Kings, Mike Richards reach settlement agreement

The National Hockey League Players' Association announced Friday that it has reached a settlement agreement with the league and Los Angeles Kings regarding the Standard Player Contract of Mike Richards.

Los Angeles will reportedly pay a fixed annual percentage of the settlement against the salary cap to go along with a $1.32 million cap recapture penalty, according to Sportsnet's John Shannon.

The settlement penalty could exist on Los Angeles' salary cap through 2031, according to Sportsnet's Elliotte Friedman.

Richards is now an unrestricted free agent.