McDavid left Edmonton's 3-1 victory over Calgary on Saturday night after hurting his left leg. It appeared to be a serious injury, but the Oilers tweeted that X-rays were negative.
The next hurdle is an MRI, which McDavid, 22, will have after traveling home with the team.
"You're going between anger and rage, and your heart's broken for the guy," Oilers coach Ken Hitchcock said. "So to get some good news right now, we can breathe for a few hours. MRI tells you everything, so we'll hopefully get through the MRI. But we're not out of the woods yet."
McDavid was helped off the ice by teammate Zack Kassian and a trainer -- putting no weight on his leg -- after crashing into the Flames' net early in the second period. He fell to the ice after being challenged by Flames defenseman Mark Giordano and then slid hard into the net. Giordano was penalized for tripping.
"That's the best player in the game. I hope he's OK," said Giordano, the Flames captain. "I'll reach out to him and hopefully get an answer, but it's a one-on-one. I'm trying to dive to chip the puck off his stick. It happened so quick."
In hindsight, Giordano thought maybe he'd consider making a different play if he had the chance.
"Obviously, with the result being what it is, if I had to do it all over again, you'd almost want to see myself let him go and not injure him," he said. "But that's easy to say after the fact."
McDavid held his left leg for several minutes before being helped off.
"He's our leader, he's our go-to guy, and when you see him get hurt like that, it stings," Oilers teammate Leon Draisaitl said. "You never want to see that happen to any player, especially him."
The crowd at sold-out Scotiabank Saddledome went quiet as McDavid was being attended to by trainers.
"I think that's the respect factor. They know what kind of player he is. He's an honest player," Edmonton forward Ryan Nugent-Hopkins said. "Everybody around the league, all fans, respect that and understand what he means to our team. I'd expect the same from our fans if it happened to another guy on their team in our building, and I think everybody was a little bit shocked and just hoping for the best for him."
McDavid was second in the league in scoring this season with a career-high 116 points, 12 behind Tampa Bay's Nikita Kucherov. McDavid's 41 goals equaled his career best.
"It's scary," Oilers defenseman Darnell Nurse said. "He's the best player in the league. You see him go down like that, he's not a guy that ever goes down and stays down. He always hops back up. The guy means so much to not only this team but the organization, the city. I think everyone kind of held their breath there."
The Oilers, who were eliminated from playoff contention earlier this week, have missed the postseason 12 times in 13 years.
The Associated Press contributed to this report.