I suspect it will be along the lines of:
-Only Roster Players are eligible (must have played 25 games in the previous season)
-Only players under contract for the next season or RFAs are eligible
-Players on ELCs are automatically protected
-Teams can protect 1 goalie, 4 defensemen, 7 forwards
-Teams must automatically protect players with NMC (not players with NTC)
-No more than one player can be taken from each team.
These rules should allow most teams to protect their untouchables. There will be good goalies available along with a healthy mix of overpaid veterans (Stajan, Wideman, etc.), young players with potential (Ferland, Granlund, Colborne), and potentially the occasional anchor 'star player' (Phaneuf, Thornton, etc.). Their ability to overpay free agents and offer young players ice time should be beneficial.
This will make the teams automatically more competitive than expansion teams of the past (assuming competent management)
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