Found October 17, 2012 on isportsweb.com:
There has been a surprising twist in the NHL labour dispute.  After weeks of negotiations, the  league has offered the National Hockey League Players Association a 50/50 proposal in a last stitch effort to salvage the 2012-13 season. yesterday.
If the players accept the offer, the season will begin on November 2.
In a press conference yesterday, NHLPA director, Donald Fehr was a bit optimistic about the offer and said it was a step in the right direction.
The National Hockey League posted the new proposal on their website.
Here are some of the terms of the deal.
Term
- Six year agreement with mutual option for a seventh year.
Hockey Related Revenue Accounting
- Current  HRR subject to mutual clarification of existing interpretation and settlements.
Payroll Range
- 2012-13 payroll
Lower Limit – $43.9 million
Midpoint – $51.9 million
Upper Limit - $59.9 million
- Appropriate “Transitions Rules” allow clubs’ to exeed Upper Limit for the 2012-13 season only (but in no event will clubs’ averaged club salary be permitted to exceed the CBA Upper Limit of $70.2 million.
Cap Accounting
- Payroll Lower Limit must be satisfied performance bonuses.
System Changes
- Entry Level System commitment will be limited to two years.
- Maintenance of existing Salary Arbitration System subject to: (i) totally mutuality of rights with regard to election as between Player and Club.  (ii) Eligibility for election moved to five years of professional experience (from four years).
- Group three Unrestricted Free Agent eligibility for players who are 28 or who have eight Accrued seasons (continues to allow for early UFA eligibility — age 26).
- Maximum Contract length of five years.
Revenue Sharing 
- At least one-half of the total revenue Sharing Pool (50%) will be raised from the Top 10 Revenue Grossing Clubs in a manner to be determine by the NHL.
No Rollbacks
This is something the players wanted from the beginning of negotiations.
These are just some of the aspects of the proposal. 
Now the question is will the players accept the offer.  It depends on who you listen to.  Some hockey reporters are saying they won’t and some of them say they will.  One broadcaster in Toronto thinks there is a possibility that Fehr and the players may push for a better deal.  If so, you can forget Nov. 2 as the starting date for this year’s season.
As for me, I am not getting too exited.  I will continue to get my hockey fix elsewhere,  i.e. American Hockey League.  I happen to be a big Toronto Marlie fan.
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