The relevant sections of the CBA:
11.5(g) In the event the League rejects an SPC [...] pursuant to Section 11.6(a) below [...] if the NHLPA disputes such rejection, [...] the NHLPA must notify the League, [...] by no later than 5:00 p.m. New York time on the day following the day such notice of rejection [...] is received by the NHLPA [...] except that the NHLPA may provide such notice by no later than five (5) days from the day such notice is sent by the League if the League's notice is sent between July 1 and the date which is seven (7) days prior to the commencement of the Regular Season [...] Such notice from the NHLPA shall set forth the specific reasons that are the basis for such NHLPA dispute.
11.6 Rejection of SPCs and/or Offer Sheets; Subsequent Challenge and/or De- Registration of SPCs (a) Rejection of SPCs and/or Offer Sheets. In the case of an SPC [...] that is filed and rejected by the League, the following rules and procedures shall apply: (i) If an SPC [...] is rejected: [...] (C) because it is or involves a Circumvention of either the Club's Upper Limit or the Maximum Player Salary, and:
- (x) if the NHLPA does not timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, then immediately upon the expiration of the time period within which the NHLPA may dispute and refer to the Arbitrator such rejection, the SPC [...] will be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC [...]
- (y) if the NHLPA does timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, then such dispute over that rejection shall be both heard and decided by the Arbitrator within forty-eight (48) hours [...]
- (iii) If the Arbitrator sustains the League's rejection of any such SPC [...] pursuant to subsection (i) above, then the Arbitrator shall order that the rejected SPC [...] will, immediately [...] be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC [...]
So there you have it. The NHLPA has five days to "dispute." If they don't, the contract is void. If they do, it goes to an Arbitrator, who decides within 48 hours. So we will know within a week.