Kukla's Korner Hockey
by Paul on 09/03/10 at 08:11 PM ET
from Darren Dreger of TSN,
Sources tell TSN that the NHL and the NHL Players’ Association have reached an agreement on an amendment to the rules that govern long-term contracts.
The two sides have also agreed to extend the 5pm et deadline to complete the paperwork involved with the Ilya Kovalchuk contract situation.
The amendments addresses two specific rules which only apply to long-term contracts (contracts defined as five years or longer).
First: For long-term contracts extending beyond the age of 40, the contract’s average annual value for the years up to and including 40, are calculated by dividing total value in those years by the number of years up to and including 40. Then for the years covering ages 41 and beyond, the cap charge in each year is equal to the value of the contract in that year….
Secondly, for long-term contracts that include years in which the player is 36, 37, 38, 39 and 40; the amount used for purposes of calculating his average annual value is a minimum of $1 million in each of those years (even if his actual compensation is less during those seasons).
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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