The lockout lasted 113 days and ended in more than 16 hours of negotiations. The results? A 10-year contract that can be terminated after eight years.
While the salary cap for the upcoming season is set at $70.2 million, it will decrease to $64.3 million starting in the 2013-14 season.
Sports Illustrated reports that free-agent contracts will be limited to a maximum seven years. Clubs who re-sign their own players will have eight year free-agent contracts.
Photos: NHL lockout negotiations
Other details of the deal that tentatively ended the NHL lockout include the stipulation that contracts can't vary more than 35 percent year to year. The final year can't be more than 50 percent of the highest year.
"We've got to dot a lot of Is and cross a lot of Ts ... There's still a lot of work to be done, but the basic details of the agreement have been agreed upon. - NHL Commissioner Gary Bettman
The four month NHL lockout resulted in 630 regular season games being cancelled. The Winter Classic between Detroit and Toronto on Jan. 1, 2013 was also cancelled, as well as the All-Star Weekend that was supposed to kick off on Jan. 26, 2013.
Still to be worked out? The schedule for either a 50 or 40-game season.
Additionally, the union's membership of 740 players and most of the NHL's 30 owners must vote to ratify the deal that was drawn up on Sunday.
Sources: SI.com, Newsday, NHL.com