Arbitrator rules that Kovalchuk is a free agent

Hockey Betting Lines

08/09/2010 - New York, NY (Sportsbook Betting Lines) - An arbitrator has ruled in favor of the NHL in regard to Ilya Kovalchuk's contract with the New Jersey Devils.

The Devils signed the free agent sniper to a 17-year, $102 million contract in mid-July and the league subsequently rejected the deal on grounds that it circumvented the salary cap. The NHL Players Association quickly filed a grievance, saying the contract conformed to the current collective bargaining agreement.

Monday's announcement by arbitrator Richard Bloch means the deal becomes void and Kovalchuk again becomes an unrestricted free agent. The Devils and the Russian superstar's agent, though, can try to tweak the parameters of the deal and re-submit it to the NHL.

As a result of the decision, and under the terms of the current collective bargaining agreement, the league can fine the Devils up to $5 million and eliminate future draft picks.

More to follow.

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