As much as I don't want this to happen to the Oilers this is exactly what they are going to do. They will watch several players get shots with McDavid and they'll all produce some goals and then get paid between 2.5-4 million dollars and be over priced 4th liners the moment they get moved away from him. This team needs to clear out bottom 6 pleyers making too much money and draft skilled fast forwards who can play on their own and not just with McDavid. I don't think they'll do that, I think what is more likely is Hitchcock will somehow will this team to the final wild card spot where they will get utterly destroyed by Nashville. Hitchcock will get a big contract and the Oilers will not progress but very quickly realize they are worse than the year before and miss the playoffs next season. At which time they'll fire Chiarelli and his replacement will continue to try to add to a flawed team that can't afford to add anything because they have way too many guys making between 2-6 million dollars.

Assuming you manage to get rid of those guys without giving up to much here's my thoughts:
1. not a fan of the chiasson contract 1 year to long and to much money for a guy that is very unproven and inconsistent
2. the jesse pulj contact is odd not sure why you'd pay him more to get arbitration rights, pay him 2 mill for 2 years considering thats a lot closer to what hes showing to be worth.
3. I'd hold onto spooner to try and get a tad more from him. It kills me watching eberle turn into a 7th round pick...
4. Karlsson is very wishful thinking. If he hated Ottawa I dont see him wanting to go edmonton, maybe a different number 1 defender might be available via trade market? try and package bear yams and a 1st

Coming from an Islanders fan, who would love for them to improve their defense, I wouldn't touch Karlsson with a 10 ft. pole. I know he had to learn a new system in San Jose, but he does not look that same as years passed. I'd be questioning the overall health of his ankle and definitely not dishing him out a 7 year/$70 million contract, likely with a full NMC. There are definitely other ways they can go that are cost-efficient too.

Honestly I think the Oilers need to work on finding a legit top line winger to place with McDavid. One of either Duchene or Stone would be great, and wild probably cost less than Karlsson.
I think the D will be decent enough, Bouchard will be ready for a role as a third pairing/PP specialist. And I’m curious to see what Caleb Jones/Bear/Persson can add. If they can move Sekera and Benning, that’s frees up 10.5 mil with the cap going up to 83M. Roll something like:
Duchene-McD-Yamamoto
Nuge-Draisaitl-Puljujarvi
Benson-Spooner-Caggulia
Lucic-Khaira-Zykov
Klefbom-Larsson
Nurse-Bear
Russell-Bouchard

Yeah, I'm not sure what they can get on the UFA market if they are able to unload those contracts. Karlsson does have 9pts in his last 11 games and is averaging 24 minutes per game.

Yeah, I'm not sure Karlsson would sign with Edmonton if he doesn't re-sign with SJS. I believe Edmonton was on his "no trade list" last year. Other UFAs:

RD:
Karlsson - 16 pts in 28 GP, 24:52 TOI - 9 pts in last 11GP. His speed, skill and minutes logged on the back end would be a game changer.
Nick Jensen - solid D playing 2nd pair 19:49 TOI
Tyler Myers - would be a decent 2nd pair on the right side. 19:10 TOI
Alex Petrovic - 17:48 TOI
Jan Rutta - 16:19 TOI

LD
Jake Gardiner - if Toronto can afford him they'll re-sign him. I think he might command too much on the open market for a left D. 13pts in 28gp, 21:45 TOI
Michael Del Zotto - reminds me of Schultz, offensively gifted but has a tough time defensively so maybe stay away from him unless he has improved in that aspect. 18:12 TOI
Jordan Oesterle - great speed has played top pair minutes for much of his time since leaving Edmonton (with Duncan Keith in Chicago last season and now Oliver Ekman-Larsson in Arizona) - 17:47 TOI

LW
Artemi Panarin 29pts in 26GP, 19:33 TOI
Matt Duchene 34pts in 28GP, 19:11 TOI
Brock Nelson - 19pts in 26GP, 17:58 TOI
Anders Lee - 21pts in 26GP, 17:38 TOI
Jeff Skinner - 29pts in 29GP, 17:50 TOI
Jakub Silfverberg - 11 pts in 24GP, 17:35 TOI

RW
Mark Stone - 30pts in 28GP, 19:47 TOI
Jeff Skinner - would be an amzing pick up but I bet he re-signs with Buffalo as things are going well for him and the Sabres - 29pts in 29GP, 17:50 TOI
Ryan Dzingel - 19pts in 26GP, 17:34 TOI
Jordan Eberle - at a reduced cap that would be quite something. 13pts in 26GP, 16:48 TOI
Richard Panik - 8pts in 23GP, 15:58 TOI

C
Matt Duchene - his speed would be amazing with McDavid. 34pts in 28GP, 19:11 TOI
Kevin Hayes - 17pts in 28GP, 19:08 TOI
Brock Nelson - 19pts in 26GP, 17:58 TOI
Anders Lee (I don't think he plays much C) - 21pts in 26GP, 17:38 TOI
Ryan Dzingel (not sure he plays much C either, don't know much about him) - 19pts in 26GP, 17:34 TOI