Of course thats what he could hypotetically sign for! Literally any player after an elc can sign a max deal, I doubt he will demand it though. If mcdavid wants to play in edm he wont go the route of an rfa holdout as it could potentially damage his ability to win a cup. As an example, if he holds out and another team offers him max, edm matches and retains mcdavid. The result being, edm cap situation results in the loss of key talent. Essentially resulting in a less deep, less competitive team.
Mcdavid seems like the kind of guy that always want to win, above and beyond any individual accolades. He will no doubt get paid very well, but I see him being fair to the team and (sort of) emulating Crosby and getting 9.7@ 5. Gives him prime years to tear it up with drai.