Though some details are yet to be revealed or finalized, here are some reported aspects of the tentative deal struck by the NBA and its players:
The season: A 66-game season is planned, to begin Christmas Day.
Starting point: Training camps and a free-agency period begin Dec. 9.
Deal length: 10 years, but each side can opt out in 2017 after six seasons.
Basketball-related income: Players will receive between 49 to 51 percent -- they got 57 percent in the last labor deal -- based on the league's growth. Unlike earlier proposals, players believe this new "band" will allow them to more easily approach 51 percent if the league experiences healthy growth in Year 5 and later of the agreement.
Midlevel exceptions: Teams under the luxury tax can offer a four-year deal starting at $5 million. There will be a "mini" midlevel for tax-paying teams: Owners sweetened that to a three-year max contract starting at $3 million a year.
Maximum contract lengths: Teams sign current players who have been with them for three years to a five-year extension and offer bigger annual raises. Other "non-Bird rights" players can be signed for only four years.
Maximum salaries: One player on each team can receive a salary worth 30 percent of his team's salary cap (or $17.4 million a year under the current $58 million salary cap). Players who win MVP (Derrick Rose), are named to one of the three All-NBA teams twice or are voted All-Star starter twice during their rookie contracts also will be able to extend with their current team at that salary.
Luxury tax rates: Teams over the threshold will pay $1 for each $1 over -- like the last deal -- for the first two years, then will pay an escalating fee starting in the third year: $1.50 each for the first $5 million over up to $3.25 each for teams $15-25 million over the cap and an extra 50 cents for each $5 million beyond that.
Restricted free agency: Teams now have three days to match an offer sheet for their own players, compared to seven days under past deals.
Sign-and-trades: They're available to all teams in the deal's first two years, then restricted in Year 3 depending on a team's payroll.
Extend-and-trades: Owners compromised and will still allow a player such as Carmelo Anthony to force a trade and contract extension to a team, but that team now can only offer a three-year extension with 4.5 percent raises.
Minimum team salary: Teams must reach 85 percent of the salary cap in the deal's first two years, 90 percent every year after that.
Amnesty clause: Each team can pay off one current player's contract but have that figure removed from their salary cap once during the agreement.
Yahoo!Sports, CBSSports.com and the Associated Press contributed to this article.Questions?
Q So it's done?
A No. Owners and players must vote on the deal, and approval is expected, but it won't be unanimous as there are factions of hard-liners in both camps who will be unhappy with substantive portions of the deal.
Q When do we play?
A The league wants three games on Christmas Day, and it's a safe bet the previously scheduled matchups -- Boston at New York, Miami at Dallas in an NBA Finals rematch, and Chicago at the Los Angeles Lakers -- will go on as planned. The Dec. 26 schedule and beyond? To be determined.
Q If there's a deal, why is nothing happening for two weeks?
A Only the framework of a deal is in place. Now the rules, the language, the nuances must be put to paper by lawyers. Until that's done, no players can be signed, traded, etc.
Q How will the schedule work?
A Still unclear. The easiest way to fill a 66-game schedule would have teams play four games against each divisional opponent (16 games) and two games against every other team in the league (50 games). It would also ensure that every team makes at least one appearance in every league arena.
Q Will there be preseason games?
A A person involved with the process told the Associated Press there will be, but details are still getting hammered out. A good guess would have teams playing two games, probably against a nearby rival. It's a strong possibility that those games will have reams of low-priced tickets, a sort of apology to fans,
Q What about the players who signed overseas? Can they come home?
A In most cases, yes. New Jersey guard Deron Williams said on Twitter early Saturday that he would soon be leaving his Turkish club Besiktas. Some players who signed deals with Chinese clubs might have to work a bit harder or pay to escape those contracts.
Q What happens to these scheduled charity games, such as the "Homecoming Tour" featuring LeBron James, Dwyane Wade, Chris Paul and Carmelo Anthony, or Mario Chalmers' game in Alaska on Dec. 1?
A Organizers were working Saturday to salvage at least some of them.