Today is the day Devils' fans have been anxiously waiting for.

By the end of the business day, systems arbitrator Richard Bloch will decide whether or not to uphold the NHL's rejection of Ilya Kovalchuk's 17-year, $102 million contract he signed with the New Jersey Devils July 19, 2010.

The decision carries significant weight for both the Devils organization and Kovalchuk. But the announcement will also create a domino effect throughout the league, and could potentially impact several organizations and players. Read after the jump to see what potential outcomes can come from the announcement.

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The hearings for a grievance case filed over the NHL’s rejection of Ilya Kovalchuk’s 17-year, $102 million contract with the New Jersey Devils ended today in Boston.

Make sure to check after the jump for more details!

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And Here We Go!! The grievance hearing over Ilya Kovalchuk’s rejected contract gets underway today in Boston.
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Martin Brodeur was named a winner in the 2010 NJBIZ Forty Under Winner awards program yesterday.

The Forty Under Forty awards program honors both men and women under the age of 40 who have made headlines in their field and who share a common commitment to business growth, professional excellence and to the community.

To qualify, candidates had to meet specific qualifications, including working in New Jersey and possessing significant authority for decision making within a company or organization.

Brodeur and the other winners will receive their awards Monday, September 20 at an awards ceremony at the Palace at Somerset Park in Somerset.

Several sources have reported that the NHL and NHLPA have agreed on a systems arbitrator to rule on the grievance filed over Ilya Kovalchuk’s 17-year, $102 million dollar contract.

The hearing date, identity of the arbitrator and location have yet to be announced.

Reports say that both sides want a ruling by the end of next week. Since the arbitrator will have 48 hours to deliver a ruling, it’s likely the meeting will take early next week. The hearing is expected to take two days.

Since the NHLPA represents Kovalchuk, the Devils will have limited involvement in the case. The arbitrator can call team representatives – including general manager Lou Lamoriello and owner Jeff Vanderbeek – to be witnesses during the hearing. Representatives can also be there to observe the proceedings.

Kovalchuk does not have to be at the hearing, but he may be called in to testify. The left-winger had planned to go back to Russia to meet with his trainer and begin preparing for the upcoming season.

It seems as if the arbitrator will only rule whether or not the rejection of the contract should be upheld. Earlier this week, I wrote about the possible repercussions the NHL could level against the Devils and Kovalchuk if the arbitrator’s decision favored the league. At this point, it seems like the league is only interested in whether or not the deal will be approved.

It seems like this situation is finally beginning to reach its climax. Next week will be crucial, and it’ll be interesting to see if any testimony, etc. is leaked to the press. Now, we all get one week to anxiously wait and see whether or not Kovalchuk will be a Devil.

As expected, the NHLPA filed a grievance against the NHL on the part of Ilya Kovalchuk, who had his 17-year, $102 million contract rejected by the NHL July 20.

The NHLPA announced the decision in a statement this afternoon.

“The NHLPA has filed a grievance disputing the NHL’s rejection of the Standard Player Contract between the New Jersey Devils and Ilya Kovalchuk,” NHLPA spokesperson Jonathan Weatherdon wrote in the statement. “Under the terms of the CBA, the NHLPA and Mr. Kovalchuk are entitled to an expedited resolution of this matter. The NHLPA will have no further comment until this matter has been resolved by an arbitrator.”

Deputy Commissioner Bill Daly responded to the NHLPA’s statement.

“We have received formal notice that the NHLPA is grieving the league’s rejection of Ilya Kovalchuk’s contract with the New Jersey Devils,” Daly said in the statement.  ”Although there is no defined timetable at this point, we intend to work with the players’ association to ensure an expeditious resolution of this dispute.  The league looks forward to the opportunity to establish its position before the arbitrator.  We will have no further public comment pending completion of the process.”

The next step will be for both the league and the player’s association to find a “systems” arbitrator to rule on the case. The arbitrator will have 48 hours to decide whether to uphold the NHL’s rejection or deny it.

The Devils are waiting to hear if the NHLPA will file a grievance on behalf of Ilya Kovalchuk, who had his 17-year, $102 million contract rejected by the NHL on July 20 for salary cap circumvention.

All signs point to the NHLPA filing the grievance by today’s 5 p.m. deadline. The NHLPA’s lawyers have conducted a thorough study of the case – including interviewing all parties involved – in an effort to decide whether or not to file the grievance.

After the grievance is filed, the NHL and NHLPA must hire a “systems” arbitrator to decide on the case. The process could take weeks, but several beat reporters believe both sides will want to quickly resolve the dispute. The arbitrator has 48 hours to give their decision after being hired.

If the arbitrator upholds the NHL’s rejection of the contract, Kovalchuk will become an unrestricted free agent. He would be free to restructure his deal with the Devils or sign with another team. Reportedly, the Kings are still interested in the left-winger, and offered him a 15-year, $80 million deal before he signed with the Devils. SKA St. Petersburg of the Kontinental Hockey League also offered Kovalchuk a four-year, $40 million contract.

If the arbitrator rules that the deal falls in line with the collective bargaining agreement and the NHL was wrong to reject it, the league would have to immediately approve and register the contract.

Kovalchuk and the Devils could re-structure the deal before that point, but neither sides seem willing to explore that option.

Keep checking Running With The Devils for any further news on the NHLPA’s decision.

