Basically, this deal gets them a 10-year deal, with a mutual opt-out at year eight, a seven-year player contract limit (eight if a team re-signs its own player), and a $60 million salary cap in the first year. There are some other details there, but that's where they ended up on some of the more divisive issues.
The fine print still needs to be hammered out and the membership still needs to vote on it to become official, but that's only a matter of time.
Either way, here's a good expression of my reaction when I read the good news this morning.
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