via Darren Dreger tweets,

Hearing the NHL has reversed part of its penalty against the Devils for cap circumvention (Kovalchuk contract)....

NHL will award Devils with the 30th pick in the Draft instead of the 1st round pick as usually determined. Also forgiving $1.5 mil of fine.

Needless to say, NHL teams are not happy with the leagues decision to let the Devils off the hook.

added 12:31pm, Again via Dreger tweet,

Devils were orginally fined $3 mil, had to forfeit a 3rd round pick in 2011 as well as a 1st in one of next 4 drafts.