Oilers Could Follow Toews Model for Extension with Corey Perry

Veteran forward Corey Perry made it clear during his exit interview that he wants to return to the Edmonton Oilers — and there’s plenty of reason for the team to feel the same. That’s why it makes sense that reports have surfaced both sides are trying to work out the terms on an extension.

Despite turning 40 during the Stanley Cup Playoffs, Perry had a strong 2024–25 season. He tallied 19 goals and 30 points in 81 regular-season games while averaging under 12 minutes per night. Among Oilers wingers, only Zach Hyman and (arguably) Ryan Nugent-Hopkins were more productive in terms of goals. Perry was even more impressive in the postseason, scoring 10 goals and finishing just one behind Leon Draisaitl for the team lead.

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Given the team’s salary cap issues, Perry’s age, and ideally, a reduced role, a traditional deal isn’t on the table. What could the extension look like?

Oilers Should Follow the Contract Model Set By Jets With Toews

The Winnipeg Jets recently signed Jonathan Toews to a creative one-year deal as he attempts an NHL comeback. The contract includes a $2 million base salary with up to $5 million in performance bonuses. These bonuses are milestone-based, with payouts tied to games played and postseason performance. The reason Winnipeg did this was to protect itself against the uncertainty surrounding Toews’ health. For the Oilers, it might help to push Perry’s money over to next season.

The Oilers could take a similar approach with Perry. Bu using a bonus-heavy one-year deal, Edmonton gives Perry a fair deal, but spreads out the financial pain that comes with giving him a raise.

Not only would a deal based on games played or offensive production allow them to reward him fairly, but it would also give the team the option to carry any bonus-related overages into the following season. If the cap jumps to $104 million, allowing for another $1-$2 million shouldn’t be a huge concern.

The question becomes whether this is worth it for Perry, whose other options would be a deferred salary structure or considering other teams willing to spend more in a straight one-year deal with a higher AAV.

For both sides, this could be a win-win. Perry gets to stay, allowing the Oilers to tackle the business they see as necessary. However, they also retain some of the money freed up that could be needed for Evan Bouchard or other free agents they’d like to bring in or bring back.

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