They may be a little months late, but the NHL and players' union have finally reached an agreement. The two parties have reached a 10-year tentative agreement this morning after a 16-hour negotiating session, ending the 113-day lockout. The deal was made with the help of federal mediator (and now hockey hero) Scot L. Beckenbaugh, who diffused tension between both sides. According to ESPN.com, the agreement includes:

  • A $60 million salary cap that allows teams to spend teams up to $70.2 million in the transition period, while the floor is at $44 million in the first year.
  • In 2013-14, the salary cap will be at $64.3 million, while the floor stays at $44 million.
  • "Contract salary variance is capped at 35 percent from year to year, with the provision that the last year can't vary more than 50 percent from the highest-salaried year."
  • "Revenue sharing will spread $200 million, with a $60 million NHLPA-initiated growth fund included."
  • A mutual opt-out clause after eight years with contract term limits at seven years.

But the best news about it all is we'll still get some hockey. Although an exact start date isn't concrete, the two sides are aiming for a 48-50-game in-conference season.

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[via ESPN]