The NHL rejected Ilya Kovalchuk's landmark 17-year, $102-million contract with the Devils last night after it was deemed to circumvent the league's salary cap.
Just one day after Kovalchuk and the Devils came to an agreement on the longest contract in NHL history, the league determined that it was illegal, a person familiar with the issues raised told The Associated Press on condition of anonymity because the NHL hadn't made a formal announcement.
The contract was rejected because years of low salary at the end of the contract were added for the sole purpose of lowering the cap hit. The person added that no side believes Kovalchuk will play the final years of the deal at those terms. The star forward was slated to earn only $550,000 in each of the last five seasons of the contract that was to run through the 2026-27 season, when Kovalchuk would be 44.
Only hours earlier, Kovalchuk beamed as the Devils held a news conference in their home arena to officially announce that he was coming back to the team after a lengthy free-agent courtship. Kovalchuk finished last season with the Devils after being traded by the Atlanta Thrashers.
Kovalchuk dismissed money as a main factor in his decision to stay with New Jersey. He instead cited long-term security for him and his family and the opportunity to win the Stanley Cup with an organization that boasts three titles in 15 seasons.
Kovalchuk was to earn $6 million each of the next two seasons, $11.5 million for the following five seasons, $10.5 million in the 2017-18 season, $8.5 million for the 2018-19 season, $6.5 million in 2019-20, $3.5 million in 2020-21, $750,000 the following season, and $550,000 for the final five years of the deal.