Schultz got a second-straight one-year deal after signing one as a restricted free agent last summer.
The 25-year-old defenceman earned a raise after making $3.675 million this past season.
Schultz has been considered a big piece of the Oilers' future, and the pressure remains for him to grow into a top-four mainstay.
The six-foot-two native of Kelowna, B.C., has 25 goals and 66 assists 203 games into his NHL career.
Offence isn't a problem for Schultz but rather the defensive end of the ice, where he still needs to develop.
Note to readers: This is a corrected story. A previous version had incorrect point totals for Shultz.