The NBA and NBPA have reached agreement on a tentative deal on a new collective bargaining agreement. The deal is pending ratification by players and team owners, which is considered a formality.

The parties have agreed to extend the mutual deadline to opt out of the existing CBA from Dec. 15, 2016 to Jan. 13, 2017 in order to finalize more minor points.

The new deal will run through the 23-24 season with a mutual opt-out available to both parties in 2022, according to Adrian Wojnarowski.

The existing split of basketball related income is expected to remain unchanged with players receiving between 49 and 51 percent. The lockout of 2011 saw the players' share drop from 57 percent.