Drop the Puck – The Lockout is Over!

After a negotiating session that lasted over 16 hours, the National Hockey League has reached a deal in principle with the Players Association on a new Collective Bargaining Agreement just after 5:00 AM Eastern on Sunday morning.

Terms of the new CBA were not immediately made available by league commissioner Gary Bettman nor exceutive director of the players association Donald Fehr, but Sportsnet is reporting that a S64.3M  Cap Ceiling with a S44M floor was agreed upon for year two of the deal. The length of the CBA is rumored to be ten years with an opt out at eight. Player contracts may not exceed seven years in length, with exception of players resigning with their own team who may add an additional year.

Nick Kypreos reports that contract variances will be 35% over the term of player contracts.

Prior to reaching an agreement, it had been rumored that if a deal were reached by January 11th that the NHL planned to resume play on January 19th, though the season may begin on January 15. Throughout the evening, rumors began to circulate that a 52-game season may be a possibility rather than the 48 games including seven meetings with each divisional opponent and no cross conference play.

The deal must be ratified by the Board of Governors and Players Association before becoming official.