Length: 6 years, though the players can opt-out of it after the 4th season.
Salary Cap: $37 million cap, floor of $24 million. The cap and floor will fluctuate each season as league revenues change. The cap will be 54% of league revenues. Additionally, no single player can account for more than 20% of the team’s salary figure, thus effectively ensuring that no player makes more than $7.4 million this season.
Minimum Salary: The NHL minimum salary level will increase from $175,000 to $400,000, an increase of 128%.
Salary Rollback: All existing contracts and qualifying contract offer levels will be reduced by 24% immediately, provided they still meet the new individual minimum and maximum salary levels.
Escrow: 15% of each player’s check will go into an escrow account until the season is over and the league can determine if they paid out more than 54% of revenues. If so, the players will receive a pro-rated amount that brings salaries down to 54%. If not, players will receive all of that money after the season. This will be something to watch closely this season. If revenues fall sharply, players may not make what they thought they would.
Revenue Sharing: The top 10 teams in the league as determined by a revenue formula will give a percentage of their revenues to smaller market teams.
Olympics: The NHL will allow players to represent their countries in the 2006 Olympic games in Turin. This will result in a break in the season.
Draft: Each team will have an equal shot at the #1 pick through a random lottery. It is not known yet if the draft will proceed with the #1 team choosing first every round, or in serpentine order so the #1 pick chooses last in round 2. Additionally, entry-level players will be limited to a maximum of $850,000 in earnings.
Arbitration: Teams AND players can opt for arbitration, much like baseball. Limits will be imposed on how often teams and players can go to arbitration.
Free Agency: The age for unrestricted free agency will be scaled back from 31 this year, to 30 next year, to 28 for the remaining years.
Bonuses: Performance bonuses will be standardized
2004-05 Contracts: They never happened. Players will be credited with a year of service time, which will help them become free agents sooner, but they will not receive any compensation for the missed 2004-05 season.
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What it means...
So by now you’ve probably heard that the NHL and NHLPA have agreed on a new CBA. But what does it mean for the game and for teams? Here’s what we’ve learned so far about the new CBA:
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