I think it is very likely the PA will exercise their option.
As getbak noted, if the PA does not exercise their option, the CBA will stay in effect until 2022 and any changes to the CBA before then will only occur if the PA and NHL can agree on changes.
If the PA wants there changes to go through, they need to end current CBA to put pressure on the NHL to accept their proposed changes. Otherwise the NHL can sit back and say we will wait until 2022.
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