In February 2016, Oblak was rewarded with a contract extension through 2021 with a reported release clause of £77.5 million. On 3 May 2016, Oblak saved Thomas Müller's penalty at the Allianz Arena in the second leg of the Champions League semi-finals; although Atlético lost the match 2–1, they advanced to the final on away goals. He was included in the squad of the season of the 2015–16 Champions League. As the domestic season ended, he won the Ricardo Zamora Trophy for best goalkeeper, having conceded 18 goals in 38 games, equalling the 22-year-old record of Deportivo de La Coruña's Francisco Liaño.