Read: You Can Do Sign And Trades Under Certain Restrictions

According to Elliotte Friedman at CBC, sign and trade deals like the ones in the NBA are allowed under the new NHL CBA as long as they fall within a certain restriction.

A team can sign a player to an eight-year deal and then trade him to another team as long as the team trading the player had that player on their reserve list prior to the most recent trade deadline.

A player acquired at the trade deadline is not allowed to be part of a sign and trade.

NHL teams are allowed to re-sign their own players to eight-year contracts while free agents are only allowed seven year contracts.