Daly's Statement -- My Question

NHL Deputy Commissioner Daly statement regarding Kovalchuk's free agent signing with the Devils - NHL Free Agency 2010
National Hockey League Deputy Commissioner Bill Daly today issued the following statement regarding the free agent contract forward Ilya Kovalchuk signed with the New Jersey Devils: "The contract has been rejected by the League as a circumvention of the Collective Bargaining Agreement. Under the CBA, the contract rejection triggers a number of possible next steps that may be elected by any or each of the NHLPA, the Player and/or the Club. In the interim, the player is not entitled to play under the contract, nor is he entitled to any of the rights and benefits that are provided for thereunder. The League will have no further comment on this matter pending further developments."

What exactly does Daly think the possible next steps by the player or the club might be? It sounds like he thinks the player and the club are allowed to tweak the deal. I don't really see where the CBA says they're allowed to do this, but if you see what he's talking about, please comment accordingly.