X-rays on McDavid's left leg were negative. He will return to Edmonton with the team.
"You're going between anger and rage and your heart broken for the guy, so to get some good news right now, we can breathe for a few hours," Oilers coach Ken Hitchcock said. "MRI tells you everything, so we'll hopefully get through the MRI, but we're not out of the woods yet. It's a decent first step. It could be a lot worse."
McDavid was helped from the ice after sustaining the injury 3:42 into the second period. He was coming up the right wing when he was taken down by Flames defenseman Mark Giordano and collided with the goal post behind Mike Smith.
"Feel terrible," Giordano said. "I tried to obviously dive and get the puck, and you never want to see ... he's the best player in the game, so we need him in the game. I tried to find out how he's doing out there, but I mean you're not going to get much from them. They're pretty mad about it, and I understand that. I honestly thought I could get that puck when I dove for it. Watching the replay, I missed it and my stick sort of trips him.
"He's obviously a great player. It was tough. I was trying to ask him right away. I think he was in a lot of pain there, so he wasn't saying much. Obviously with the result being what it is, if I had to do it all over again, you'd almost want to see myself let him go and not injure him, but that's easy to say, after the fact."
McDavid left with the assistance of trainers and had X-rays taken at the Saddledome.
"It's scary," Oilers defenseman Darnell Nurse said. "He's the best player in the League. You see him go down like that, he's not a guy that ever goes down and stays down. He always hops back up. The guy means so much to not only this team but the organization, the city. I think everyone kind of held their breath there."
McDavid had 116 points (41 goals, 75 assists) this season, second in the NHL to Nikita Kucherov of the Tampa Bay Lightning (128 points; 41 goals, 87 assists).
Edmonton (35-38-9) did not qualify for the Stanley Cup Playoffs.