Game On! The NHL and NHLPA have finally come to terms on a new collective bargaining agreement, ending the longest and most contentious work stoppage in professional sports history. After shutting down for the entire 2004-05 season, the NHL now begins the uphill battle to regain the support of its disenfranchised fan base.

The official terms of the CBA won’t officially be announced until both sides ratify the agreement. But details have begun to leak out, and it is clear that the players have capitulated on nearly every critical issue – and that the game’s competitive balance could be dramatically altered.

Under the deal, teams will be permitted to spend within a range of $21 million and $39 million on players, a total that includes not only salaries but also bonuses and insurance. In total, the players will receive 54% of total league revenues.

In the short term, this should result in a serious redistribution of the league’s top-tier talent. Elite level players like Markus Naslund, Peter Forsberg, Martin St. Louis, Brian Leetch, Sergei Zubov, and Nikolai Khabibulin are all available for the taking, and where they end up could have a big impact on the 2005-06 NHL standings.

Now the onus falls upon the teams’ general managers to work within the new rules. Whether Ken Holland (Detroit Red Wings) and Pierre Lacroix (Colorado Avalanche) will be able to operate successfully with capped payrolls remains to be seen; no longer able to add high-priced talent at will, they will struggle with the same challenges that have typically befallen teams in Calgary and Carolina.

Looking locally, the Rangers should exercise a one-time buyout opportunity to rid themselves of Bobby Holik and Darius Kasparaitis, which would leave the Blueshirts with just four players under contract: Jaromir Jagr, Michael Nylander, Dale Purinton, and Jason Strudwick. In Holik’s case, it will be a case of addition by subtraction; the checking center distinguished himself more with his divisive locker-room personality than with his on-ice performance.

Though Kasparaitis came to play every night, the Rangers will be able to add a superior player in the upcoming free-agent frenzy, perhaps for even less than the $3.5 million than would have been due Kasparaitis. Ironically enough, the 2005-06 Rangers should ice a strong team under the $39 million cap – barely half what they spent on their 2003-04 catastrophe.

In New Jersey, the nucleus of the Devils’ three-time Cup-winning team could be seriously depleted. Scott Stevens is an unrestricted free agent, and is expected to retire. Norris Trophy winner Scott Niedermayer is also an unrestricted free agent, and he may decide to join a team that plays a more wide-open offensive style than that typically employed by the Devils.

Power play quarterback Brian Rafalski might also be on his way out, especially with the league thinking about eliminating the center-ice red line and allowing two-line passes. Rafalski might be the best-suited NHL defenseman to take advantage of those changes, and the market for his services could be quite competitive.The Devils appear to be fairly well prepared for the post-lockout environment, with 10 players under contract for $15.5 million. In addition to the aforementioned trio of blueliners, however, Patrik Elias, Scott Gomez, and Jamie Langenbrunner also remain un-signed.

Over in Long Island, Alexei Yashin’s albatross of a deal will hinder the Islanders’ ability to add top-notch players to the roster. GM Mike Milbury would be wise to pursue a deal for gritty Thrashers winger Shawn McEachern, alongside whom Yashin enjoyed his best seasons in Ottawa. The Isles have only Yashin, Michael Peca, Janne Niinimaa, and Jason Blake under contract; with $15.6 million committed to those four, they may find it impossible to re-sign their most crucial free agent, blue-line anchor Adrian Aucoin.

The greatest opportunity for improvement awaiting the local teams – and the 27 other NHL clubs – may well reside in a pile of lottery balls. Though super-prospect Sidney Crosby was recently reported to be negotiating with the Swiss club Lugano, it appears unlikely that he would bypass the chance to join whichever NHL club earns the opportunity to select him with first overall pick in the upcoming draft.

The newly devised lottery formula allots three balls to each team, then takes away a ball for each playoff appearance in the last three years or first overall pick over the last four years, while guaranteeing that each team retain at least one ball. Based on this formula, the Rangers, Sabres, and Blue Jackets are the teams with the best chances of securing the first overall pick in the draft (three balls each, or 6.25%).The lottery is expected to take place on July 21, and the draft on July 30 in Ottawa.

Needless to say, it’s an absolute pleasure to be discussing NHL hockey – rather than economics – in this column again. While every player transaction will now have significant fiscal undertones, the primary focus will soon return to the ice. Hockey is back, and if the league plays its cards right and works together effectively with the players in partnership, it could be better than ever.

Mr.Greenstein is the editor in chief of InsideHockey.com.