* All existing player contracts are subject to an immediate 24 percent salary reduction.* Minimum salary jumps from $185,000 in expired CBA to $450,000 next season. It goes up to $500,000 in sixth year of CBA.* Players' salaries will consume no more than 54 percent of league-wide revenue. The players' share will increase as league revenues increase.* Top money-making teams will contribute to a fund that is distributed among the bottom 15 teams, which can receive between $3 million and $8 million.
* A percentage of players' salaries will be put into escrow until the salary cap is calculated at the end of each season.
* The salary cap ceiling for 2005-06 is $39 million and the floor is $21.5 million. Those figures are based on estimated league revenues of $1.7 billion for the upcoming season.
* Player contracts are counted against the cap using the average salary. For example, a three-year deal that pays $2 million in the first year, $3 million in the second and $4 million in the third counts $3 million against the cap each year.
* No player can earn more than 20 percent of the team's cap, limiting individual salaries at $7.8 million for 2005-06.
* Entry-level players will receive a maximum of $850,000 next year, not including bonuses.
* For 2005-06 players are eligible for free agency at age 31. The age drops to 29 in 2006-07, 28 in 2007-08 and 27 (or seven years in the NHL) in 2008-09. Players will be credited with one year of service despite the cancellation of the 2004-05 season.
* Teams can buy out player contracts at two-thirds of their remaining value over the next 10 days and the buyout won't count against the cap. Teams cannot re-sign players they have bought out.
* The league will take a two-week hiatus in February 2006 and 2010 to allow players to participate in the Olympics.
* Restricted free agents have until Dec. 1 to re-sign or they are ineligible to play that season.
* New drug testing policy mandates a minimum of two drug tests per year with no advance warning. Players earn a 20-game suspension for first offense, 60 games for second violation and a permanent ban following third time.