It's a big document with a lot of detail. But here are the main points in a detailed offer submitted by the NHL to the Players' Association on December 31:
A 10-year collective bargaining agreement, ending after the 2021-22 season, with both sides having the option to end it after eight years.
*The players had reportedly been seeking a six-to-eight-year deal, arguing that the next generation of players should have opportunity to make their own CBA.
The maximum length of future player contracts is set at six years, or seven years for players remaining with current teams (provided the player played his last full season for that team).
*The players had proposed an eight-year maximum, with an option for teams to add extra years before a deal expires.
In the life of a contract, year-to-year salary can vary by no more than plus or minus ten percent.
*League had previously demanded a variance of five percent, while players had suggested 25 percent.
A 50/50 split of annual NHL revenues.
*Both sides had previously agreed to this, but have been unable to agree on the implementation and transition to the new split.
League provides an additional $300 million in "make whole" payments to compensate for the reduced value of contracts under a new, lower salary cap.
*$50 million of that total is set aside to correct potential under-funding of the players' pension plan at the end of the CBA.
To allow teams to adjust to lower salary cap, the upper limit is set at $70.2 million for the 2012-13, and drops to $60 million in 2013-14. $70.2 million was projected to be the 2012-13 salary cap under the old CBA.
Each team will be allowed one "compliance buyout" of a contract before the 2013-14 season, to ease the adjustment to a lower salary cap. The cost of that buyout will not be charged against the team's cap.
Within limits to be determined, teams have the option to retain a portion of the salary and salary cap charge when trading a player.
Money paid (above an agreed threshold) to NHL contracted players who are playing in another professional league will be charged against the NHL team's salary cap.
The NHL will have greater flexibility in determining the rate of escrow payments made by players during the season.
Increased revenue sharing among teams (reportedly up to $200 million per season), with players participating in a committee to oversee revenue sharing.
A detailed list of improvements to the players' pension plan, health and safety protocols, player suspension and appeal procedures, working conditions, standard contract clauses, drug testing, and more.
Joint NHL-NHLPA committees established on owner-player relations, health and safety, revenue sharing, player equipment, broadcasting and marketing, and the league's participation in international competitions.
Sources: Assorted media outlets.