Kovalchuk deal OK'd by NHL, NHLPA

While the holiday weekend was taking place the NHL finally approved Ilya Kovalchuk's contract. Yippy Skippy. Now the Devils have to figure out how they are going to fit Kovalchuk's salary in under the 59 million dollar cap. I can see a few players from New Jersey getting traded soon.

CBC Sports --- Ilya Kovalchuk's contract ordeal is over.

The NHL and NHLPA have reached an agreement to revise the rules that regulate long-term contracts as part of a global settlement on Friday, allowing Kovalchuk's contract with the New Jersey Devils to pass.

Jay Grossman, Kovalchuk's agent, confirmed the news in an e-mail to The Associated Press.

Both parties agreed to extend the 5 p.m. ET deadline in order to complete the formal paperwork, which was finished in the early Saturday morning hours according to a report on NHL.com.

The agreement means Kovalchuk's revised 15-year, $100-million US contract with the New Jersey Devils will be approved by the league.

The agreement comes after more than a month of disputes between all parties. Kovalchuk agreed to a monstrous 17-year, $102-million deal with the Devils on July 19.

The NHL quickly moved to reject the contract, claiming it circumvented the league's salary cap. An arbitrator upheld that decision on Aug. 9 after the union filed a grievance on July 26 in response to the league's rejection.

The new deal will put a $6.67-million annual hit on the Devils' salary cap and put the team roughly $3 million over the league limit ($59.4 million) with only 21 players under contract, two under the league limit.
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