This morning, Sportsnet's Elliotte Friedman broke the news that Edmonton and McLeod are closing on a one-year contract for around $800K. Last season was McLeod's first entire season in the NHL. He played in 71 games, scoring nine goals and 12 assists for 22 points. In the playoffs, he put up five points. McLeod was drafted by the Oilers 40th overall in 2018.
With the McLeod deal all but done. The Oilers will be over the salary cap by $7.5M with Oscar Klefbom and Mike Smith headed to LTIR. The issue is that even with the LTIR relief, it might not be enough for the Oilers to become cap compliant. As a result, the Oilers will likely have to move out a contract. The two names that come to mind are Tyson Barrie and Jesse Puljujarvi. The Oilers have approximately 3 weeks with which to work to find a solution.