Kovalchuk Deal OK'd as NHL Revises Contract Rules

(FOX Sports) - New Jersey Devils star winger Ilya Kovalchuk will be allowed to sign a mammoth $100 million contract with the club after the National Hockey League and the NHL Player's Association reached an agreement Friday to amend the rules governing long-term player contracts.

Reported terms of the latest Kovalchuk pact were 15 years and $100 million.

The current long-term contracts for other NFL players, such as Vancouver's Roberto Luongo and Chicago's Marian Hossa will be allowed to stand.

The amended collective bargaining agreement and approval of the Kovalchuk deal are expected to be announced by Friday's 5:00 p.m. ET deadline.

The NHL turned down Kovalchuk's proposed 17-year, $102 million contract with the Devils on July 20, and the ruling was upheld in arbitration on Aug. 9.

Both the league and the arbitrator concluded that the contract was purposely lengthened in order to circumvent the NHL salary cap.

The Devils and Kovalchuk agreed on the framework of a new long-term deal last week, but that was also rejected by the NHL.

The 27-year-old Russian sensation is arguably the best-ever unrestricted NHL free agent, having scored 338 goals and earned 304 assists in 642 career games, including 41 goals and 44 assists last season.

Read more: FOX Sports