According to this, he did take quite a hometown discount:
McDavid was rumoured to be signing an eight-year deal at $13.25 million per, but he took less than that. Oilers GM Peter Chiarelli said that McDavid could have signed for much more, or pushed for a shorter term, but chose not to do so. “This may be one of the largest contracts ever given in the NHL, but I can assure you it easily could have been a lot higher in value and shorter in term,” Chiarelli said. “Building a team to win the Stanley Cup was a constant discussion point in this negotiation.
“Connor was emphatic, as was I, about keeping this team competitive… He wants us to ice a winning team, as we all do, as the fans of Edmonton do.”
If McDavid had pushed, he could have received the maximum contract of $15 million per year over 8 years, so he has essentially left $20 million on the table. In the McDavid deal, $86 million of the reported $100 million will be paid in signing bonuses each July 1.