I would say the odds of that are all but zero. He will be a Devil, but the structure of his current deal will change. When this was signed, I woudl bet any amount of money both the Devils and Kovy's agent knew this was a possiblity and had contingency plans.
If you look at this contract w/o the kool-aid, you see that it was for 8, 9, or 10 years. To think that Kovy would be playing in year 11 for 3.5 is a stretch, and you can even make the arguement that he would not be playing in year 10 for 6.5.
You re-do the deal with more money up front thus making the PV and cap hit similar. Personally I would suspect that is why the first two years at at 6 - giving them room to do this.
If that is true and Lou always suspected that Bettman would veto this, then that's genius (Not that LL isn't genius). I hope it is true, because I really want Lou to slap Bettman in the face with a new contract that's almost identical to the other ones that were approved and be like "reject this one BITCH!"