NHL Rumor: Ilya Kovalchuk Signs Extension With the New Jersey Devils

Imtiaz FerdousCorrespondent IIJuly 5, 2010

NEWARK, NJ - APRIL 22:  Ilya Kovalchuk #17 of the New Jersey Devils skates against the Philadelphia Flyers in Game 5 of the Eastern Conference Quarterfinals during the 2010 NHL Stanley Cup Playoffs at the Prudential Center at on April 22, 2010 in Newark, New Jersey.  (Photo by Jim McIsaac/Getty Images)
Jim McIsaac/Getty Images

According to Pierre Lebrun of ESPN Ilya Kovalchuk may have signed an extension with New Jersey for 7 years and $60 million. If this is true then the rumours the Devils refused to pay $8 million were wrong but with their cap situation they may not be able to extend Parise.

I understand what Lamoriello is thinking, probably the same price for Parise but Kovalchuk is one of the 2 best snipers in the league, and he can always deal the rights to Parise for a return similar to that of Phil Kessel.

Keep in mind the rumours may not be true or something else can occur that causes the contract to be rescinded. The important thing to note is that the Devils are really serious about getting Kovalchuk. 

Another thing to note is this can open the floodgates for trades the Devils will have to make. After all they don't have enough cap space to do this signing (they do with the 10% extra in summer but they have to get rid of excess salary in a few months). This means that Rolston, or maybe someone else is on the way out.

Don't be surprised to see the Devils dump a bit of salary and turn a forward into a defenseman (like Tomas Kaberle), after all they need more defense than offense, especially if this signing occurs. So it seems the Devils have extended Kovalchuk for the next 7 years. I wish them the best of luck.