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Major League Baseball Lockout Ends As Union Reaches New Deal With Owners

World Series: Boston Red Sox v Colorado Rockies - Game 3

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The months-long lockout has come to an end as Major League Baseball and the Players Association have reached a deal on a new collective bargaining agreement.

The deal comes one day after the league announced it was canceling a second slate of games and was delaying the start of the season until April 14.

"BREAKING: Major League Baseball and the MLB Players Association have reached a tentative agreement on a new labor deal, sources tell ESPN. While it still needs to be ratified by both parties, that is expected to be a formality, and when it is: Baseball is back," ESPN's Jeff Passan tweeted.

Players are expected to report to Spring Training on Friday (March 11). Opening Day is scheduled for April 7, and teams will play a full 162-game season. The canceled games will be made up in 9 inning doubleheaders.

According to reporter Mark Feinsand, the new five-year CBA includes an increase of the minimum salary, a raise in the competitive balance tax thresholds, a universal designated hitter, and a 12-team postseason. It also resolves several other economic issues between the owners and players and features changes to the draft structure.