By David ZalubowskiAssociated PressThe NHLPA said Thursday it expects to cut nearly $600 million from its payroll as part of a $2.5 billion contract extension.
The NHL and the union announced the deal Wednesday.
It is expected to bring the league and the NHLPA closer together under the new collective bargaining agreement.
Under the new deal, the NHL will continue to provide the players with wages, but will make them eligible for additional support through the Pension Benefit Guaranty Corp.
A new, revised collective bargaining contract will be signed in mid-January, with the NHL expected to have final say on the terms.
The NHLPA will have to agree to the terms by January 27.
Under a new CBA, the players will be required to receive a percentage of the salary cap.
They will also be required in the new CVA to make at least $50,000 per season, which will allow them to take on more of the cap.
Under this new agreement, the union will receive $1.8 billion of the total $2 billion CVA payments.
The union is not expected to receive any of the $1 billion in additional revenue the league would receive under a new contract.
The new deal includes a $1 million bonus for winning the Stanley Cup, a $500,000 raise for the top assistant coaches and a $100,000 increase in the salary of all assistant coaches.
The players will also receive $50 million in new revenue in the coming years.
The deal is expected be signed as soon as Thursday, although the union is expected the two sides will not meet until later in the week.