows, given Frederic's limited impact in the postseason and the Oilers' need to manage their cap space carefully.

Potential Trades and Buyouts:

To create additional cap space, the Oilers are reportedly exploring trade options for forwards Evander Kane and Viktor Arvidsson. Both players have one year remaining on their contracts, with Kane carrying a $5.125 million cap hit and Arvidsson at $4 million. Moving either player would free up valuable cap space to address other needs. Kane has a 16-team no-trade clause, while Arvidsson has a full no-movement clause but is reportedly open to waiving it for the right opportunity.

There is also speculation that the Oilers could consider buying out a player to free up cap space. Evander Kane and Viktor Arvidsson have been discussed as potential buyout candidates, but both have clauses in their contracts that could complicate the situation. Buying out either winger would cost the team $1.33 million against the cap for two seasons.

Goaltending Concerns:

The Oilers' goaltending situation remains a question mark. Stuart Skinner and Calvin Pickard both have one year left on their contracts, but their performance in the Stanley Cup Final has raised concerns. There is speculation that the Oilers could explore the trade market for a goaltender to upgrade their netminding. The Edmonton Journal raised the possibility of Skinner becoming an early-summer trade candidate. John Gibson of the Anaheim Ducks has been mentioned as a potential trade target.

NHL Investigating Evander Kane's LTIR Usage:

The NHL is reportedly investigating the Oilers' use of long-term injured reserve (LTIR) with Evander Kane. The league is taking an extended look at his return to the playoffs. According to Frank Seravalli of Daily Faceoff, it's unclear what is motivating the investigation. If the league finds any issues with the Oilers' LTIR usage, it could result in further cap complications for the team.

The Oilers face a challenging offseason as they look to build on their recent success and finally capture the Stanley Cup. The decisions made regarding McDavid's contract, free agency, and potential trades will be crucial in shaping the team's future.