The NBA and NBA Players Association have signed a new collective bargaining agreement, it was announced in a joint statement on Thursday.
The deal takes effect July 1 and runs through the 2023-24 season. The league and the players agreed to the new CBA in December.
The new agreement keeps the basketball-related income split of 49-51 and slight changes in the salary cap and luxury-tax rules.
The biggest changes will be a raise in rookie contracts and veteran minimum deals as well as an increase in the mid-level exception salaries by 50 percent. The average NBA salary is expected to be more than $8 million.
The new CBA will also include designated veteran contracts, allowing stars to sign five-year extensions with a year left on their current contracts.