Kovalchuk pact approved; NHL-NHLPA adopt rules for long-term deals

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09/04/2010 - Toronto, ON (Sportsbook Betting Lines) - Ilya Kovalchuk will finally join the New Jersey Devils after his re-submitted contract was officially and finally approved by the National Hockey League just before 3 a.m. (et) Saturday morning.

The re-worked contract now calls for Kovalchuk to collect a reported $100 million over 15 years, with an annual cap hit of close to $6.66 million. The deal is thought to pay out $90 million in the first 10 years and $10 million over the last five.

Kovalchuk's initial 17-year, $102 million deal with the Devils was rejected by the league on the grounds that it circumvented the league's salary cap. The deal was front-loaded so Kovalchuk could have earned as much money as possible while providing the lowest possible cap hit for the team.

The NHL Players' Association filed a grievance on Kovalchuk's behalf, but an arbitrator ruled in favor of the league. The Russian star, now 27, would be approaching age 43 when the contract expires.

The rejection of the contract provided much debate throughout the league in terms of "lifetime" contracts given to players that have helped reduce the yearly salary cap hit. Several players in previous years signed deals that took them past 40 years of age and saw the annual salary dip below $1 million in the final years of the contract.

The NHL and NHLPA together, did away with those scenarios in one fell swoop Friday, jointly adopting new regulations on such pacts while simultaneoulsy ruling on Kovalchuk's situation after a whirlwind of postponements on a ruling that stretched well into the night.

The new rules will apply only to long-term contracts, five years or longer in length, and only those going forward beyond the September 4 ruling date. All previous contracts are grandfathered in, meaning Kovalchuk's contract will likely be the last of its kind.

To that end, the two entities also announced that the league will terminate its circumvention investigations into the contracts signed in 2009 by Marian Hossa of the Chicago Blackhawks, Roberto Luongo of the Vancouver Canucks, Marc Savard of the Boston Bruins and Chris Pronger of the Philadelphia Flyers.

"We are pleased to finalize an agreement which ends the league's circumvention investigations and also establishes rules on long-term contracts that will provide players, their certified agents and general managers clarity for the negotiation of new contracts," said Roland Lee, associate counsel for the NHLPA and director of Salary Cap/Marketplace. "Turning the page on this process is something that will benefit all parties involved."

Taking into account the NHL's salary cap system and forthcoming CBA negotiations, a special calculation of value will be made in two ways for contracts that extend beyond a player's 41st birthday, and any long-term contract that averages more than $5.75 million for the three highest- compensation years will have rules put into place that limit that player's compensation to a minimum of $1 million between the ages of 36 and 40.

Because of the league's previous rules on player contracts after the age of 35, it was conceivable that someone could retire before a contract had expired, wiping the contract off the salary cap. This rule allowed teams to sign players to front-loaded contracts to benefit both the team and player.

"We're pleased to be able to establish clearly-defined rules for these types of contracts going forward and just as happy we can turn the page on uncertainties relating to several other existing contracts," NHL Deputy Commissioner Bill Daly said. "From start to finish of this multi-week process we were able to work closely and cooperatively with representatives of the Players' Association, who shared our belief that the creation of definitive rules and guidelines in this area would be beneficial to everyone -- clubs and players alike."

Kovalchuk's deal will reportedly take the team about $3 million over the salary cap with 21 players under contract, and the Devils will have to get under the $59.4 million cap before the beginning of the season while adding two more players to the roster.

Kovalchuk posted 41 goals and 85 points in 76 games last season, 10 goals and 27 points coming in 27 games with New Jersey. In a five-game first-round playoff loss, the 27-year-old added two goals and six points.

In 621 games since entering the league in 2001, he has accumulated 338 goals and 642 points with Atlanta and New Jersey.

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Dallas Cowboys Super Bowl Odds

Will he or won't he?  Now that the Dallas Cowboys have a new head coach in Wade Phillips, the big question will be: Does Terrell Owens stay with the team.

Jerry Jones continues to suggest that Terrell Owens will remain with the team.

"I've said that he's back, he's here, he's under contract," Jones said. "In the interviews I've just been through (to hire a new coach), it was very clear to me how highly he's thought of and how much of an impact he had on our offensive success."

Just to be sure though, Terrell Owens cleared out his locker and removed his name plate.

Terrell Owens was among the Cowboys most productive players this past season, catching 85 passes for 1,180 yards and a league-best 13 touchdowns.

But T.O. is due a $3 million roster bonus in June, then a $5 million salary this season. Cutting him before then would save a lot of money and headaches.

Aside from the questions surrounding Terrell Owens, the oddsmakers at MySportsbook.com have concerns over starting quarterback Tony Romo's state of mind and whether he will remain a starting quarterback.  It is also not known how players will adjust to new head coach, Wade Phillips.

Here are the football odds as seen at MySportsbook.com and subject to change after February 10, 2007 if not locked in prior to that date.
Arizona Cardinals 60-1


Atlanta Falcons 50-1


Baltimore Ravens 15-1


Buffalo Bills 50-1


Carolina Panthers 18-1


Chicago Bears 10-1


Cincinnati Bengals 15-1


Cleveland Browns 100-1


Dallas Cowboys 15-1


Denver Broncos 15-1


Detroit Lions 100-1


Green Bay Packers 50-1


Houston Texans 100-1


Indianapolis Colts 6-1


Jacksonville Jaguars 30-1


Kansas City Chiefs 30-1


Miami Dolphins 40-1


Minnesota Vikings 75-1


New England Patriots 10-1


New Orleans Saints 18-1


New York Giants 20-1


New York Jets 30-1


Oakland Raiders 100-1


Philadelphia Eagles 18-1


Pittsburgh Steelers 10-1


Saint Louis Rams 60-1


San Diego Chargers 6-1


San Francisco 49ers 75-1


Seattle Seahawks 20-1


Tampa Bay Buccanneers 75-1


Tennessee Titans 40-1


Washington Redskins 50-1

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