Devils submit new Kovalchuk contract

Hockey Betting Lines

08/28/2010 - Hackensack, NJ (Sportsbook Betting Lines) - The New Jersey Devils have reportedly submitted a new contract with Ilya Kovalchuk to the NHL.

The Bergen Record reported that NHL deputy commissioner Bill Daly confirmed Friday that the league is reviewing the contract and has five days, beginning Friday, to either approve or reject the deal. The paper reported the contract is believed to be worth $100 million over 15 years, with an annual salary cap hit of $6.66 million.

The league rejected Kovalchuk's 17-year, $102 million contract in July, on grounds that it circumvented the salary cap. The reported deal was front- loaded so Kovalchuk could have earned as much money as possible while providing the lowest possible cap hit for the team.

After the NHL Players Association filed a grievance, an arbitrator ruled on August 9 in favor of the NHL, voiding the deal and making Kovalchuk an unrestricted free agent again.

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, the Russian star has accumulated 338 goals and 642 points.

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