The NBA and the NBA Player's Association have reached an agreement on a new 7-year Collective Bargaining Agreement.

If the deal is ratified in a vote by players and owners in the coming weeks (which seems to be just a formality at this point) this new deal will prevent a lockout this Summer and ensure no labor issues for years to come.

According to the AP:

"It's amazing. I'm excited," union president Chris Paul of the Los Angeles Clippers said. "I'm happy for our fans, the owners involved. It's a great thing." 

"I think everyone negotiated in good faith," Paul said. "The conversations were great, everything was cordial. Everyone knows how well the game is going and didn't want to mess that up."

As part of the new 7-year agreement:

1) The league will start one week earlier

2) Minimum salaries will rise 45% in Year 1

3) There will be a maximum of 6 preseason games

4) Longer contract extensions (to 5 or 6 years) which will give teams more leverage to keep homegrown players on their roster

5) Average salary will be roughly $9 million next season, rising to $10 million by the 2020-21 season