If this isn't a term you're already familiar with, it'll be one that will increasingly become part of the Vegas hockey conversation as summer approaches.
In typical summers, NHL free agency begins on July 1.
This means that from the conclusion of the season until July 1, the only team that players have the ability to sign with is their current club. On July 1, however, the NHL's fiscal calendar turns over, and players whose contracts have expired are now up for grabs for every team in the league.
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Similarly, if a player is on part of a two-year contract, for example, July 1 is when the first year of his contract would officially cross over into its second year.
We now know that the Golden Knights are expected to enter the NHL with exclusive free agency perks.
The team is expected to have an exclusive negotiating window with free agents during the expansion draft - that could potentially be 48 hrs. This would mean that before other teams can begin scooping up existing NHL players, Vegas would have the opportunity to get a head start.
During this two-day stretch, the only team that would be allowed to sign active NHL players is the Golden Knights.
The only catch is that if Vegas signed a player who most recently played for Team X, the Golden Knights would no longer be able to select a player from Team X in the Expansion Draft.
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For example, if the Golden Knights sign a player who skated for the Anaheim Ducks during the 2016-17 season, the Ducks would then be exempt from losing any additional players to Vegas in the Expansion Draft.
"We will have a window to talk to free agents," McPhee said "And we will talk to free agents to determine their interest level. At this point, it's hard to know if any free agents will be signed. There will have to be a meeting of the minds between both parties, to see if it's a nice fit. You don't know what will happen until you start making those calls."
After the team's exclusive window would expire, it would no longer be able to sign existing free agents until July 1, when the league's traditional signing period begins.
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Video: Wayne Gretzky discusses the Vegas Golden Knights