The NHL and NHL Players' Association reached a tenative deal on a new collective bargaining agreement around 4:45 a.m. ET Sunday. While the deal still needs to be ratified by the players and the league, here are some of the main highlights, based on information from sources:
— The CBA will run for 10 years through 2021-22, with an option to terminate the deal after eight years.
— Players receive defined benefit pension plan.
— Owners and players split revenue 50-50 each season, with the players receiving $300 million in deferred "make-whole payments" to ease the transition from previous system.
— A pro-rated salary cap of $70.2-million for the shortened 2012-13 season followed by a salary cap of $64.3-million in 2013-14. The salary floor will be set at $44 million for both years.
— Seven-year limit on free-agent contracts (eight-year limit when a team signs its own player to an extension).
— A maximum salary variance of 35 per cent from year to year, with no more than a 50 per cent total difference between any two seasons in the contract.
— Teams can only walk away from a player in salary arbitration who is awarded at least $3.5 million.
— Each team will be given the option of two "amnesty buyouts" that can be used to terminate contracts prior to the 2013-14 season or 2014-15 season. The buyouts will cost two-thirds of the remaining amount on a deal — paid evenly over twice its remaining length — and will count against the players' overall share in revenues, but not the individual team's salary cap.
— Revenue sharing between teams increased to $200 million annually.
— Unrestricted free agency continues to open on July 1.
— The participation of NHLers in future Olympics has yet to be determined. The decision will be made outside of the CBA.
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© The Canadian Press, 2013