After a 16 hour negotiation period between both parties and Scot Beckenbaugh, the deputy director of the FMCS (Federal Mediation and Conciliation Service) in the United States, the NHL (National Hockey League) and NHLPA (National Hockey League's Players' Association) finally agreed upon a tentative framework for a new Collective Bargaining Agreement which effectively ended the league's lockout that had been in place since September. At 6am on Sunday, January 6th, both parties announced that a principle agreement had been made.
"According to multiple reports, the deal spans 10 years with an out option for either side after eight years. It also reportedly features a seven-year limit on new player contracts (extended to eight for players re-signing with their own team).
Additionally, these reports say the sides agreed on a salary cap of $64.3 for the 2013-14 season with the floor resting at $44 million. For this season, the cap will reportedly be at $70.2 million. To be able to meet the reduced cap number in 2013-14, each team will be allowed the option of two compliance buyouts before the start of that season, again according to reports. The buyout money reportedly does not count against the salary cap of the team buying out the player, rather it is counted against the players' share of hockey-related revenue."
Everyone is hoping to begin the regular season on January 19th with a 48 game season provided everyone makes their deadlines of ratifying the new agreement.
NBC Sports/Jason Brough