Originally posted on Midwest Sports Fans  |  Last updated 1/6/13
Following a marathon 16-hour negotiation on the 113th day of the lockout, the NHL owners and the players association have finally struck a deal on a new collective bargaining agreement. The term of the deal is for 10 years and will salvage what’s left of the 2012-13 season. This came as a surprise to many since both sides appeared to be very far apart on some key issues. But around 5am Sunday morning, a deal was tentatively announced. Commissioner Gary Bettman and union rep Donald Fehr held a joint press conference to make the announcement. “Don Fehr and I are here to tell you that we have reached an agreement on the framework of a new collective bargaining agreement, the details of which need to be put to paper,” NHL commissioner Gary Bettman confirmed to reporters early Sunday morning. “We have to dot a lot of I’s and cross a lot of T’s. There is still a lot of work to be done, but the basic framework has been agreed upon.” There is still a lot of work be done be done, but hockey fans can rest easy knowing that there will be a season of either 48 or 50 games, with a start date yet to be determined. “Hopefully we’re at a place where all those things will proceed fairly rapidly and with some dispatch,” said NHLPA executive director Donald Fehr. “We’ll get back to business as usual just as fast as we can.” According to sources the agreement includes the following elements: The hockey-related revenue will be split 50/50 between owners and players, down from the 57/43 split the players enjoyed after the previous lockout in 2004-05. The cap for the second year (2013-14 season) of the deal is set to be $64.3 million, which was the upper level of the cap for the 2011-12 season. The cap floor remains at $44 million. The cap for the first year is $60 million, but teams can spend up to $70.2 million (all figures pro-rated) with a cap floor of $44 million. Each team will be allowed two amnesty buyouts at the end of the first and second season that can terminate a player’s contract. That figure will count against the player’s share of revenue but not the team’s individual cap. The agreement is for 10 years but has an opt-out cause after eight. A player’s contract terms are a maximum of seven years for free agents and eight years if they are retaining an existing player. The salary variance for players from year to year cannot exceed 35%, while the final year of a contract cannot exceed 50% of the highest individual year. Teams can walk away from a salary arbitration if the awarded figure is over $3.5 million per annum. This is a very promising step for the league, who up until the day the deal was struck saw mediator Scot Beckenbaugh shuttling between rooms looking for common ground and trying to resolve issues. Neither side appeared to be willing to give in on what they felt was a fair deal, and another lost season seemed more and more likely each day that passed without progress. Both the NHL and and the NHLPA seemed to cooperate on certain issues that they previously were not keen on including in the new agreement. And as any good and fair negotiation goes, each side needs to give a little to get a little. The previous CBA expired on September 15th and neither side seemed ready to budge until what appeared to be a last minute, last ditch effort to salvage a season. The NHL’s first offer made to the players in July had what some considered to be a low-ball offer with the players’ revenue share dropping from 57% to 43%, which didn’t sit well with the NHLPA. The league made another proposal in October bumping up the split to 50/50, which turned out to be the framework for getting a deal reached, although it still took months to agree on other key issues such as free agency, pensions, buyouts and salary terms. The season can start as early as January 15th since all games through the 14th were already officially cancelled. Most likely there will be a 48-game season beginning on January 19th. The lockout cost the league 510 regular season games, as well as the Winter Classic on New Year’s Day and the All-Star Game in Columbus, which surely had a significant financial impact to the league as well as the players. Many steps were made that will improve the league drastically. No longer can teams sign players to massive front-loaded contracts like what Ilya Kovalchuk signed with the Devils before the beginning of last season. Teams can also make up for the mistakes they made signing players who didn’t live up to the expectations in the form of unpenalized buyouts and not have it hurt the team’s ability to spend money down the road. It also solves the problem where one side was getting a bigger share of revenue than the other. That added parity will hopefully bring a happier union between the two sides for the following 10 years, when hopefully another lockout will not be needed after the current deal expires. For the sake of the NHL, hopefully they haven’t waited too long and lost the momentum that they gained throughout the course of the previous CBA, which saw the league reach record levels of revenue and an increased fan base. The post Hockey is Back! NHL, NHLPA Strike Deal On New CBA appeared first on Midwest Sports Fans.
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Reports: Sale cut up throwback uniforms with knife in protest

WNBA withdraws fines for teams that protested gun violence

Ezekiel Elliott: ‘Evil NEVER prevails’

Orioles, Padres reportedly talking trades of Melvin Upton, Cashner

Le’Veon Bell reportedly missed ‘several’ drug tests

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Report: Islanders looking at locations to build new arena

Top five takeaways from this year's NBA Summer League

NCAA rules that hanging out with hip-hop star Drake is violation

WATCH: Justin Bieber arm wrestle Sixers center Joel Embiid

RUMOR: Celtics sign Green, Zeller and two others to contract deals

Kevin Durant Thunder jerseys going for less than 50 cents in OKC

Solo not taking any chances with Zika virus while in Rio

Rays reportedly demanding Profar in pitching deal with Rangers

Facebook doesn’t know the difference between Liverpool and Arsenal

Report: Teams asked about Wade Davis, asking price very high

Aussie Rules Football player accidentally kicks, breaks own leg

Former Arkansas football assistant trolls Bobby Petrino on social media

Could Dodgers pitcher Clayton Kershaw's injury hinder trade talks?

Spurs strike a new deal with NBA stalwart Manu Ginobli

George makes return to Team USA following leg injury

Why the Clippers shouldn't break up their big three

White Sox pay homage to Bo Jackson’s bat-breaking skills with bobblehead

Orioles affiliate pay tribute to David Bowie on their jerseys

All Sports News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

Effect of ban on Russia could span beyond the Olympic Games

One Gotta Go: NBA players hate Facebook too

QUIZ: Name every city to host the NBA All-Star Game

One Gotta Go: NBA players settle the fast food beef

One Gotta Go: NBA players make tough choices on their favorite rappers

One Gotta Go: NBA Summer League is not about that Game of Thrones life

The top NHL free agents available as offseason winds down

WATCH: NBA jersey sponsors that need to happen

Expansion draft playing heavy hand in the current NHL offseason

WATCH: Pop & Timmy have a guys' night out

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker