The NHL and the players' union agreed on an interim extension for all contracts that would've expired at midnight on Wednesday, according to TSN's Frank Seravalli, and the agreement also allows players to opt out of the league's return-to-play plan.

The pact is pending completion of the new collective bargaining agreement and agreements on Phase 3 (training camp) and Phase 4 (games).

NHL players aren't paid for the postseason, so there are no financial repercussions for those who decide to opt out.

However, players will reportedly receive their 2020-21 signing bonuses as scheduled on Wednesday.

Montreal Canadiens goaltender Carey Price and New York Rangers forward Artemi Panarin have voiced concerns about resuming action.

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