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New Jersey Devils player Ilya Kovalchuk smiles during a news conference announcing the signing of his long-term contract with the team in Newark, New Jersey in this July 20, 2010 file photo. The NHL has rejected the Russian winger's $102 million, 17-year contract with the Devils because it circumvents league rules, deputy commissioner Bill Daly said on Wednesday. Kovalchuk, 27, was scheduled to earn $95 million over the first 10 years of the contract and then $7 million over the last seven. That would result in an annual salary of $6 million. The contract has been rejected by the league as a circumvention of the Collective Bargaining Agreement, Daly said in a statement, confirming media reports from the previous day of the rejection. REUTERS/Mike Segar/Files (UNITED STATES - Tags: SPORT ICE HOCKEY BUSINESS)
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NEW YORK – Earlier today the NHL announced, via e-mail, that they have resolved the contract dispute with the New Jersey Devils over the free agent contract that forward Ilya Kovalchuk signed with the club on July 19th, 2010. As a result of the findings by independent arbitrator Richard Bloch the NHL has levied the following fines against the New Jersey Devils:

- The Devils will be fined $3,000,000 (US). The money will not count against the Devils salary cap and the money will go to the NHL Foundation, the NHL’s charitable and community relations organization.

- The Devils will lose a third round draft choice in 2011

- The Devils will lose a first round draft pick within one of the next four entry drafts. The Club gets to decide when they will give up the first rounder and have to notify the NHL by the day following the conclusion of the Stanley Cup Final in the calendar year in which the choice will be given up.