NBPA President Michael Curry, NBA Commissioner David Stern and NBPA Executive Director Billy Hunter were all smiles in San Antonio after the June 21 CBA announcement.
(Chris Covatta/NBAE/Getty Images)

NEW YORK, July 30 -- The National Basketball Association and the National Basketball Players Association today announced that a new six-year collective bargaining agreement has been ratified and signed.

As part of the agreement, the NBA also announced that the Salary Cap for the 2005-06 season is $49.5 million. The mid-level exception for the upcoming season is $5.0 million.

The new Cap goes into effect at noon EDT on Tuesday, August 2, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.

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SAN ANTONIO, June 21 -- The NBA and the National Basketball Players Association announced that they have reached an agreement in principle on the key items of a new six-year collective bargaining agreement.

NBA Commissioner David Stern, Players Association Executive Director Billy Hunter and President Michael Curry announced the agreement prior to Game 6 of The Finals in San Antonio.

"This new agreement creates a strong partnership with our players, which is critical to our prospects for continued growth on a global basis," said Stern. "Once the deal is finalized, the NBA and its players will be able to focus on the enormous opportunities we have together."

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On June 12 before Game 2 of The Finals, NBA Commissioner David Stern and Deputy Commissioner Russ Granik met with the media, discussing at length the state of negotiations between the NBA owners and the Players Association for a new Collective Bargaining Agreement.

Read the full transcript and watch video [ 300k] from the news conference.

Then, on Friday, June 17, Commissioner Stern and NBA Players Association executive director, Billy Hunter, were on hand as labor talks resumed in New York City, in hopes of reaching an agreement before the July 1 expiration of the current agreement. Talks had broken down in recent weeks and the sides had not met since June 1.

Michael Curry, president of the players association, said Friday he was optimistic that owners and players may have a tentative agreement by the weekend.

On May 24, prior to the 2005 Draft Lottery, NBA Commissioner David Stern also addressed assembled media members to clear any misconceptions in reports surrounding the state of negotiations between NBA owners and the Players Association.


Obviously, the most recent communication from us to the players expressed our willingness to negotiate, to meet, and to make a deal.
-- Commissioner Stern, June 12

"We view ourselves as really negotiating over non-economic terms," Commissioner Stern stated on May 24 [ Video: 300k]. "Length of contract, drug testing and the minimum age for entering the NBA, which is currently at 18. There are hundreds of other things, but I did want to make it clear that contrary to media reports, there’s no place where there was a four-year proposal by us on the table in terms of contract length. It’s longer than that, and there’s been no suggestion that there wouldn’t be guaranteed contracts. That’s where we are."

The Commissioner's statements came in light of reports on the labor negotiations following Deputy Commissioner Russ Granik's announcement on May 18 that no further meetings were scheduled between the NBA's owners and the Players Association. Granik released his comments after the Players Association reversed its position on several key issues.

The current Collective Bargaining Agreement is set to expire June 30. NBA.com will keep you up to date on the negotiations of a new agreement and any statements made by the parties involved.