On Tuesday afternoon, the NHL presented the NHL Players Association with a brand new collective bargaining proposal that offered a 50/50 split of hockey related revenue without salary rollbacks.

Later on Tuesday night, TSN's insider tandem of Bob McKenzie and Darren Dreger provided more information on the proposal via their respective Twitter streams. Here is some of the major components of the new deal:

*The NHL has included the possibility of retaining salary in trades, which would allow clubs to take on cap-space.

In essence, a team against the cap could make a deal where another team with cap-space would absolve some of the hit. This would also benefit teams who are trying to reach the salary cap floor as they would no longer have to sign players to large contracts just to be cap compliant.

*In addition to proposing five year limits on contract lengths, the league is also proposing a yearly salary variance of five percent.

The example provided is if a player signs a contract with an annual average value of $10 million, that value could not vary on a year-by-year basis by more than $500,000. This is to avoid the back-loaded contracts that have been used to sign superstar free agents in recent years (I.E. Ilya Kovalchuk, Ilya Bryzgalov and Shea Weber).

*The latest proposal also has three mechanisms to cutdown on big-money second contracts. They are:

1.) Entry level contracts would go from three-years down to two-years.

2.) Salary arbitration would occur in the fifth-year instead of the fourth.

3.) Unrestricted free agency will start at the age of 28 or after eight years of service. In the previous CBA, UFA status occurred at the age of 27 or after seven years of service.

* The top-10 money earning teams will pay up to 50% of the pie in the revenue sharing portion of the proposal.

As of this time, it is unclear as to whether the NHL and NHLPA will meet on Tuesday as the Players Association have to analyze the proposal in its entirety.