Wednesday, July 13, 2005

NHL CBA is Done!

The NHL and NHLPA have reached a tentative deal on the 301st day of the NHL lockout! After 82 marathon negotiations since February 16, often 80+ hour weeks, the over 600 page document is complete. The CBA is a six-year agreement, with a player out-clause after four years. The only hang-up is that the CBA needs to be ratified by the NHLPA next Tuesday and NHL Board of Governors next Thursday - which would officially end the lockout on July 21st. A simple majority of both groups is required (16 of 30 owners, and 350+ of 700+ players) Among the terms of the new CBA: -hard team-by-team salary cap between $21-39 million (for the first year and including all player costs). This range will move up or down in the following years with the changing revenues -player costs must not exceed 54% of revenues -24% salary rollback for all existing contracts, 2004-2005 contracts nullified -liberal free agency (UFA status at 31 in 2005, 29 in 2006, 28 in 2007, 27 in 2008) -improve pension benefits and revenue sharing plans -more restrictive entry level system ($850,000 with bonuses up to approx $4 million) -two-way salary arbitration -percentage of salaries put into escrow -no player can earn more than 20% of the team payroll, meaning $7.4 million is the maximum salary for next season -revenue sharing where top ten clubs donate funds to bottom ten -buyouts at two-thirds -participation in 2006 Olympics in Turin, Italy Tutorials are being scheduled to explain the new system to owners, general managers, players, and player agents. A brief transition period is expected before buyouts and chaotic free agency begins, as well as a time to nail down rule changes. A draft must be held, and teams must sign their 2003 and 2004 draftees to avoid their re-entry into the 2005 draft. The draft will be July 30 at Ottawa's Westin Hotel, with a weighted draft lottery to determine picks - this will be on July 21.

7 Comments:

At 7/13/2005 04:32:00 PM, Anonymous Lisa said...

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :D

You know, until I have something more intellegent to say than incoherent yelling, I'll just stick to exclimation marks.

 
At 7/13/2005 04:33:00 PM, Blogger Matt Saler said...

Awesome! Well, it'll be interesting to see if all the media-rumored elements of the CBA turn out to be true. I hope they're wrong on a few things, at least.

 
At 7/13/2005 04:35:00 PM, Blogger Matt Saler said...

It hasn't quite sunk in yet. I'm still kind of in shock.

YEAH!

 
At 7/13/2005 04:36:00 PM, Blogger Brian List said...

It was amazing finally seeing that TSN headline 'Deal Done!" You're right Matt, I haven't even had time to read over the rumored CBA terms or really comprehend what they mean yet...it's just time to celebrate today! And shuttle Discovery didn't launch, so the NHL got the story of the day!!!!

 
At 7/13/2005 05:08:00 PM, Blogger PJ Swenson said...

Woot?

 
At 7/13/2005 05:20:00 PM, Blogger Matt Saler said...

My sentiments exactly, PJ.

w00t!

I'm actually kind of excited to see how the League is going to market the game back to me. (As though I need them to)

 
At 7/13/2005 06:11:00 PM, Blogger Brian List said...

Anyone come off the initial high yet? I just realized everything the league has to do to make this work and became physically ill....

 

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