UPDATE: It appears a second invalid contract was signed since the 2016 offseason. Colton Parayko signed a 5-year, $27.5M contract on July 20, 2017. The original contract (tweet deleted but can be seen here) failed the league’s 35% variability rule and had to be later amended.
On the first day of free agency this past summer, the San Jose Sharks signed forward Mikkel Boedker to a 4-year, $16M contract ($4M average annual value (AAV)). The breakdown per year of the contract was $5M/$5M/$3M/$3M with a $1M signing bonus included in Boedker’s salary for the first two years of the deal. A few days later, the now defunct General Fanager reported that the NHL had rejected San Jose’s contract with Boedker as it violated the Collective Bargaining Agreement. Specifically, it violated the league’s 35% variability rule (Rule 50.7(a)). San Jose was able to shift salary from one year to another to satisfy the league’s variability rule and to keep the contract’s length and cap hit the same. Boedker’s contract now is broken down at $5.2M/$4.8M/$3M/$3M per year.