NBA, union reach tentative agreement on new CBA

The NBA and the National Basketball Players Association have agreed to tentative terms on a new collective bargaining agreement, the league confirmed Wednesday night.

ESPN's Marc J. Spears first broke the story.

Details were not provided, but the length of the new CBA is seven years, reports The Vertical's Adrian Wojnarowski.

"In order to give both sides enough time to review the terms of the agreement and vote to ratify, the parties have agreed to extend the mutual deadline to opt out of the existing CBA from Dec. 15, 2016, to Jan. 13, 2017," the NBA said in a statement.

Players are expected to vote to ratify the deal next week, according to Spears.

Word leaked earlier Wednesday that a deal was close - a positive development after union vice president Carmelo Anthony went on record over the weekend to express doubt a deal would be reached before Thursday's opt-out deadline.

The new deal would replace the current CBA, which was signed after the 2011 lockout and designed to run through 2021. However, both sides had the opt-out date of Thursday as a chance to leave the contract.

It's believed the league and players will make compromises in the new deal, in terms of shortening the preseason, tweaking marijuana regulations, and creating new rules on extensions and restricted free agency.