EDMONTON, Alberta — The Edmonton Oilers paid a huge price to lock up superstar captain Connor McDavid.

But it could have been even higher.

The Oilers said Wednesday that the team and McDavid have agreed to an eight-year, $100 million extension.

That makes the 20-year-old league MVP the highest-paid player in the NHL on an annual basis ($12.5 million per season), but it’s about $750,000 a year less than what reports last week figured he would be getting.

“It easily could have been a lot higher in value and shorter in term,” Oilers General Manager Peter Chiarelli said.

McDavid’s extension kicks in after he finishes the final year of his entry-level deal next season. If the NHL’s salary cap stays at its current level of $75 million, McDavid’s salary alone would take up 16.6 percent of the Oilers’ cap.

The Oilers are also working to re-sign Leon Draisaitl, who is a restricted free agent after finishing his entry-level deal and due a big raise.

“Part of this partnership was talking about building a team, and Connor was emphatic as was I about keeping this team competitive,” Chiarelli said.

McDavid led the NHL in scoring with 100 points last season, en route to winning the Hart Trophy as league MVP. In just his second season he helped the Oilers transition from league doormat to a potential contender in the Western Conference.

“I’m so excited to be able to wear the Oilers jersey for the next nine years of my life and play with some of the greatest guys that I know,” McDavid said. “I can’t wait to get back at it.”

BRUINS: Boston will get an up-close look at some of its newest prospects, plus a chance to monitor the progress of past draftees, when the team’s development camp opens on Thursday morning at Warrior Ice Arena in Brighton, Massachusetts.

A total of 29 players are expected to attend, with Thursday’s on-ice session set to start at 11 a.m. Friday, Saturday and Sunday sessions are scheduled for 10:30 a.m. The camp is open to the public.

Highlighting the attendees is forward Anders Bjork, who left Notre Dame after his junior season. Bjork, a fifth-round pick in 2014, had 21 goals and 31 assists in 39 games for the Fighting Irish last season.

Also attending are two goalies with University of Maine ties. Jeremy Swayman, a fourth-round pick by the Bruins last month, will begin his college career with the Black Bears this season, while UMaine’s top goalie last season, Rob McGovern, is a nondrafted invitee to camp.

CANADIENS: Restricted free agent Alex Galchenyuk avoided arbitration by agreeing to a three-year, $14.7 million contract Wednesday.