IRVING, Texas — Major League Baseball’s players and owners have agreed on a new collective bargaining agreement, sources tell’s Richard Justice. The new agreement calls for a five-year deal, according to multiple reports. Neither side has confirmed a new agreement is formally in place, but representatives from both camps emerged visibly pleased and shook hands in public view nearly four hours before Wednesday night’s deadline.

Players and owners had until 11:59 p.m. ET to reach a deal. After that, both sides would have had to agree to an extension or the owners could have imposed a lockout.

The structure of the deal is in place with details to be finalized. A memorandum of understanding will be drafted, which then must be ratified by both sides.

Baseball has enjoyed 21 years of labor peace, during which time the sport has earned record revenue and attendance figures. The new agreement means there will be no work stoppage for more than a quarter of a century.

The immediate impact is that free-agent negotiations and trade talks continue without any specter of interruption.

Among the thornier issues that had to be resolved were the possibility of an international Draft, roster sizes, ways to reduce the wear and tear on players who play 162 games in 183 days and changes to both the luxury tax and compensation to teams for departing free agents.

Paul Hagen and Richard Justice are national columnists for This story was not subject to the approval of Major League Baseball or its clubs.

Source: Mets News / Peace & glove: Owners, players reach CBA deal