Go with 50/50. Honor current contracts. But use reduced value of old CBA contracts to calculate salary cap. All new contracts will use full value for cap calculations.
If everyone is awaiting lowering salary cap with new CBA, then maybe all these unreal new contracts make sence, because some contracts will be adjusted.
While I can understand why certain people are excited, keep in mind... 5th round pick, ~10% chance he'll be anything more than a fringe NHLer. Though if it makes you feel any better, Helm was also a 5th rounder.
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