All contracts are fully guaranteed, so no, neither the player nor team can renegotiate or change the contract once it is signed.More
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Renegotiating Contracts & IR Cap Hit
Can a player renegotiate his contract down in order to save cap room space?
When a player is put on IR, is his salary included in the cap for that period of time?
Two Way Contracts
How do two way contracts work? Does the parent (NHL) club pay the salary? What does the AHL team pay? What about draftees in junior? How do they get paid?
A Two-Way Contract means that the player earns a lower amount if he plays in the AHL compared to when he's in the NHL. The most common two-way contracts are entry-level contracts.
These contracts are with the NHL team, so it's the NHL team that pays the player, even if they're in the AHL. Depending on the ownership arrangement between the NHL team and the AHL team, there may be a cost sharing or reimbursement that is worked out between both organizations.More
Team Cap Hit for Suspensions
When players are suspended and forfeiting their salary, do they still count against the cap?
When players are suspended for on-ice events, this is considered "supplemental discipline" and their cap hit still counts against the cap while they're suspended. When they're suspended for off-ice events, like with Austin Watson (domestic violence) and Nate Schmidt (failed drug test), they do not count against the Cap during their suspension (CBA Section 50.10.c).More