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Lyle Richardson talks about the NHL's decision to reject Ilya Kovalchuk's contract with the Devils.
Automatically Generated Transcript (may not be 100% accurate)
This is lower than a foxsports.com. Only hours after the New Jersey Devils held formal press conference to announce the the signing of superstar free agent Ilya -- sucked with seventeen year 102 million dollar contract. The National Hockey League announced they've rejected the contract on the grounds of salary caps -- convention. All contract must be formally approved by HL headquarters within five days of -- signing. The -- in salary structure of the contract are considered the reason the league rejected the deal. This contract expires following the 20/20 sixth 27 season when -- chuck would be 44 years old. Think in 95 million of the 102 million in the first ten years the deal but only seven million in the final seven years. This -- chuck is signing the deal age 27 if you were to retire before completing the full term of the deal. There remaining years of the contract would be struck from the double payroll salary cap. The belief that constituted the opinion -- -- in the double believe he will fulfill all terms. And that it was solely to achieve a lower average annual hit to the double salary cap. Colts are essentially remain an unsigned free agent at this point but -- that it does in limbo as he is agent the doubles and the NHL players' association determine their next course of action. The doubled in the coal -- can't could meet to rework the financial terms of the deal and resubmitted for league approval. Or they could try to negotiate a new contract or the PA could file a grievance on -- took behalf before weeks then. Which would send the matter to arbitration which might take weeks to reach a settlement. Should an arbiter rule in favor of the PA the league would have to approve quote that deal but the ruling gold in the league favor the contract will be null and void. For now -- chuck agent double management in the NHL PA -- issuing formal statement on the matter as to believe considering their options. You know come in this situation could have an impact on future contract negotiations for the league's best players over the next few years. And it bound to be a hot button topic in the next round of labor talks between the league in the PA waited for 2012.