Bettman probably had the day off. they better finish before he gets back to the office.
"Wait, who the hell are these people? And where's my scotch? My favorite chair, what happened here? Oh no, you're not doing what I think you're doing, not again, Bill! I take the kids to Point Pleasant and you dick me over again!? I thought you said you'd never do that to me again, that it was a misunderstanding.... :cries:"
The Ilya Kovalchuk contract situation expected to reach a conclusion by 5 p.m. ET on Wednesday will instead continue until 3 a.m. ET Saturday, ten hours longer than original Friday 5 p.m. ET deadline. The National Hockey League and the National Hockey League Players' Association announced it was mutually agreed to extend the deadline by which the League must reach a decision on the latest contract Kovalchuk signed with the New Jersey Devils.
LMFAO. Not a snowball's chance in hell they're still in the office trying to finish things up.
Watch this get *extended* hour by hour until late Tuesday
The agreement includes two major regulations that go into effect immediately and will be a part of the Collective Bargaining Agreement until its expiration on Sept. 15, 2012. If there is no CBA at the start of the 2012-13 NHL season, the rules will be 'grandfathered' until a new CBA is negotiated:
1. While players and clubs can continue to negotiate long-term contracts (five years or longer) that include contract years in a player's 40s, for purposes of salary-cap calculation the contract will effectively be cut off in the year of the contract in which the player turns 41.
This basically means that if a 33-year-old player signs an eight-year contract, the amount owed to him in the first seven years of the contract will be averaged for the purposes of salary-cap computation. Then, in Year 8 of the contract, the salary he will make for that particular season will determine his salary-cap hit for that season.
So, if Kovalchuk's contract applied to this rule, the average of what he's owed in the first 13 years would be applied to the Devils salary cap from 2010-2023 and the cap hit would be $7.15 million because he is reportedly due to make $93 million across that span. Then, per the reported terms, the cap hit would change to $3 million in 2023-24 (as Kovalchuk turns 41 in April of that season) and $4 million in 2024-25.
2. In any long-term contract that averages more than $5.75 million for the three highest compensation seasons, the cap charge will be a minimum of $1 million for every season in which the player is 36-39 years of age. That $1 million value will then be used to determine the salary cap hit for the entire contract. If the contract takes the player into his 40s, the previous rule goes into effect.
For example, Marc Savard's contract reportedly calls for him to make $525,000 per season in the final two years of his seven-year, $28 million contract. He will be 38 and 39 in those seasons. If his contract was subject to these new regulations, for purposes of calculating the salary cap the final two years on his deal will reflect as if he was making $1 million. That would make his reported $4 million cap hit go up to $4.14 million.
The club and player still can agree to a contract that pays a player less than $1 million when he is at those ages, but for salary-cap purposes the number applied to the team's annual average salary will be $1 million.
The regulations are designed to keep diveback numbers in contracts to a minimum.