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09/04/2010 - Toronto, ON (Sportsbook Betting Lines) - Ilya Kovalchuk will finally join the New Jersey Devils after his re-submitted contract was officially and finally approved by the National Hockey League just before 3 a.m. (et) Saturday morning.
The re-worked contract now calls for Kovalchuk to collect a reported $100 million over 15 years, with an annual cap hit of close to $6.66 million. The deal is thought to pay out $90 million in the first 10 years and $10 million over the last five.
Kovalchuk's initial 17-year, $102 million deal with the Devils was rejected by the league on the grounds that it circumvented the league's salary cap. The deal was front-loaded so Kovalchuk could have earned as much money as possible while providing the lowest possible cap hit for the team.
The NHL Players' Association filed a grievance on Kovalchuk's behalf, but an arbitrator ruled in favor of the league. The Russian star, now 27, would be approaching age 43 when the contract expires.
The rejection of the contract provided much debate throughout the league in terms of "lifetime" contracts given to players that have helped reduce the yearly salary cap hit. Several players in previous years signed deals that took them past 40 years of age and saw the annual salary dip below $1 million in the final years of the contract.
The NHL and NHLPA together, did away with those scenarios in one fell swoop Friday, jointly adopting new regulations on such pacts while simultaneoulsy ruling on Kovalchuk's situation after a whirlwind of postponements on a ruling that stretched well into the night.
The new rules will apply only to long-term contracts, five years or longer in length, and only those going forward beyond the September 4 ruling date. All previous contracts are grandfathered in, meaning Kovalchuk's contract will likely be the last of its kind.
To that end, the two entities also announced that the league will terminate its circumvention investigations into the contracts signed in 2009 by Marian Hossa of the Chicago Blackhawks, Roberto Luongo of the Vancouver Canucks, Marc Savard of the Boston Bruins and Chris Pronger of the Philadelphia Flyers.
"We are pleased to finalize an agreement which ends the league's circumvention investigations and also establishes rules on long-term contracts that will provide players, their certified agents and general managers clarity for the negotiation of new contracts," said Roland Lee, associate counsel for the NHLPA and director of Salary Cap/Marketplace. "Turning the page on this process is something that will benefit all parties involved."
Taking into account the NHL's salary cap system and forthcoming CBA negotiations, a special calculation of value will be made in two ways for contracts that extend beyond a player's 41st birthday, and any long-term contract that averages more than $5.75 million for the three highest- compensation years will have rules put into place that limit that player's compensation to a minimum of $1 million between the ages of 36 and 40.
Because of the league's previous rules on player contracts after the age of 35, it was conceivable that someone could retire before a contract had expired, wiping the contract off the salary cap. This rule allowed teams to sign players to front-loaded contracts to benefit both the team and player.
"We're pleased to be able to establish clearly-defined rules for these types of contracts going forward and just as happy we can turn the page on uncertainties relating to several other existing contracts," NHL Deputy Commissioner Bill Daly said. "From start to finish of this multi-week process we were able to work closely and cooperatively with representatives of the Players' Association, who shared our belief that the creation of definitive rules and guidelines in this area would be beneficial to everyone -- clubs and players alike."
Kovalchuk's deal will reportedly take the team about $3 million over the salary cap with 21 players under contract, and the Devils will have to get under the $59.4 million cap before the beginning of the season while adding two more players to the roster.
Kovalchuk posted 41 goals and 85 points in 76 games last season, 10 goals and 27 points coming in 27 games with New Jersey. In a five-game first-round playoff loss, the 27-year-old added two goals and six points.
In 621 games since entering the league in 2001, he has accumulated 338 goals and 642 points with Atlanta and New Jersey.
<< Rockies extend San Diego's losing streak to eight
San Diego, CA (Sportsbook Betting Lines) - Jason Giambi and Troy Tulowitzki each hit a
two-run homer, as the Colorado Rockies dealt San Diego an eighth consecutive
defeat, 4-3, in the opener of a three-game series.
Aaron Cook (5-8), who was acti
<< A's blank struggling Angels behind Gonzalez
Oakland, CA (Sportsbook Betting Lines) - Cliff Pennington and Kevin Kouzmanoff each
homered during a six-run seventh, as the Oakland Athletics dominated the
Angels, 8-0, in the opener of a three-game series.
