According to TSN's Bob McKenzie, the NHL's latest offer wasn't met with great enthusiasm from players as Donald Fehr sent a letter to players and agents on Tuesday night.
Fehr's summary of the offer in the letter:
"Simply put, the owners' new proposal, while not quite as Draconian as their previous proposals, still represents enormous reductions in player salaries and individual contracting rights. As you will see, at the 5 percent industry growth rate the owners predict, the salary reduction over six years exceeds $1.6 billion. What do the owners offer in return?"
"The proposal does represent movement from their last negotiating position, but still represents very large, immediate and continuing concessions by players to owners, in salary and benefits (the Players' Share) and in individual player contracting rules."
"They want to "clarify" HRR definition and rules. It is not immediately clear what this means, but so far all of their ideas in this regard have had the effect of reducing HRR, and thereby lowering salaries."
"The Players' Share is reduced to 50 percent from 57 percent immediately -- this season. This is a reduction in the share of 12.3 percent. On last year's revenue numbers, this would mean that players' salaries would be cut by about $231 million."
"The proposal includes a "Make Whole" provision, to compensate players for the anticipated reduction in absolute dollars from last year (2011-12), to this year and next year. However, it would work like this. The Players Share in subsequent years would be reduced so that this "Make Whole" payment would be made. It is players paying players, not owners paying players. That is, players are "made whole" for reduced salaries in one year by reducing their salaries in later years."
"Finally, they also proposed that the players could appeal supplemental or commissioner discipline to a neutral arbitration, on a "clearly erroneous" standard, which, as a practical manner, makes it very unlikely that any decision would be overturned."
"We do not yet know whether this proposal is a serious attempt to negotiate an agreement, or just another step down the road. The next several days will be, in large part, an effort to discover the answer to that question."