49.1 Definitions.
...
(b) "Available Team Player Compensation" when used for a particular
League Year for a Club shall mean the result obtained by multiplying its Club Gross
Preseason and Regular Season Revenues for such League Year by the Applicable
Percentage of HRR that constitutes the Players' Share for that League Year, as set forth in
Section 50.4(b) of this Agreement. The Available Team Player Compensation for a Club,
for purposes of this Player Compensation Cost Redistribution System, is the amount that
such Club is deemed to have "available" for the payment of Player Compensation (i.e.,
Salary, Bonuses and Benefits).
Illustration: Assume the Applicable Percentage is fifty-four (54) percent. If a
Club has Club Gross Preseason and Regular Season Revenues of $58.0 million,
then its Available Team Player Compensation is fifty-four (54) percent of $58.0
million, or $31.32 million.
...
(r) "Targeted TeamPlayer Payroll" when used for a particular League Year
shall mean the amount which, for purposes of this Player Compensation Cost
Redistribution System, all NHL Clubs shall be "targeted" to have available to spend on
Player payroll (i.e., Player Salaries and Bonuses only) for that League Year, following
receipt of any Distributions under this Player Compensation Cost Redistribution System.
For each League Year, the amount of the Targeted Team Player Payroll
shall be determined by the League in its sole discretion, provided such amount shall: (i)
be not less than an amount equal to the sum of the Lower Limit for that League Year plus
twenty-five (25) percent of the Payroll Range (i.e., for League Years subsequent to the
2005-06 League Year, $4 million above the Lower Limit for that League Year; and (ii)
not be greater than an amount equal to the sum of the Lower Limit for that League Year
plus fifty (50) percent of the Payroll Range (i.e., for League Years subsequent to the
2005-06 League Year, $8 million above the Lower Limit). The Targeted Team Player
Payroll shall be determined by the League based on the total funds available and needed
for distribution in a given League Year. To the extent the total funds available for the
Player Compensation Cost Redistribution System in a League Year would support a
Targeted Team Player Payroll that is the sum of the Lower Limit plus fifty (50) percent
of the Payroll Range, the Targeted Team Player Payroll will be determined to be the sum
of the Lower Limit plus fifty (50) percent of the Payroll Range, but no more.
(s) "Targeted TeamPlayer Compensation" when used for a particular
League Year shall mean the amount which, for purposes of this Player Compensation
Cost Redistribution System, all NHL Clubs shall be "targeted" to have available to spend
on Player Compensation (i.e., Player Salaries, Bonuses and Benefits) for that League
Year, following receipt of any Distributions under this Player Compensation Cost
Redistribution System. It shall be one of the stated goals of this Player Compensation
Cost Redistribution System to enable all lower-revenue Clubs to have the ability to spend
up to the amount of the Targeted Team Player Compensation by providing Distributions
to such Clubs. For each League Year, the amount of the Targeted Team Player
Compensation shall be the amount of the Targeted Team Player Payroll for such League
Year, plus the Pro Rata Benefits Portion for such League Year.
Illustration: If the League set the amount of the Targeted Team Player Payroll for
a League Year at $26.0 million, then assuming $66 million in total Benefits for
that League Year (yielding a Pro Rata Benefits Portion of $2.2 million), the
amount of the Targeted Team Player Compensation would be $28.2 million.