The Edmonton Oilers made superstar center Leon Draisaitl one of the most highly paid players in NHL history with a contract extension Tuesday.

The Oilers announced that they agreed to an eight-year, $112 million deal with Draisaitl, which will pay him $14 million annually.

Per Frank Seravalli, that makes Draisaitl the highest-paid player in NHL history in terms of average annual value, although the total value of his deal is behind the 13-year, $124 million contract Alex Ovechkin signed with the Washington Capitals in 2008.

Per SI.com's Karl Rasmussen, the 10 largest contracts in NHL history in total value are now as follows:

1. Alex Ovechkin (Washington Capitals): $124 million
2. Leon Draisaitl (Edmonton Oilers): $112 million
3. Shea Weber (Nashville Predators): $110 million
4. Sidney Crosby (Pittsburgh Penguins): $104.4 million
5. Ilya Kovalchuk (New Jersey Devils): $102 million
6. Nathan MacKinnon (Colorado Avalanche): $100.8 million
7. Connor McDavid (Edmonton Oilers): $100 million
8. Ryan Suter (Minnesota Wild): $98 million
9. Zach Parise (Minnesota Wild): $98 million
10. Elias Pettersson (Vancouver Canucks): $92.8 million

Before signing his new deal, Draisaitl was set to become an unrestricted free agent following the 2024-25 season.

His new contract sets the Oilers up to continue deploying one of the league's best center lineups. Edmonton's captain, Connor McDavid, is currently signed through the 2025-26 campaign, but he figures to set the record for largest contract in NHL history when he gets his new deal.

Draisaitl's re-signing comes after both he and McDavid expressed hope he would sign an extension in postseason interviews.

"I love being an Oiler more than anything," Draisaitl said June 26 after the Edmonton's Stanley Cup Final loss to the Florida Panthers, per Robert Tychkowski of the Edmonton Journal.

Draisaitl will now continue being an Oiler, while Edmonton will hold on to a player who in 2023-24 recorded 40 goals and 100 points for the fifth time in six regular seasons.

He added 10 goals and 21 assists through 25 playoff games to help the Oilers reach the Stanley Cup Final for the first time since 2006.

Draisaitl, the No. 3 pick of the 2014 draft, is heading into his 11th season in Edmonton. He spent the past six campaigns as one of the most consistent producers in the NHL.

Since the beginning of the 2018-19 season, Draisaitl has established himself as arguably the best German NHL player of all time by racking up 272 goals and 643 points in his last 450 regular-season contests.

Only McDavid has more points, and only Toronto Maple Leafs star Auston Matthews has more goals, over that span.

Draisaitl's connection with McDavid has helped the Oilers maintain the most dangerous power play in the NHL over those six seasons, while his ability to succeed on his own at 5v5 has allowed Edmonton to deploy their two most efficient scorers on separate lines.

The Oilers will continue leaning on Draisaitl to drive the second line as Edmonton looks to earn redemption from their Cup Final loss with a championship in 2025.

Draisaitl's extension could also help the Oilers entice McDavid to stick around in Edmonton when the captain becomes eligible to sign a new contract next summer.