The NBA and the NBA Players Association have agreed to a tentative seven-year collective bargaining agreement, reports Adrian Wojnarowski of The Vertical.
According to Wojnarowski, the owners and players must still ratify the agreement.
The league and the players association both had the option to opt out of the current CBA on Thursday at 11:59 p.m.
The minimum salary will rise around 45 percent, reports Bloomberg's Scott Soshnick. According to Soshnick, the new CBA will also include fewer back-to-back games and the chance for teams to expand their roster by one or two players.
Although multiple reports indicated a deal seemed likely, Knicks forward Carmelo Anthony expressed skepticism last week about a new CBA getting reached.
"Do I think something could happen by the 15th? Yeah I think something could happen," Anthony said last week to ESPN. "But I think this kind of put a dent in conversations."