After a marathon 16 hour negotiating meeting, it appears the NHL lockout will be ending and there will be a shortened NHL hockey season. A tentative deal was reached at 5 am this morning which will end the owner's lockout, which has wiped out a few months of the hockey season.
The new deal will be a 10 year agreement, with opt out windows for both owners or players after eight years. There are still some details to be worked out, but the basic frame work is completed and will be agreed upon this week. The NHL will then schedule either a 48 or 50 game season, with teams playing only teams from their own conference, reports Canadian sports network, TSN.
Here some details of the agreement, according to TSN:
The players' share of hockey-related revenue will drop from 57 percent to a 50-50 split for all 10 years.
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 (all pro-rated). The cap floor will be $44 million.
The 10-year deal also has an opt-out clause that kicks in after eight years.
Each team will be allowed two amnesty buyouts that can be used to terminate contracts after this season and next season. The buyouts will count against the players' overall share in revenues, but not the team's salary cap.
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.