The NBA players & owners have agreed to a new deal that will end the lockout and allow for a slightly shortened 66 game season that will begin on Christmas day. Less than 2 weeks ago, negotiations fell apart and it seemed like the NBA was doomed to miss an entire year… a stumble that could have crippled the League for the next 4 or 5 years. But somehow on Saturday the players and owners agreed to a new deal in time to save over 80% of the 2011-2012 season.
I have to hand it to both David Stern and player reps Derek Fisher and Maurice Evans. Nobody saw this coming, at least not this soon. The two sides agreed to a 10 year deal with the option for either party to opt out after year 6. An official collective bargaining agreement has not yet been signed, but we do know of several key points that have been agreed upon: significant restrictions on player salaries, stiff luxury taxes for big spending teams and a new revenue sharing program should help correct the NBA’s financial problems and encourage parody amongst the League. You can find more details about the new deal here.