As noted earlier today, the NBA players and owners made a joint announcement that they have reached a tentative 10-year agreement to end the NBA lockout and begin an NBA season by Christmas day. The deal still requires a formal vote by both parties for approval, but details about the new CBA are already beginning to surface, so here is all the latest:
- The Basketball Related Income (BRI) split will be set by a band that can fluctuate between 49 and 51 percent for the players and owners, depending on the leagues annual growth. Previous offers had made it nearly impossible for the players to ever achieve the 51 percent share of BRI, but under this new tentative agreement they have a legitimate chance to reach that favorable split.
- According to Chris Sheridan of SheridanHoops.com, the owners relented on the so'called "Carmelo Anthony Rule," aiming to abolish extend-and-trade deals like the one that sent Anthony to the New York Knicks last season. The players got the win on this aspect of the deal, considering it may be use to Chris Paul, Deron Williams and Dwight Howard in the upcoming season as they aim to leverage new contracts with contenders.
- According to Steve Aschburner of NBA.com, the full mid-level exception for non-luxury tax teams will be five years for a maximum of $5 million. The owners had been asking for shorter contract lengths on the MLE, but apparently relented on that demand in the latest negotiation. For teams that are above the luxury tax threshold, there will be a mini mid-level exception for taxpaying teams that maxes out at $2.5 million.
- A 10 percent maximum escrow tax will be withheld from players' paychecks to structure the BRI split properly, but there will not be an additional increase as requested by the owners in the previous offer, per Steve Aschburner of NBA.com. The offer match period for restricted free agents will be reduced from seven days down to three days. Minimum qualifying offers for restricted free agents are expected to increase "significantly," according to Chris Sheridan of SheridanHoops.com.
- The current deal does still include the amnesty provision that would allow teams to cut one player on the roster and avoid having that salary count against the cap number, while possibly allowing teams to spread the remaining payments on the deal for a longer period of time. There were originally provisions for payment adjustments if the amnesty player signed with another team after being cut as well, so stay tuned for more on the mechanics of the provision.
- If the tentative deal receives the necessary votes for approval by both parties, which is expected at this point, the NBA will open a 66-game season that, under the original schedule, begins with a Christmas day tripleheader of games: Boston Celtics @ New York Knicks, Miami Heat @ Dallas Mavericks and Chicago Bulls @ Los Angeles Lakers.
- The deal is a 10-year agreement that allows either side to opt out after six years.
- Training camps and free agency would both open on December 9th.
Stay tuned to SB Nation Chicago for more information, and for in-depth analysis on theChicago Bulls be sure to visit Blog a Bull. Check out the SB Nation storystream for the latest news on the NBA lockout.