McDavid has one season remaining on his three-year, entry-level contract. July 1 was the first day he was eligible to sign an extension; he could have become a restricted free agent after this season.
"You see guys go through years where it's their contract year; I saw [Steven] Stamkos go through it firsthand and I know him pretty well," McDavid said of the Lightning captain who played an entire season before signing right before becoming an unrestricted free agent last year. "I don't think it's very fun. it's not fun to answer that question every day you come to the rink: 'Is there any updates, is there any of this?'
"For me, getting it done early shows a sign that I want to be here, there was no hesitation, it's not even a thought, I want to be here in Edmonton, and I think getting it done early shows that."
Last season, McDavid led the NHL with 100 points (30 goals, 70 assists) and won the Hart Trophy as the most valuable player and the Ted Lindsay Award as the top player as voted by the players. He helped the Oilers finish second in the Pacific Division and reach the Stanley Cup Playoffs for the first time since 2006.
He had nine points (five goals, four assists) in 13 playoff games; the Oilers reached the Western Conference Second Round, when they were eliminated by the Anaheim Ducks in seven games.
"I think people should want to come play here," McDavid said. "It's a very up and coming team and we showed last year what we were capable of. We're only going to get better; we're still a young team and our young guys are only going to keep getting better."