This collective bargaining agreement will last for 10 years with a mutual opt out clause at 8 years.
"There's still a lot of work to be done, but the basic framework of the deal has been agreed upon," Bettman said.
Details of the season have not yet been finalized, but there won't be fewer than 48 games and there could be more. The season will start on Jan. 19 or before.
Players had earlier agreed to a 50-50 split of the hockey-related revenue, a concession from the last CBA when they received 57%. But the final hurdles that were cleared game on the pension plan, where players will receive a pension plan similar to major league baseball players.
Owners have agreed to accept some liability in that plan.
The NHL accepted a $64.3 million salary cap for 2013/14 and the NHLPA accepted a seven-year cap on individual contracts. Teams can sign their own players for eight years. Teams can make two compliance buyout to get under the 2013-14 cap, but it will count against the players' share.
The new CBA also calls for a year-to-year variance limit of 35% on multi-year contracts, and the lowest season can not be less than 50% of the highest. The NHL owners wanted a 5% variance.