Seeking a "continued, sustained period of labor peace," NHL commissioner Gary Bettman announced on Friday that the league will not exercise its option to reopen the collective bargaining agreement that's due to expire after the 2020-21 season.

The NHL had until Sept. 1 to decide whether to reopen the CBA, potentially ending its current term in September 2020. The NHL Players' Association has until Sept. 15 to exercise its own option to reopen negotiations. There have been concerns that if either side opted out, it could lead to the third work stoppage in the league since 2004.