Oates had been linked to a move to the Knights after reports emerged he felt “disrespected” by the salary in the initial offer.
But he has put pen to paper on a new deal that will keep the 29-year-old at Red Hill for a 12th consecutive season.
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Oates played just nine matches in a 2023 season riddled with injuries.
He suffered a broken jaw attempting to score against the Cowboys in round two, and then suffered a knee injury during his return against the Eels in Darwin in round eight.
He also took no part in the Broncos’ finals campaign, axed in favour of Jesse Arthars. Club legend Darren Lockyer suggested the decision was likely down to that poor run with injury.
In the club’s statement announcing the news, Oates said he would be trying to prove to himself and coaches he’s “still got it”.
“I’ve never felt so good in my career, the injuries last year were just pure bad luck and bad timing,” he said.
“I’m still very confident that I can come back this year and attack it and play some good footy.”
In the same statement, coach Kevin Walters said Oates was “one of the hardest wingers to stop in rugby league”.
“He has been really good for us over recent years, and he has fought back from some tough places which I am really proud of Oatesy for doing,” he said.
“We are really happy that Oatsey is staying at the club and we can’t wait to see what we can do together as a team in 2024.”