Connor McDavid's contract situation is currently one of the most talked-about topics in the NHL, as he enters the final year of his current deal with the Edmonton Oilers. As the clock ticks towards unrestricted free agency in 2026, the hockey world is wondering: What's he waiting for?

McDavid, who will be 29 years old next season, is eligible to sign an extension with the Oilers, but has yet to do so. This has led to speculation about his future in Edmonton, with some suggesting he may be considering other options. However, Oilers General Manager Stan Bowman remains confident that McDavid will ultimately stay in Edmonton. "I just go by what Connor said, and that's that he wants nothing more than to win in Edmonton," Bowman stated.

Several factors could be influencing McDavid's decision. First and foremost is his desire to win a Stanley Cup. Despite his individual brilliance, the Oilers have not yet been able to bring a championship to Edmonton during his tenure. After back-to-back Final losses to Florida, McDavid enters the 2025–26 season still chasing his first Stanley Cup. The Oilers' ability to contend, and sustain success, remains the factor most tied to his long-term decision.

Money is another factor, although perhaps not the primary one. McDavid is currently making $12.5 million per year, and he is sure to take full advantage of the increases coming to the NHL's salary cap on his new deal. While it was expected that McDavid would sign a record-breaking deal, some reports suggest that he may be willing to take less money to help the Oilers build a stronger team. According to Sportsnet's Elliotte Friedman, McDavid’s next contract, if it is with the Oilers, could be lower than originally expected. Friedman believes that McDavid will avoid a figure that creates too large of a gap inside the roster and hurts the Oilers' maneuvering going forward. Other big contracts, such as Leon Draisaitl's $14 million per year, Darnell Nurse's $9.25 million, and Evan Bouchard's $10.5 million, could also influence McDavid's decision.

McDavid had 26 goals and 74 assists in 67 games in the 2024-25 season. In 712 regular-season games, he has 1,082 points (361 goals, 721 assists) and 150 points (44 goals, 106 assists) in 96 playoff games.

Ultimately, the decision rests with McDavid. He has stated that his choice will be based on "a feeling" rather than anything else. Whether that feeling leads him to stay in Edmonton or explore other options remains to be seen. But until he puts pen to paper, the question of what he's waiting for will continue to loom over the NHL.