NEWARK, NJ – After nearly three weeks of speculation, Ilya Kovalchuk was set to remain in New Jersey as the Russian star signed a mammoth 17-year, $102m deal with the Devils.

Kovalchuk was set to pocket $6m during the next two seasons and $11.5m for the following five, before the sums involved begin to decline with the final five seasons seeing just $550,000 heading the Russian’s way.

But the result of this unusual deal was a cap hit of around $6m for the Devils to deal with, which would have proved far more manageable for New Jersey GM Lou Lamoriello.

‘Would have’ because on Tuesday, the NHL rejected the deal for its frontloaded machinations.

"The contract has been rejected by the League as a circumvention of the Collective Bargaining Agreement," NHL deputy commissioner Bill Daly said in a statement.

"Under the CBA, the contract rejection triggers a number of possible next steps that may be elected by any or each of the NHLPA, the Player and/or the Club. In the interim, the player is not entitled to play under the contract, nor is he entitled to any of the rights and benefits that are provided for thereunder. The League will have no further comment on this matter pending further developments."

The Russian star also received offers from LA and a large deal from New York Islanders, as well as interest from SKA St Petersburg in the KHL, but had opted to stay with the side he felt has the best chance at lifting a Stanley Cup.

Kovalchuk was to become New Jersey’s fifth high profile signing over the summer, following a disappointing first round exit in the 2010 play-offs. Despite losing underrated D man Paul Martin to free agency, the Newark natives were able to pick up Anton Volchenkov and Henrik Tallinder via free agency, as well as signing veteran puck stopper Johan Hedburg to back up franchise goalie Marty Brodeur. Lamoriello also made a deal with Nashville which saw Jason Arnott return to the Devils roster to top off an impressive line up.

Kovalchuk was in a position to earn $98.5 million of the $102 million in the first 11 years of the deal.  With the remaining six years added in to reduce the salary cap hit to New Jersey.

Neither the Devils nor Kovalchuk’s agent have made comment as of this posting.

Changes were also made behind the bench, with Jacques Lemaire being replaced by long time Devils forward John MacLean following the former Minnesota coach’s retirement.

Contact the author: rob.mcgregor@prohockeynews.com