Here are some of the details of the NHL's new Collective Bargaining Agreement, a 10-year deal with an opt-out clause that kicks in after the eighth year:
The 2012-13 season will be a transition year the upper level is set at 60 million with teams allowed to spend up to 70.2 million. In year two, the cap will move to 64.3 million (the NHL met the NHLPAs request on that figure, as the league wanted it at 60 million),
The salary floor for both 2012-13 and 2013-14 is 44 million.
Term limit is set at seven years, eight if a player is re-signing with his own team. Salary variance is 35 percent and the final year cannot vary more than 50 per cent from the highest year.
All 14 non-playoff teams will get a shot at the first overall selection. Under the NHLs previous format, only the bottom four teams (26th through 30th place) were eligible to receive the No. 1 pick, and teams were only able move up a maximum of four spots and down a maximum of one spot.
The new format in similar to the NBA Draft Lottery.
Defined pension benefit in which the owners assume liability. According to CSN Philly's Tim Panaccio, Jets defenseman Ron Hainsey, who participated throughout the negotiations, called the plan "the centerpiece of the deal for the players".
Decisions will still be handled by Brendan Shanahan, but appeals will first go through NHL commissioner Gary Bettman. For suspensions of six games or more, a neutral third party will get involved.
The start of free agency will remain on July 1. The NHL had hoped to push it to July 10, but capitulated to the players desire to keep it at the start of the month.
Revenue sharing among clubs will increase to 200 million. Theres also a NHLPA-initiated growth fund of 60 million.