So, to review, NHLPA is prepared to go to 50-50 immediately, but wants $393M over four years as part of so-called "Make Whole."

— Bob McKenzie (@TSNBobMcKenzie) November 21, 2012

Only system issue addressed is back-diving contracts (cap hit penalties for retired players) but not 5 per cent variance rule or term limits

— Bob McKenzie (@TSNBobMcKenzie) November 21, 2012

I have no clue how NHL reacts but I suspect it will want to negotiate $182M difference on Make Whole and will continue to push on systems.

— Bob McKenzie (@TSNBobMcKenzie) November 21, 2012

PA make-whole: 182m 128m 72m 11m years 1-4.

— Larry Brooks(@NYP_Brooksie) November 21, 2012

NHL will find this problematic. Goes back towards "guaranteeing" dollars. In a linked-to-revenue system, those guarantees have not existed.

— Bob McKenzie (@TSNBobMcKenzie) November 21, 2012