The NFL Lockout Is Over—Here Is Football's New Deal

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Finally, football is back.

The NFL ended its lockout, and America's most popular sport is on this fall.

The new labor agreement with owners will reduce players' portion of the total revenue pie from 50 percent to about 47 percent, cap teams' salaries and bonuses at $120 million, and establish unrestricted free agency after four years. There will be no 18-game season.

Sports Illustrated has obtained what it calls a summary of the new labor settlement approved today. Here are the details:

MAJOR ECONOMIC POINTS
All Revenue System as basis for Player compensation
Eliminates issue of growing cost credit deductions and decreasing shares of All Revenue
Bands of Player Share 48.5% to Guaranteed Floor of 47%
Creates $610M Legacy Fund for Pre-93 Players
No Rookie Wage Scale
Rookie Savings = $950M 10 years
Teams make first contribution to Pensions for first time in history
Guaranteed 99% -95% League Wide Spend for first time in history
89% cash spend of Salary Cap for first time in history
Minimum Salary increase of $55K from 2010
Guaranteed Contracts against Injury up to Year 3 for first time

MAJOR NEW WORK RULES
Eliminates 2-a-day practices
Average one (1) padded practice per week
Maximum 4.5 hours of field per day in training camp
One (1) padded practice limited to 3 hours in training camp
Second practice limited to non-helmet walk through
Unannounced inspections by NFLPA Staff to ensure compliance
Spring Semester Off: Limit of 9 week off season conditioning program; veterans do not report until the 3rd week in April; reduces OTAs from 14 to
10; maximizes time for players to return to school to complete degree

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Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

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