Collective Bargaining Agreement ratified

The NBA announced it's new Collective Bargaining Agreement as it was ratified Friday and will clear the way for free agents to sign with teams on Tuesday at noon, eastern standard. In the meantime, officials will be going over rules and figures with teams in order to make sure everyone understands the new agreement. Some basic features of the new CBA:

The salary cap is set at $49.5 million which is an increase of $5.63 million dollars.

There is also a new salary cap threshold - $61.7 million. Any team exceeding that must pay the dollar-for-dollar penalty required of the soft cap system. In fact, with the new agreement, teams will now know ahead of time what the luxury tax threshold will be unlike in previous years where it remained a mystery for most of the season.

The amnesty salary cap clause will be in effect. Teams can waive a player's contract that will relieve them of the luxury tax penalty one time only. Allen Houston and Michael Finley look to be candidates for this clause.

The minimum team salary is now $37.125 million.

Maximum length of contracts has been reduced from 7 years to six. Free agents changing teams can now sign for 5 years maximum and not six like under the previous model.

Player movement is now expected to take off as the new CBA is ratified and allowing players to officially change teams and negotiate.