The NBA and National Basketball Players Association announced Wednesday night they have ratified the recently agreed-upon new collective bargaining agreement, one that will ensure labor peace through the remainder of this decade.
The new deal will go into effect July 1 and remain in place until at least the summer of 2029, when both sides will have the option -- as they did in the current deal -- to either opt into the final year of the deal or opt out to negotiate a new one.
The new agreement has several new elements designed to curb spending for the league's highest-paying teams, specifically the Golden State Warriors and LA Clippers.