Let the Games Begin
According to multiple news sources, NFL players and owners have finalized a new 10 year labor deal that will end the work stoppage that began in March.
As part of this new deal, players will now receive approximately 47% of the roughly $9 billion in annual league revenues while the owners will receive approximately 53%. This differs from the previous collective bargaining agreement under which the revenue was split nearly 50/50 between players and owners.
In addition to determining how annual revenues will be divided, players and owners have reportedly also agreed to the following terms:
– A $120 million (per team) salary and bonus cap for 2011
– At least $120 million (per team) salary and bonus cap for 2012 and 2013
– An initial salary floor of 99% of the salary cap that drops to 95% and then 89%
– A salary system to “rein in” spending on first-round draft picks
– Unrestricted free agency for most players after four seasons
Now that a deal is finalized, free agency will soon officially begin and teams will be able to negotiate agreements with rookies and free agents.
Due to the fact that free agency is getting such a late start, this week could be very hectic for the teams, the players, and the players’ agents, attorneys, and accountants.