After a first-round exit against the Anaheim Ducks, the back-to-back Western Conference champions have more to answer than they’ve had at any point in this run.

The result is one thing. The concern is that this version of the roster didn’t consistently look like a serious contender.

The pressure on general manager Stan Bowman to build a winning roster around Connor McDavid has turned up since the captain inked a team-friendly discount last fall.

With McDavid’s discounted $12.5 million cap hit comes only two years of term on the contract, meaning there’s legitimate flight risk if Bowman can’t capitalize.

This off-season isn’t about maintaining a group that was on the cusp of winning. It’s about finding weaknesses and making improvements.

Here’s what the front office has to work through this summer.

The Buyout Window

The off-season gets moving shortly after the playoffs. The NHL’s primary buyout window officially opens on the later of June 15 or 48 hours following the conclusion of the Stanley Cup Final. It runs until June 30 at 5 p.m. ET, immediately preceding the start of free agency.

Using a buyout is almost an annual summer tradition in Edmonton. The Oilers bought out Lauri Korpikoski in 2016, Benoit Pouliot in 2017, Eric Gryba in 2018, Andrej Sekera in 2019, James Neal in 2021, and Jack Campbell in 2024.

The only scenario where a buyout makes sense is if the team needs immediate cap flexibility and can’t find a trade partner. Last summer, Bowman was able to trade Evander Kane and Viktor Arvidsson for salary cap relief, which is preferable to stacking more and more dead cap charges.

The 2026 NHL Draft

The 2026 NHL Draft lottery is on Tuesday night, but we won’t know the complete order of picks until after the playoffs have concluded.

The Oilers had the second-to-last selection in the previous two drafts because of their back-to-back trips to the Stanley Cup Final. This year, given the team’s middling 41-30-11 record and first-round exit, they’ll have higher draft priority.

Bowman moved Edmonton’s 2026 first-round pick at the 2024-25 trade deadline to acquire Jake Walman from the San Jose Sharks. The fourth- and fifth-round picks were also traded in separate deals, leaving the Oilers with their second-, third-, sixth-, and seventh-round selections this summer.

The Oilers didn’t make their first selection in last year’s draft until the middle of the third round. This year, they’re set to head to the podium in the middle of the second round. Bowman can try to move down for added draft capital, or he can take a swing at a higher-upside prospect than the team had available last summer.

Round 1 – Traded to San Jose Sharks (March 2025)
Round 2 – Own Selection
Round 3 – Own Selection
Round 4 – Traded to Boston Bruins (March 2025)
Round 5 – Traded to Nashville Predators (June 2025)
Round 6 – Own Selection
Round 7 – Own Selection

Restricted Free Agents

The biggest story early last off-season for the Oilers was restricted free agent Evan Bouchard.

After losing both Philip Broberg and Dylan Holloway to offer sheets by the St. Louis Blues in his first summer as general manager, Bowman didn’t waste any time getting a deal done with one of the league’s top puck-moving defenders.

Bouchard inked a four-year extension worth $10.5 million annually on June 30, just a couple of weeks after Edmonton was defeated in Game 6 of the Stanley Cup Final against the Florida Panthers.

Barring an unforeseen trade, this summer won’t feature any major, long-term RFA contracts for the Oilers. Edmonton’s two most notable RFAs are depth players Colton Dach and Spencer Stastney, while Roby Jarventie and Connor Ungar are a couple of interesting minor-league prospects in need of new deals.

F – Colton Dach
D – Spencer Stastney (Arbitration Eligible)
F – Josh Bloom
F – Roby Jarventie (Arbitration Eligible)
F – Owen Michaels
F – Matvei Petrov
G – Connor Ungar (Arbitration Eligible)

Unrestricted Free Agents

Bowman’s priority over the next few weeks will be to determine which unrestricted free agents are going to get extension offers and which will hit the open market on July 1.

Jason Dickinson and Connor Murphy, the team’s two biggest additions before this season’s trade deadline, are both set to become UFAs. Given the long-term contracts signed by other recent deadline additions, Trent Frederic and Jake Walman, it’s safe to assume that Bowman acquired the two former Blackhawks with the future in mind.

Other impending UFAs who impressed in Edmonton this year are Jack Roslovic, Kasperi Kapanen, and Connor Ingram.

Roslovic inked a one-year contract shortly after the start of the regular season after not being able to find a multi-year deal in the summer. He made good on the show-me deal and finished tied for fourth on the team with 21 goals.

Kapanen scored 17 points over 41 games during an injury-riddled regular season, then chipped in four goals and six points in six games for the Oilers in the playoffs.

Ingram was acquired in a change-of-scenery deal with the Utah Mammoth at the beginning of October. He started the season in the American Hockey League, then posted a 16-10-3 record and a .899 save percentage in 32 games for the Oilers.

Bowman will have to decide which of these players are long-term solutions. Depth can be replaced, but losing contributors from the middle of the lineup without clear upgrades would leave the roster thinner than it already is.

F – Jason Dickinson
F – Adam Henrique
F – Max Jones
F – Kasperi Kapanen
F – Curtis Lazar
F – Jack Roslovic
D – Connor Murphy
G – Connor Ingram
G – Calvin Pickard
F – James Hamblin
F – Samuel Poulin (Group VI)
D – Cam Dineen

Players Signed for 2026-27

The Oilers have ten forwards, five defencemen, and one goaltender under contract next season at a combined salary cap hit of just over $88.5 million. That total also considers the penalty for buying out Jack Campbell’s contract and an overage carryover triggered by Matthew Savoie earning entry-level performance bonuses.

F – Leon Draisaitl ($14 million)
F – Connor McDavid ($12.5 million)
F – Zach Hyman ($5.5 million)
F – Ryan Nugent-Hopkins ($5.125 million)
F – Trent Frederic ($3.85 million)
F – Vasily Podkolzin ($2.95 million)
F – Mattias Janmark ($1.45 million)
F – Josh Samanski ($975,000)
F – Isaac Howard ($950,000)
F – Matthew Savoie ($886,666)
D – Evan Bouchard ($10.5 million)
D – Darnell Nurse ($9.25 million)
D – Jake Walman ($7 million)
D – Mattias Ekholm ($4 million)
D – Ty Emberson ($1.3 million)
G – Tristan Jarry ($5.375 million)
Jack Campbell Buyout ($2.6 million)
Bonus Overage Carryover ($250k)
Total Projected Cap Hit (~88.5 million)
Salary Cap Ceiling ($104 million)

With the cap ceiling set to rise to $104 million this summer, barring trades, the Oilers will have roughly $15.5 million to fill out the rest of their roster around the 16 players mentioned above.

Bringing back Dickinson, Roslovic, Kapanen, Murphy, and Ingram would eat up a significant chunk of that available salary cap room, so Bowman has some choices to make.

Does he let a couple of those free agents walk to maintain salary cap flexibility later in the summer? Does he explore trading a contract such as Tristan Jarry, or even a veteran name like Darnell Nurse or Ryan Nugent-Hopkins?

Bowman has his core locked in for two more years. What he does with the rest of the roster will determine whether this group gets another real run.

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