The NHL decided to put its foot down with Kovy's contract but they "technically" have no legal legs to stand on...and they know it. This is just posturing by the league to let other teams know they will act as a "bump" in the road for future contracts like this until the new CBA is written and agreed to banning these types of contracts or cutting down on how front loaded they can be.
The NHL denying this contract is like your mom finding you looking at a Playboy when you were little and she said, "you wait until your father gets home", all the while you know NOTHING is going to happen. The contract will be approved...when, hopefully soon.
The NHL is just making a knee jerk reaction because Lou didnt slip through the loop hole, he opened it up like Grand Canyon, held a press conference knowing it would initially be denied...all the while giving GB the finger knowing it would have to be approved.
You dont make a boo boo with a contract like this when the guru of the CBA who used to work for the NHL is now working for the Devils.