First, here's a quick take from Nick Kypreos.
PA has 5 days to file grievance. Then league/PA must find independent arbitrator that's mutually agreed upon. Root canal sounds more fun!
If grieved, arbitration is binding. If arb. rules in favour of NHL, he is supposed to fix deal so it "conforms to the requirements" of CBA.
John Shannon reports that the contract could either be changed or a grievance could be filed within five days. Cap Geek says that a resolution could be reached within three days in a best case scenario while the worst case scenario would see the deal settled within 15 days. (Ugh.)
Kyle "Spector" Richardson provides a broader explanation of the next possible steps.
So now it's up to either the Devils to restructure & re-file the contract or the PA to grieve it on Kovalchuk's behalf.