Dec 9, 2011, 8:18 AM EST
In all the excitement over Chris Paul going to the Lakers Chris Paul staying with the New Orleans Hornets, one little thing happened on Thursday not many people noticed:
The players and owners approved the new NBA labor deal. It is in place and training camps are set to open Friday (even if not everyone is going to show up).
“I am pleased to announce that we have concluded the collective bargaining process and have reached an agreement that addresses many significant issues that were challenges to our league,” said NBA Commissioner David Stern in a released statement. “This collective bargaining agreement will help us move toward a better business model, a more competitive league and better alignment between compensation and performance.”
Just as a reminder, here are your highlights:
• This is a 10-year deal but both sides can opt out after six.
• League revenues (basketball related income) will be split 50/50 between owners and players (well, after the owners take a few hundred million off the top for “expenses,” with the players able to get up to 51 percent of the BRI if the league exceeds projections. This will save owners about $300 million a year compared to the old labor deal.
• There is a soft salary cap, however there are fewer exceptions that allow teams to exceed it than there were in the previous deal.
• Player contracts are up to four years if teams are signing a free agent, five years if teams are re-signing with the same team (Bird rights). Teams can also give larger raises when their ign their own.
• There will be a more stiff luxury tax for owners who exceed the tax threshold. However, it does not start for two years.
• There will be increased drug testing of players.
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