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.