TSN: NHL rejects Kovalchuk's contract - 07-20-10

According to TSN, the NHL has rejected the contract the Devils signed with unrestricted free agent Ilya Kovalchuk on the grounds that it circumvents the league's salary cap.

The deal was a 17-year contract for a total of $102 million. It would have a salary cap hit of $6 million.

The year-by-year payout for the contract (not to be confused with the annual cap hit) looks like this:

2010-11  $6 Million
2011-12  $6 Million
2012-13  $11.5 Million
2013-14  $11.5 Million
2014-15  $11.5 Million
2015-16  $11.5 Million
2016-17  $11.5 Million
2017-18  $10.5 Million
2018-19  $8.5 Million
2019-20  $6.5 Million
2020-21  $3.5 Million
2021-22  $750,000
2022-23  $550,000
2023-24  $550,000
2024-25  $550,000
2025-26  $550,000
2026-27  $550,000

Kovalchuk, 27, would've been 44 years old by the time contract expired. Were Kovalchuk to retire at any time during the deal, the Devils would have been off the hook in terms of his salary cap hit.

Note: The NHLPA has five days to file a grievance on behalf of Kovalchuk. If that were to happen, an arbitrator would rule on the matter.

(Photo: Jim McIsaac/Getty Images)