Wanted to wait until it was official but all the major media, including this legend, have already tweeted it so it's as good as confirmed.
Heres an even more official looking one from the Oilers guy at TSN
My thoughts are that this a good signing. Of course 8 years which takes Nuge up until he is 36 is rough, but a 5.125 (million) cap hit for Nuge is excellent. I strongly believe Nuge could've got north of 6.5 on the open market, but he wanted to stay an Oiler, hence the No Movement Clause and accepting of less money for a longer term.
the NMC means that we must protect him in the Seattle Expansion Draft which of course we are going to do, we cannot trade him unless he waives his NMC, so if we want to make a deal where we send Nuge to Philadelphia he can veto it and not allow us to move him, and we cannot put Nuge on waivers if we wanted to either which is a minor thing that will only be relevant near the very end of this contract, and hopefully not even then. This does not stop all Nuge trades, if Nuge wants out he can agree to waive his No Move Clause, and if there is another expansion team when Nuge is like 35 years old (doubtful) and he isn't worth a protection, he can also waive his NMC for that in order to help us out.
This signing should help put us in very good shape for the next 5ish years depending on how Nuge regresses, and in the last 3 years of the deal it may put us in a bit of a cap crunch. We are betting on the fact that Nuge will remain a core piece for the foreseeable future. Overall this shows a win now mentality for the Oilers, risking some of our later years in order to construct the best possible team when Mcdavid and Draisaitl are at their peak.
The more fun things this brings is that Nuge should (barring any career ending injuries or him suddenly wanting out of Edmonton) break the franchise record for Games Played, by quite a bit. It also greatly increases his chances to be the first ever Oiler for life, he has a legitimate shot at being the first ever player to play their entire careers in the city of Edmonton. This contract will take him up to 18 seasons as an Oiler. McDavid and Draisaitl also love Nuge on the team, so he will now be signed at a good price for when they need to be resigned.