Free Agency definition
Examples of Free Agency in a sentence
All contracts for Players involved in the Free Agency process must be approved by the League in its discretion subject to the terms and limitations of this Article 29.
An SPC for a Group 2 Free Agent will be rejected and will be null and void ab initio (i.e., the Player's Free Agency and contractual status shall revert to the status he held prior to signing his SPC), if it is not signed and filed with Central Registry by 5:00 p.m. New York time on December 1 in the then current NHL Season.
Subject to Section 29.6(a)(ii), an out-of-contract Player who receives a bona fide offer from his current Team may still participate in Free Agency.
Once Free Agency opens, an eligible player may thereafter participate in such process.
Any Team that has a net loss of out-of-contract Players as part of Free Agency will receive compensation of $50,000 in allocation per net Player loss from the League in its discretion provided that the Team first made a bona fide offer (an offer of a base salary equal to or greater than 105% of the previous year’s salary) to the Player prior to the start of Free Agency.
No Team may acquire more than two (2) out-of-contract Players via Free Agency in a given year.
For any Player who is re-assigned to a new Team through Free Agency, such Player may not sign a new contract until after the immediately subsequent Roster Freeze Date, and any such renegotiation would be subject to League approval.
An out-of-contract Player whose Salary Budget Charge exceeded the Maximum Base Salary for the immediately preceding League Season, and whose current Team did not make him an offer in excess of the Maximum Salary Budget Charge, may go through Free Agency provided that he agrees to a new SPA that results in his Salary Budget Charge being less than the Maximum Salary Budget Charge.
After Free Agency opens, at the end of the day on which any Commitment Form and Schedule is submitted, the League will send the Teams and the Union an updated list of players available (removing those players who signed Commitment Forms).
An out-of-contract Player whose Salary Budget Charge exceeded the Maximum Salary Budget Charge for the immediately preceding League Season, and whose Salary Budget Charge for the next League Season, based on an offer from his current Team, will also exceed the Maximum Salary Budget Charge, will not be eligible for Free Agency.