If NJ owned his rights, his old contract must apply. As he retired from the NHL, I'd assume his old contract would pick up right where he left off.
If NJ does not want the contract or the cap hit, they'd simply say no or trade Kovy?
If not, he'd be an UFA. Although I can't imagine he'd be an UFA based on the 1st round hit and financial impact the Devils took.
Interesting question.
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