At approximately 3:40 AM CST, the NHL and NHLPA announced they have agreed to a new 10-year collective bargaining agreement. The agreement comes on the heels of a marathon 16 hour negotiation that took place Saturday in to Sunday morning.
"Don Fehr and I are here to tell you that we have reached an agreement on the framework of a new Collective Bargaining Agreement, the details of which need to be put to paper," NHL Commissioner Gary Bettman said. "We have to dot a lot of I's and cross a lot of T's. There is still a lot of work to be done, but the basic framework has been agreed upon. We have to go through a ratification process and the Board of Governors has to approve it from the League side and, obviously, the players have to approve it as well. We are not in a position to give you information right now about schedule, when we are starting. It's early in the morning and we have been at this all day and all night, obviously. But, we will be back to you very shortly, hopefully, later today with more information in that regard."
- The league coming off their demand for a $60 million cap in Year 2, meeting the NHLPA's request to have it at $64.3 million - which was the upper limit from last year's cap. The salary floor in Year 2 will be $44 million.
- The upper limit on the salary cap in the first year is $60 million, but teams can spend up to $70.2 million. The cap floor will be $44 million.
- The 10-year deal also has an opt-out clause that kicks in after eight years.
- The salary variance on contracts from year to year cannot vary more than 35 per cent and the final year cannot vary more than 50 per cent of the highest year.
- A player contract term limit for free agents will be seven years and eight years for a team signing its own player.
- The draft lottery selection process will change with all 14 teams fully eligible for the first overall pick. The weighting system for each team may remain, but four-spot move restriction will be eliminated.
- Supplemental discipline for players in on-ice incidents will go through NHL disciplinarian Brendan Shanahan first, followed by an appeal process that would go through Bettman. For suspensions of six or more games, a neutral third party will decide if necessary.
- Revenue sharing among teams will spread to $200 million. Additionally, an NHLPA-initiated growth fund of $60 million is included.
- The NHL had hoped to change opening of free agency to July 10, but the players stood firm and it remains July 1 in the new agreement. But with a later ending to the season, free agency for this summer will start at a later date.
A start date for the season has yet to be determined, but count on either a 50-game season that would begin on January 15th, or a 48-game season that would begin on January 19th. Either way, we'll be watching regular season NHL hockey in less than two weeks.
There's a lot to catch up on today, so stay tuned to the Red Light District for more as the story develops.