The NHL signed off on Kovalchuk's latest contract with the Devils on Friday, approving a revised 15-year, $100 million deal. The league reached an agreement with the NHL players' union on a provision covering long-term contracts.
General manager Lou Lamoriello said in a statement Saturday the team is pleased with the decision and the Devils "acted in good faith throughout this entire process."
A $102 million, 17-year contract between the Devils and Kovalchuk was rejected in July because the NHL said it circumvented the salary cap. An arbiter upheld that decision after the union filed a grievance.