League, players union come to agreement

NEW YORK -- The NBA's new collective bargaining agreement was finally completed and signed early Saturday, clearing the way for free agent signings to begin Tuesday.

Lawyers for the league and the players' union had been working nearly around the clock for the past several days on drafting the documents for the six-year agreement, which was agreed to in principle more than a month ago.

There already were two delays in the date for free agents to begin signing.

League attorneys will spend the next few days reviewing the agreement with teams, and signings will begin at 11 a.m. Tuesday.

The salary cap will be set at $49.5 million, an increase of $5.63 million from last season.

For the first time, teams will know before the season begins what the luxury tax threshold will be -- $61.7 million. Teams with payrolls over that will have to pay a dollar-for-dollar tax on the amount of their payroll that exceeds the $61.7 million.

Among the details:

-- Teams will have a one-time chance to waive a player under contract and be relieved of any luxury tax liability.

-- The minimum age for draft eligibility increases by one year. U.S. players must be at least one year removed from their high school class' graduation to be draft eligible. International players must turn 19 during the calendar year of that draft.

-- The minimum team salary is now $37.125 million.

-- The players will receive no less than 57 percent of basketball-related income, a percentage that will increase as revenues increase.

-- The maximum length of any contract drops from seven years to six. Free agents changing teams can sign for five years, down from six.