Entry Level Contract - # of Years

How do entry level contracts work. Do you need to sign for 3 years minimum? And what about the college free agents who get 2 years?
Answer
The length of the Entry Level contract is outlined in the CBA Section 9.1b:
Signing Age* Years of ELC
18-21 3 Years
22-23 2 Years
24 1 Year
25+ No Limit & Not-Entry Level if drafted from North America
25-27** 1 Year if drafted from Europe or is a European player signing first NHL contract
*Signing Age is age on September 15 of calendar year in which first contract is signed, regardless of actual age when contract signed.
**Players who played in Europe at the time they were drafted and sign their first NHL contract at ages 25-27 sign a 1 year Entry Level Deal. If the European Player has not signed a contract by age 28, he is not subject to an Entry Level Contract