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Eric Staal's seven-year extension that made him the richest man in Hurricanes history is off the books — for now. The NHL rejected Staal's deal because of the wording in the no-trade clause, which stated Staal's no-trade would kick in when he was set to become an unrestricted free agent on July 1, 2010. The deal was rejected because Staal needs to play the next two seasons in order to become an eligible UFA.
But no need to worry — the team will resubmit the contract to the league and simply change the wording to say that Staal's no-trade provision will become valid as soon as he's UFA eligible, rather than stating an actual date.
Staal's deal, worth $57.75 million, will likely be approved shortly after resubmission.
((UPDATE)) Contract re-submitted and approved on 9/16/08.