The MLB and their players' union have reached agreement on a new five-year collective bargaining agreement that will extend through the 2021 season.
The new agreement averts a potential lockout of the players that would have frozen baseball's hot stove and pulled the plug on the major league portion of next week's winter meetings.
The two sides had been negotiating almost continuously for more than 24 hours.
The final hurdle was believed to be an agreement on a new luxury tax system as well as an end to draft-pick compensation for free agents signed by all but a handful of teams.
The luxury-tax threshold will jump from $189 million to $195 million next year, $197 million in 2018, $206 million in 2019, $209 million in 2020 and $210 million in 2021.