Ilya Kovalchuk LW NJ Apr 25 '79

Ilya Kovalchuk has officially agreed to terms with KHL St. Petersburg.

This move has been widely reported since Kovalchuk first "retired" from hockey last week. At the end of the day, what basically happened is that Kovalchuk got out of the final 12 years of his contract with the New Jersey Devils so that he could continue his career at home. Although Kovalchuk left $77 million on the table when he ended his agreement with the Devils, there have been reports to indicate that Kovalchuk will actually benefit financially from this move.

Ilya Kovalchuk LW NJ Apr 22 '79

Ilya Kovalchuk isn't expected to officially sign with KHL St. Petersburg on Friday.

It looks like that move will happen on Monday instead. Kovalchuk retired from the NHL and thus walked away from $77 million over 12 years. That being said, he should be well compensated in the KHL. In fact, it's entirely possible that he'll end up making significantly more money by bolting to Russia.

Ilya Kovalchuk LW NJ Apr 21 '79

Ilya Kovalchuk has agreed to join the KHL's St. Petersburg SKA.

That's the same team that Kovalchuk played for during the lockout. Kovalchuk shocked the hockey world on Thursday with his announcement that he would retire from the NHL and thus walk away from the $77 million still left on his 15-year, $100 million contract with the New Jersey Devils. It's not yet known how much Kovalchuk will earn in the KHL, but it will probably be substantial. The Devils will endure a cap penalty of $250,000 through 2025 due to the cap recapture clause. They also don't have a first round pick in 2014 because they were punished over their first attempt to sign Kovalchuk, which was voided because it circumvented the salary cap.

Ilya Kovalchuk LW NJ Apr 21 '79

Ilya Kovalchuk has signed his retirement papers.

And with that, Kovalchuk has officially voided his contract with the New Jersey Devils. He has left $77 million of his 15-year, $100 million contract by deciding to retire, although he is allowed to continue his career in the KHL if he so chooses. Meanwhile, the Devils don't have a first round pick in 2014 as a result of their first attempt to sign Kovalchuk, which was ruled as an attempt to circumvent the salary cap. The Devils will also deal with a cap penalty of $250,000 through 2025 due to the cap recapture clause.

Ilya Kovalchuk LW NJ Apr 21 '79

The New Jersey Devils might face a $250,000 annual cap penalty through 2025 due to Ilya Kovalchuk's retirement.

That would be due to the cap recapture clause in the new CBA which retroactively impacted long-term, front-loaded deals signed before the lockout. On top of that, the Devils will lose their first round pick in 2014 as punishment for their initial failed attempt to sign Kovalchuk, which resulted in the 15-year, $100 million deal that he ultimately agreed to. Needless to say, Kovalchuk's retirement hurts them in more ways than one.

Ilya Kovalchuk LW NJ Apr 21 '79

Ilya Kovalchuk is retiring from the NHL.

"This is something I have thought about for a long time going back to the lockout and spending the year in Russia," Kovalchuk said in a statement. "Though I decided to return this past season, Lou was aware of my desire to go back home and have my family there with me. The most difficult thing for me is to leave the New Jersey Devils, a great organization that I have a lot of respect for, and our fans that have been great to me." Kovalchuk is only 30 and had only played in three seasons of his 15-year, $100 million contract with the New Jersey Devils. This is a huge blow to the Devils as it removes arguably their most effective offensive weapon from the equation.

Ilya Kovalchuk LW NJ Feb 19 '79

Ilya Kovalchuk leads all scorers at the IIHF World Championships.

The Devils' star is having a monster tourney for Russia with six goals and nine points in five games. Kovalchuk is also a plus seven and has amassed 25 penalty minutes. Too bad these numbers don't count in many hockey pools.

Ilya Kovalchuk LW NJ Feb 16 '79

Ilya Kovalchuk notched a goal and an assist in Russia's 5-3 win over Team USA on Tuesday in world championship action.

He has amassed five goals in three games for the unbeaten Russians, who have defeated Latvia, Germany and the U.S to open the tournament. Kovalchuk appears to be fully over the shoulder injury that sidelined him near the end of the regular season.

Ilya Kovalchuk LW NJ Feb 04 '79

Ilya Kovalchuk scored a goal and added an assist for the Devils in a 3-2 win over Pittsburgh Thursday.

Kovalchuk has recorded four points in as many games since his return from a shoulder ailment and has amassed 31 points in 36 contests on the season. David Clarkson and Travis Zajac also found the back of the net for the Devils in the victory.

Ilya Kovalchuk LW NJ Feb 02 '79

Ilya Kovalchuk lost an edge and tumbled heavily into the end boards with 15:31 left in Tuesday's win over Montreal.

"It looked almost like the identical play," coach Pete DeBoer said, recalling Kovalchuk's shoulder injury that caused him to miss 11 games. "You cringe a little bit, but he got up no worse for wear." However, in this case he was fine to continue playing and said he was unscathed after the contest.