The NBA and the National Basketball Players Association have agreed to the new collective bargaining agreement.

The league and the NBPA announced in a joint statement Wednesday that they ratified the new CBA. It will kick in July 1 and run through the end of the 2029-30 season.

The two sides agreed to the CBA earlier this month, just hours ahead of a deadline that would've allowed either side to opt out of the current agreement. That could have led to a work stoppage, which would've been the first significant NBA stoppage since the 2011-12 season.

The new CBA includes several major changes, including an in-season tournament similar to the WNBA’s Commissioner’s Cup with a $500,000 per player prize. Players will need to appear in at least 65 games to be eligible for major awards, including MVP. A new luxury-tax level is being established, which will prevent teams from using midlevel exceptions in free agency, and the CBA increases the upper limits on veteran players’ contract extensions.

The new CBA also officially removes marijuana from the anti-drug testing program, though it was not being tested for since the 2019-20 season, and players can now invest in both NBA and WNBA teams. They can promote and invest in sports betting and cannabis companies, too.

Perhaps the biggest thing left out of the CBA was the elimination of the “one-and-done” rule. There were discussions about lowering the league’s age requirement to 18 again, which would've allowed players to enter the NBA Draft right out of high school. That, however, did not come to fruition.