The league will reject the contract. New Jersey knows they will reject the contract. They welcome it. Because they think they can prevail in arbitration.
And I'll even throw in a bonus prediction. If what I just described occurs, the NHLPA will win arbitration 2.0. Why? Because they will argue that they addressed every issue raised by arbitration 1.0, got rid of the NMC language, corrected the weak-ass tail, and even reduced the term to conform to the age limit of Hossa and Luongo.
The counter-argument from the league will be, "but those contracts are still under investigation." And the NHLPA's counter would be: "So given this contract is no worse than those contracts and is in some ways better, and is exponentially much better than Kovalchuk 1.0, SPC 2.0 deserves at least as much leeway as the Hossa and Luongo deals.
After all, those contracts occurred without precedent, while IK 2.0 has their example to look to, and -- most importantly -- conforms to every guideline established by the first arbitration. In other words, if you think this contract is (merely) just as potentially problematic as Hossa, then it should get the same treatment as Hossa: approval, followed by stern warning memo and prolonged amorphous investigation."