The NHL and NHL Players Association have come to terms on the framework of a new collective bargaining agreement, which will tentatively end the lockout and allow the league to resume regular operations.
The lockout began on Sept. 15 when the previous collective bargaining agreement expired. In total, the labor dispute has lasted for a total of 113 days. It ended under the cover of darkness in the wee hours of Sunday morning.
As of early Sunday morning, the two sides have agreed to a framework but still need to document the new deal prior to ratifying it. The length of the schedule and amount of games to be played this season have yet to be determined.
Bettman: "We have reached an agreement on the framework of a new collective bargaining agreement."— Ian Mendes (@ian_mendes) January 6, 2013
The new agreement was reached after a marathon 16-hour negotiation that involved United States federal mediator Scot L. Beckenbaugh of the Federal Mediation and Conciliation Service. Beckenbaugh is our hero.
Here are some of the reported terms of the new CBA:
* The length of the new CBA will be for 10 years with a mutual opt-out after eight years
* Revenue sharing was set at $200 million with a $60 million growth fund.
* Free agents can sign maximum contracts of eight years with the team they had their previous contract with; seven years with a new team.
* The maximum variance between annual salary on any contract is set at 35 percent.
* The salary cap in year two of the deal will be $64.3 million.
* Each team will be permitted two compliance buyouts prior to the 2013-14 season that will not count against the salary cap and will come out of the players' share of hockey-related revenue.
* All 14 teams that do not qualify for the postseason will be eligible for the first overall pick in the NHL Draft as part of the draft lottery system.
* Player participation in the 2014 Olympic games in Sochi will be determined independently of the CBA.
According to Darren Dreger of TSN, training camps could begin later this week but will be determined based upon the ratification of the new deal. The lockout's over!