According to Pierre LeBrun at ESPN.com, there are rules in the CBA that allow teams to trade 50% of a players cap hit/salary to another team to facilitate a trade.
Teams are not allowed to trade more than 50% of a players contract. He adds that only 15% of your salary cap can include contracts and salaries that were acquired via this kind of trade.
For example, the Rangers could trade Arron Asham (cap hit and salary of $1 million) to another team and only be on the hook for a cap hit and salary of $500,000.
LeBrun says that “no question” this will lead to more trades.
James Mirtle has more on this at the Globe and Mail.
LeBrun says that the NHL has allowed for an interview period with unrestricted free agents that starts the day after the NHL draft.
That interview period runs until June 30th and then free agents are officially allowed to sign starting on July 1.