Hockey fans everywhere rejoiced Sunday when the NHL and NHLPA announced it had come to terms on a new CBA.
Drop the puck and sharpen the skates; hockey is back.
After 113 days of bickering and petty politics, both sides finally came to an agreement.
Half of the 2012-13 season was sacrificed, 625 regular-season games to be exact.
The agreement came after a marathon 16-hour negotiating session that started Saturday afternoon in New York.
A season could start as soon as Jan. 15 and consist of 50 games according to multiple reports. The exact details are yet to be announced by the League and will be announced soon according to NHL Commissioner Gary Bettman.
"Don Fehr and I are here to tell you that we have reached an agreement on the framework of a new Collective Bargaining Agreement, the details of which need to be put to paper," Bettman said. "We have to dot a lot of I's and cross a lot of T's. There is still a lot of work to be done, but the basic framework has been agreed upon."
The new CBA lasts for 10 years, giving both sides a chance to opt out after eight years.
Both sides agreed to a salary cap of $64.3 for the 2013-14 season. The players got their way, they talked the owners from a $60 million cap to a $64.3 million one with a floor of $44 million. This season, the cap will be at $70.2 million.
Hockey-related revenue will be split 50-50.
The CBA also features a seven-year limit on new player contracts. Players who re-sign with their own team can extend that contract to eight.
The NHL's Board of Governors expects to meet later this week to conduct the ratification process.