The NBA and National Basketball Players Association have agreed to amend the collective bargaining agreement ahead of the 2020-21 season, the league announced late Monday.
Free-agency negotiations will begin Nov. 20 at 6 p.m. ET, with signings permitted as of Nov. 22 at 12:01 p.m. ET.
Both sides are also progressing on talks to lift the NBA's moratorium on other transactions - including trades and contract options - two-to-three days before the Nov. 18 draft, sources told ESPN's Adrian Wojnarowski.
The salary cap will remain at $109.14 million for the 2020-21 campaign, which will start Dec. 22 and consist of 72 games. The cap and tax level ($132.63 million next season) will then be subject to increases of 3%-10% every year for the remainder of the CBA.
Players will also never have more than 20% of their salaries withheld in escrow during any season of the current CBA. The escrow figure and start date for 2020-21 were reportedly the main obstacles in negotiations between the league and union.