NHL Odds: Could League Make Luongo, Hossa Free Agents?

The Canucks might have to do a new deal for Roberto Luongo. (AP Images)

Friday will be a very important day in the NHL because that could determine whether some of the biggest names in hockey could potentially become free agents.

Why? Friday is the deadline for the NHL to approve or reject Ilya Kovalchuk's reworked $100 million, 15-year contract with the New Jersey Devils. But Vancouver Canucks goalie Roberto Luongo's $64 million, 12-year deal signed last offseason could also be voided unless the union agrees to a set of conditions. The league could also take action on Marian Hossa's 12-year, $63.3 million deal that was signed with Chicago before last season.

The conditions the NHL is demanding from the union include that the salary cap hit on future multi-year contracts be calculated on the average of the salary up through age 40 only. And that 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. Those three deals listed above all have very limited backloaded money to keep the yearly cap hit lower.

Before the Luongo deal was signed, the NHL advised Vancouver to take two years off of the negotiated term, making the for 10 years. The Canucks chose to keep it a 12-year deal and the NHL only conditionally accepted the contract. As part of the condition, the Canucks were investigated by a third party law firm. One argument the Canucks would have is that while forwards like Kovalchuk don’t really play into their 40s, goalies can and have.

If the NHLPA doesn’t agree to the demands by 5 p.m. ET on Friday and there’s not a deadline extension, it’s likely that Kovalchuk’s contract will be rejected again and Luongo’s voided. Hossa’s contract would then get a harder look. It would seem harder to void Hossa’s because he has played a year under the contract. Luongo signed his last year but it takes affect this season.

Certainly the NHLPA would likely appeal any of these decisions, sending the issue back to an independent arbitrator. The original 17-year, $102-million contract the Devils gave to Kovalchuk was rejected by the league, and then again by arbitrator Richard Bloch on Aug. 9.

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