Luongo Contract to Be Voided (Maybe…)
By Kent Wilson
13 years ago
According to a bombshell of a report by Larry Brooks, Roberto Luongo’s contract may be one the NHL is taking aim at in the wake of the ongoing Ilya Kovalchuk fiasco. Brooks claims the league has offered the players union an ultimatum, consisting of two choices:
Choice #1.) The league will accept the recently submitted Kovalchuk contract (15-year, $100M contract) and grandfather Luongo’s 12-year, $64M deal, and Hossa’s 12-year, $63.3M deal into the CBA under two conditions –
The cap hit would be calculated on the average of the salary up through age 40 only.
and
The cap hit on future contracts longer than five years will be calculated under a formula granting additional weight to the five years with the highest salary.
Choice #2.) If the NHLPA rejects the amendment, the NHL will reject the Kovalchuk contract, void the Luongo deal and "open an investigation" on the Hossa contract.
If Brooks’ source is accurate, the implications for the players and the league in question are huge. Some consider this a stiff initial test for new NHLPA boss Donald Fehr, one meant to perhaps cripple an already lame duck players union just as it looks to regain it’s feet. For the Canucks, this "re-assesment" of Luongo’s contract by the league means one of two things, depending on what the PA chooses: his cap hit ballons from 5.33M to 6.709M* or he becomes a free agent (I think). The first possibility is bad news for a club already battling cap issues and the second is, well…
Friday suddenly became interesting for more than just Devils fans.
* I was alerted by Rosscreek this morning that the amendment would only apply to future contracts, not the exisiting ones…meaning all current cap hits would stay the same. So this amendment isn’t quite as drastic as it would initially seem.
Apologies folks.
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