The NBA and the Players Association have begun circulating memos to teams, players and agents outlining some of the specifics of the new proposed labor agreement that still must be ratified by the league's owners and players.
Among the specifics in the collective bargaining agreement:
• Revenue split: The players will receive anywhere from 49 percent to 51 percent of basketball-related income based on revenue projections. The split is set on a base case of 50 percent, with the players receiving 60.5 percent of every incremental dollar beyond the targeted amount.
• Maximum contract lengths: five years for Larry Bird rights players; four years for non-Bird players.
• Maximum salary: A player finishing his rookie scale contract will be eligible to receive a maximum salary equal to 30 percent of the salary cap if he signs with his prior team and meets certain performance benchmarks: first, second or third team All-NBA two times; an All-Star starter two times; or a one-time MVP.
• Annual salary increases: 7.5 percent for Bird players; and 4.5 percent for non-Bird players.
• Midlevel exception: up to $5 million starting salary with four-year maximum contract length for teams that don't exceed the luxury tax threshold by more than $4 million; teams that exceed the tax threshold by $4 million will be limited to using a $3 million midlevel exception with a three-year maximum contract.
• New $2.5 million exception for teams below the salary cap to go over the cap. Those teams can't use the midlevel or bi-annual exceptions.
• No reduction in rookie scale or minimum salaries.
• Player options are allowed for all players, similar to the previous collective bargaining agreement.
• Escrow pool: Ten percent of player salaries will be held each year.
• Teams now have three days to match offer sheets given to their own restricted free agents.
• Minimum team salary increases to 85 percent of the salary cap in the first two years of the deal and 90 percent of the cap in the years thereafter.
• Each team has one amnesty clause to use on a player currently under contract. The players' salary will be removed from the team's cap.
Other popular stories on Yahoo! Sports:
• Fan gets tattoo of Tim Tebow's name across his back
• Texas high schooler clears player on dunk
• LSU leaves no doubt en route to SEC title game
- Larry Bird