Gio Gonzalez (13-8) tossed si
<< Giants trade for Sage Rosenfels
East Rutherford, NJ (Sportsbook Betting Lines) - The New York Giants have found a
backup quarterback after acquiring Sage Rosenfels from the Minnesota Vikings
on Friday.
The trade also saw running back and return specialist Darius Reynaud h
<< D-Backs edge Astros
Phoenix, AZ (Sportsbook Betting Lines) - Augie Ojeda's sacrifice fly in the bottom of
the eighth delivered the winning run as Arizona downed Houston, 4-3, to start
a three-game set.
Adam LaRoche went 2-for-4 with two runs batted in and Gerardo Pa
Sisk keeps lead at Mylan Classic >>
Canonsburg, PA (Sportsbook Betting Lines) - Geoffrey Sisk remained atop the leaderboard
Saturday when the second round of the rain-delayed Mylan Classic was
completed.
Sisk played the final three holes of his round and finished off a four
Georgia holds A.J. Green out of opener >>
ATHENS, Ga. (AP) -Georgia star receiver A.J. Green is being held out of the Bulldogs' opening game against Louisiana-Lafayette.Georgia spokesman Claude Felton says Green will miss Saturday's game for the No. 23 Bulldogs pending a ruling from the NCA
Scorching Yanks seek eight straight win in test with Jays >>
(Sportsbook Betting Lines) -- The New York Yankees have solved just about all their
problems during a seven-game winning streak that matches the team's longest of
the season. The defending world champions will now turn their attention
towards getting Jav
Red Sox, White Sox to begin set with double dip >>
(Sportsbook Betting Lines) -- After mother nature delayed the opening of this important
weekend set, the Boston Red Sox and Chicago White Sox will renew acquaintances
with a day-night doubleheader that begins this afternoon from Fenway Park.
The arriv
Sportsbook betting odds favor Europe in Ryder Cup
September 19, – Despite holding a decided edge in the all-time series, with 24 wins, 2 ties and 10 losses, Team USA is the underdog again heading into the Ryder Cup in Kidare, Ireland this weekend, according to MySportsbook.com. The Europeans have captured four of the past five editions, including their largest victory ever, an 18 ½ to 9 ½ thumping in Michigan in 2004. Current Ryder Cup betting odds favor the Europeans to continue their winning ways; they are a 4-5 bet to take the title, compared to 6-5 for the Americans.
Despite being knocked out in the first round of World Match play by Shaun Micheel, Tiger Woods is predicted to lead the US charge and be their highest point scorer for the week, with odds listed at 9-4 that he outpoints all other American players, including Jim Furyk, Phil Mickelson and Chris DiMarco to name a few. Team USA has four relatively unknown players on the roster but all four are 2007 tournament winners and have posted some of season’s best performances, each earning over $1.5 million on the PGA TOUR. They include Zach Johnson, Vaughan Taylor, JJ Henry and Brett Wetterich.
The experienced European squad includes the likes of Luke Donald, Sergio Garcia, Padraig Harrington, Jose Maria Olazabal and Darren Clarke, who’s emotions will be tested after the passing of his wife to a battle with cancer. Donald and Garcia are in particularly good form and each is a 5-1 bet to lead the European squad in the points race. Donald has proven he can go head to head with Woods at a major event after a run for the $1.2 million purse at the PGA Championship. Garcia’s Ryder Cup credentials prove he’s ready for battle too.
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Ryder Cup Odds| Europe Tie USA |
4-5 10-1 6-5 |
| Tiger Woods Jim Furyk Phil Mickelson Chris DiMarco David Toms Stewart Cink Chad Campbell Scott Verplank Zach Johnson Vaughan Taylor JJ Henry Brett Wetterich |
9-4 4-1 5-1 7-1 8-1 12-1 15-1 15-1 25-1 30-1 30-1 50-1 |
| Sergio Garcia Luke Donald Padraig Harrington Colin Montgomerie Darren Clarke David Howell Lee Westwood Paul Casey Henrik Stenson Jose Maria Olazabal Paul McGinley Robert Karlsson |
5-1 5-1 6-1 13-2 8-1 9-1 9-1 11-1 12-1 12-1 20-1 25-1 |
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