Updated Sunday, January 6, 2013 at 05:10 PM
A look at some of the key details from the tentative collective bargaining agreement announced by the NHL and the players' association on Sunday morning:
- Players will receive $300 million in transition payments over three years to account for existing contracts, pushing their revenue share over 50 percent at the start of the deal.
- Players gained a defined benefit pension plan for the first time.
- The salary cap for this season will be $70.2 million before prorating to adjust for the shortened season, and the cap will drop to $64.3 million in 2013-14 - the same amount as 2011-12. There will be a salary floor of $44 million in those years.
- Free agents will be limited to contracts of seven years (eight for those re-signed with their former club).
- Salaries within a contract may not vary by more than 35 percent year to year, and the lowest year must be at least 50 percent of the highest year.
- There were no changes to eligibility for free agency and salary arbitration.
- The threshold for teams to release players in salary arbitration will increase from $1.75 million to $3 million.
- Each team may use two buyouts to terminate contracts before the 2013-14 or 2014-15 seasons for two-thirds of the remaining guaranteed income. The buyout will be included in the players' revenue share but not the salary cap.
- The minimum salary will remain at $525,000 this season and will rise to $750,000 by 2021-12.
- Either side may terminate the deal after the 2019-20 season.
- Revenue sharing will increase to $200 million annually and rise with revenue.
- An industry growth fund of $60 million will be funded by the sides over three years and replenished as need.
- Participation of NHL and its players in the 2014 Sochi Olympics will be determined later in discussions also involving the International Olympic Committee and the International Ice Hockey Federation.