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Are the Devils still paying Ilya Kovalchuk? A look back at former NHL player's $100 million deal
The story of Ilya Kovalchuk and the New Jersey Devils is interesting.
Kovalchuk started off his career with the Atlanta Thrashers, and emerged as a consistent scorer. He won the Rocket Richard trophy for the most goals in a season in 2004. He served them well for almost a decade.
After Kovalchuk declined a 12-year, $101 million agreement with the Atlanta Thrashers earlier in the season, then-Devils general manager Lou Lamoriello moved quickly to trade for the player as the trade deadline for the 2009–10 season drew near.
With 27 games played as a Devil, Kovalchuk finished the season at a point-per-game clip in New Jersey. It was sufficient for the Devils to negotiate a long-term contract worth $102 million over 17 years with the star.
The NHL intervened, however, and rejected the longest contract in league history after only two days, claiming that the front-loaded arrangement was against the CBA.
The contract was a not-so-subtle way of getting around the Collective Bargaining Agreement (CBA) because of the lopsided earnings (he was expected to earn $95 million over the first 10 years and just $7 million over the final seven years). The term projected Ilya Kovalchuk's career to last well past the typical retirement age of even the most fit NHL player.
By the end of the 17-year contract, Ilya Kovalchuk, who will be 44 by then, would have been committed. His annual compensation would have ranged from as much as $11.5 million from 2012 to 2017 to $550,000 over the next five seasons.
The Devils were compelled to renegotiate the agreement into a little shorter 15-year, $100 million contract with a suitable $6.66 million cap charge through 2024–25, when an arbitrator later decided in favour of the NHL's decision to prohibit the deal. Although there was slightly less wage variation, the structure was comparable to the one that was rejected.
The Devils' initial attempt to circumvent the regulations resulted in consequences. A $3 million fine and the loss of two draught picks—a third-round pick in 2011 and a first-round pick in either 2011, 2012, 2013 or 2014—were announced by the league in September 2010.
The aftermath of the Ilya Kovalchuk and the New Jersey Devils situation
Ilya Kovalchuk surprised the hockey world by announcing his resignation from the NHL in favor of going back to Russia to play in the KHL just three years into his lengthy 15-year contract.
Even though his contract was cancelled, he still had an impact on New Jersey's cap: $250,000 in cap recapture penalties every season through 2024–2025. The punishment was eventually lessened. The NHL imposed a fine of $1.5 million and gave them the 30th pick in the draft.
Ilya Kovalchuk eventually returned to the NHL in 2018 with the Los Angeles Kings but a year and half later, was placed on waivers.
Ilya Kovalchuk eventually finished off his NHL career with the Washington Capitals and the Montreal Canadiens and did nothing of note there.
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