The Devils and Ilya Kovalchuk still seem to be sitting on the sidelines and playing the waiting game. It would appear that the Devils are waiting for the NHLPA to make a move regarding Kovalchuk's contract. That move is something that could happen today or drag out through the weekend. The Devils have up until Monday to renegotiate a new deal with Kovalchuk, something Lou has said they aren't doing, or allow the NHLPA to file a grievance and send the matter to an independent arbitrator.

Obviously waiting to find out what happens with Kovalchuk's contract is holding up the Devils from shedding contracts in order to get under the cap, since we don't quite know what the cap hit WILL be once the Devils do have Kovalchuk signed to a legal contract that is recognized by the NHL. It's important to note that  Kovalchuk is still contractually linked to the Devils, even though that contract is not considered legal by the NHL. He is not a UFA and is not free to speak with other teams about a contract. If Kovalchuk wanted that, he could easily have that by not having the NHLPA file.

I don't expect much to change today and probably not much to change over the weekend but I do figure Monday we will get news that the NHLPA has filed a grievence against the NHL on the behalf of Kovalchuk and the Devils.

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While this whole Kovalchuk situation plays on, the Devils are inching closer to an arbitration hearing with defenseman Mark Fraser. His hearing is scheduled for next Friday and the Devils are working trying to avoid that hearing. Should be interesting to see what NJ does with Fraser. I don't know how he fits into the picture or what kind of demand he has around the NHL. I don't think an arbitrator will award Fraser a high number so if he wants to stay in NJ, maybe he should work something out before next Friday.

According to Tom Gulitti of the Bergen Record, Devils general manager Lou Lamoriello confirmed he sent one-year offers to potential restricted free agents David Clarkson, Mark Fraser, Rod Pelley and Tyler Eckford.

Any restricted free agent not given an offer by 5 p.m. yesterday would become free agents on July 1.

The Devils’ also sent qualifying offers to Patrick Davis and Olivier Magnan-Grenier. The team decided not to make offers to Brad Snetsinger and Myles Stoez. Lamoriello expects to re-sign Stoez.

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The biggest name on this list is Clarkson. Lamoriello has made it a priority to re-sign the young winger, and I’ve debated what Clarkson’s value, in dollars, would be to the team. I think he’ll end up pushing seven figures, possibly eclipsing $2 million per year.

Fraser and Pelley are more of a mystery. Fraser, who played in 61 of the team’s games this season, gave the Devils solid production night in and night out. Not known for his goal-scoring, Fraser scored three goals – all against the Pittsburgh Penguins – and also tallied three assists. With Mike Mottau potentially leaving via free agency, it’s possible Fraser can receive a slight bonus and a one-way contract. Pelley, who appeared in 64 games, has tried to find a regular spot with the Devils’ for the past two seasons. He’ll have to compete for a spot, but I’d be surprised if he wasn’t given a one-way contract.

Eckford, Davis and Magnan-Grenier will probably be given two-way contracts. All three had limited NHL experience this season, but Eckford is expected to contest for a spot on the Devils’ blue line this season. Davis and Magnan-Grenier will probably stick around Albany.

Fraser Photo Credit: Adrian Wyld/The Canadian Press/Associated Press

The Devils began formal contract talks with potential restricted free-agent David Clarkson yesterday, according to Bergen Record reporter Tom Gulitti.

Clarkson is being represented by his agent, Pat Morris, in the talks.

With the hiring of John MacLean last week, Devils’ general manager Lou Lamoriello has been able to begin trying to sign free agents. Lamoriello would like to make an offer to all the team’s restricted free agents, but stressed the priority in re-signing Clarkson.

“[Clarkson is] a Group 2 free agent that we have to re-sign,” Lamoriello said to Gulitti.

Clarkson was excited to here that his signing is a priority.

“That’s good to hear,” Clarkson said. “I have a lot of respect for Mr. Lamoriello. All I can do it wait, but I’ve worn that Devils’ jersey for three and a half years. That’s the jersey I’ll always want to wear. I love playing there. The fans have been good to me. He’s been good to me. I really enjoy myself there.”

Usually, general managers and agents get together during the NHL draft, which begins this Friday (round one) and continues on Saturday (rounds two through seven).

Clarkson also expressed excitement for possibly playing under MacLean this season.

“I was happy to see John MacLean get picked as the coach,” Clarkson said. “That’s a positive thing I think for the organization. When he was (an assistant), he would pull me aside and help me and he was very understanding of the players. He’d go out and tell you what you could do better. But I just think he’s going to be a very good head coach and I thought it was a real positive when I heard the news. Especially having Larry Robinson back (as an assistant coach) was just amazing because he’s such a nice guy.”

If the Devils cannot re-sign Clarkson by noon on July 1, he then becomes a restricted free agent with arbitration rights. He would have until 5 p.m. on July 5 to file for arbitration. Clarkson’s restricted status allows the Devils would have the ability to match any offer from another team.

A few weeks ago, I put up a post debating what the worth of Clarkson would be to the organization. With the cap increasing to $59.4 million, I wouldn’t be surprised to see Clarkson get a raise and a two or three year deal. I think Clarkson has some solid potential, but the ankle injuries derailed him last season. Lamoriello won’t break the bank, but I think we’ll see him get a slight increase from his $875,000 he made last season.

Photo Credit: Al Bello/Getty Images