NHL betting fans could be facing an unprecedented shake up on NHL futures. If you haven’t laid money down on next season’s Stanley Cup champion or division winners, you might want to hold off just a little while longer.

An arbitrator ruled with the NHL this week and voided the free agent contract Ilya Kovalchuk recently signed with the Devils. That obviously impacts New Jersey’s futures (+1600 Stanley Cup odds at SPORTSBETTING.com), but the implications could be far more reaching—and not just because Kovalchuk is free to sign with anyone now (including the KHL, for that matter).

The decision to void Kovalchuk’s contract has led to an investigation into several other deals—all with impact players on Cup-contending teams. The issues at hand is the “front loaded” nature of the deals; most of the money is paid over the first few years of the deal, with the general expectation that the player won’t ever play the last few years of his contract—he’ll just retire instead. Such a structure reduces the cap impact on each team.

Roberto Luongo is the biggest name under investigation. Last year, the Canucks goalie agreed to a 12-year, $64-million deal. He earned $10 million last season despite a reasonable $5.33-million cap hit. If the arbitrator rules in similar fashion to the Kovalchuk deal, suddenly a franchise goalie would be on the market. Losing Luongo would crush Vancouver’s Stanley Cup odds ( +900 at SPORTSBETTING.com) and significantly boost whoever signs him.

Chicago could face losing Marian Hossa, who signed a 12-year, $62.8-million contract. The defending Stanley Cup champions have already suffered a massive exodus during free agency this year, and losing Hossa would have their chances of repeating shrinking (+450 odds at SPORTSBETTING.com).

The contract of Philadelphia’s Chris Pronger is also getting another look. Losing Pronger would be a tough blow to the Eastern Conference champs, who have +900 odds to win the Cup this season.

Marc Savard is another notable name under investigation. The playmaking Boston Bruins center missed half of last year with an injury but scored 88, 78, 96 and 97 points in his four previous seasons. Should he suddenly hit the free agent market, 32 year old would have no shortage of suitors. Boston is already scoring-challenged would take a tumble on NHL futures (+1200 Stanley Cup odds).

Depending on the outcome of those deals, further investigations could be on the way. NHL bettors should proceed with caution and perhaps wait till the dust settles before making any firm decisions on 2010-11 NHL futures.