While the owners still have to vote to ratify it, both Commissioner Gary Bettman and NHL Players’ Association Executive Director Donald Fehr feel confident that both sides will approve the deal, ESPN is reporting.
The settlement puts a collective bargaining agreement in place for the next 10 years. During the agreement, teams will have the right to sign players for no more than seven years, eight if the player is already under that team’s control. In addition, both sides can opt out of the deal through mutual choice in year eight.
For this truncated season, the salary cap is set at $60 million with a floor of $44 million. The 2013-14 season sets it at $64.3 million while the floor remains $44 million. The agreement also calls for revenue sharing of $200 million.
The NHL has been locked out for more than a month. Opening day for the league is tentatively set for Jan. 19, though it could be Jan. 15 if the agreement is ratified quickly.