Report: NHL partially rescinds Ilya Kovalchuk cap circumvention penalty on Devils
When the New Jersey Devils signed Ilya Kovalchuk to a galling life-time contract with a whole handful of "cheater" years on the tail end of the deal, Gary Bettman and the NHL front office rejected the deal. Devils general manager Lou Lamoriello - known as "loophole Lou" in hockey circles - reworked the contract, but the league still slapped the team with a $3 million fine, the loss of a third-round pick in 2011 and a first round pick at some point between 2011 and 2014.
The Devils had never forfeited their pick - though they selected 29th in 2012 - and were required to do so this year, during a season in which they may well miss the postseason.
But reportedly that won't be the case, as the NHL has relented. Lamoriello is apparently still bulletproof.
From TSN's Darren Dreger:
Hearing the NHL has reversed part of its penalty against the Devils for cap circumvention (Kovalchuk contract)....
— Darren Dreger (@DarrenDreger) March 6, 2014
NHL will award Devils with the 30th pick in the Draft instead of the 1st round pick as usually determined. Also forgiving $1.5 mil of fine.
— Darren Dreger (@DarrenDreger) March 6, 2014
So the ultimate cost to the Devils for the Kovalchuk circumvention scandal: $1.5 million, a 2011 third-round pick, the loss of their 2014 draft slot, and a meager $250,000 cap recapture penalty that will remain on the books through 2025.
That's pretty much worth it when you consider that Kovalchuk led the Devils to within a couple of wins of being Stanley Cup champions in 2012, and did so while the Devils saved about $4 million in total against the cap.
Lamoriello is the house, and he always wins.