CHICAGO, IL - OCTOBER 29:  MLB Commissioner Rob Manfred laughs during a ceremony naming the 2016 winners of the Mariano Rivera American League Reliever of the Year Award and the Trevor Hoffman National League Reliever of the Year Award before Game Four of the 2016 World Series between the Chicago Cubs and the Cleveland Indians at Wrigley Field on October 29, 2016 in Chicago, Illinois.  (Photo by Elsa/Getty Images)
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Report: Owners, union agree on new collective bargaining agreement

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Update #6 (2:53 AM EST): The new CBA has also reduced the minimum number of days for a player to be placed on the disabled list from 15 to 10 days.

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Update #5 (10:47 PM EST): New major league players will be banned from using smokeless tobacco under the new CBA, per Sherman. Current major leaguers are grandfathered in.

Rosenthal reports that, starting in 2018, the regular season schedule will begin in the middle of the week which will allow for extra off-days throughout the rest of the schedule.

The Athletics will be phased out as a revenue-sharing recipient over the next four years, also per Rosenthal.

A player can now only be given a qualifying offer once in his career. Yeah, Rosenthal.

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Update #4 (10:32 PM EST): MLB.com has officially announced the news.

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Update #3 (9:37 PM EST): ESPN’s Jayson Stark reports that there will still be draft pick compensation. Teams that exceed the luxury tax threshold will lose a second- and fifth-round draft pick. Teams under the threshold will lose a third-round pick.

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Update #2 (9:06 PM EST): Jon Heyman of FanRag Sports reports that while there will be no international draft, international signings will be capped at around $5-6 million per team per year.

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Update (8:55 PM EST): Joel Sherman of the New York Post hears that the new CBA will have a luxury tax threshold starting at $195 million and rise to $210-215 million over the span of the five-year deal. Sherman also hears that the new CBA will have a 60-70 percent penalty for those who go far beyond the threshold, aimed at those with payrolls around $250 million or greater.

Sherman adds that there will be no 26th roster spot as previously speculated. The current 25-man roster with expanded rosters in September will remain.

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With a few hours left before the midnight deadline, the owners and the players’ union have agreed to a new collective bargaining agreement, Ken Rosenthal of FOX Sports reports. The other two possibilities were a lockout and an extension to continue negotiations. Thankfully, this didn’t have to drag on any longer than was necessary.

Jeff Passan of Yahoo Sports reports that the new CBA will span the next five years (2017-21).

More details about the CBA should be coming shortly. We’ll provide updates here when they’re revealed. We do know that the owners reportedly conceded on instituting an international draft. The qualifying offer system was reportedly on the chopping block as well. The owners were also concerned with the luxury tax threshold.

Now that the CBA has been finalized, expect hot stove action to ramp up considerably. Many teams were waiting to see how the new rules would affect their spending.

Brewers sign Neftali Feliz

SEATTLE, WA - JUNE 29: Neftali Feliz #30 of the Pittsburgh Pirates delivers a pitch during the eighth inning of a game against the Seattle Mariners at Safeco Field on June 29, 2016 in Seattle, Washington. The Pirates won the game 8-1. (Photo by Stephen Brashear/Getty Images)
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The Brewers have signed Neftali Feliz to a one-year, $5.35 million contract. There are some performance incentives in the deal that could push it to $6.85 million. Feliz will likely open the 2017 season as the Brewers’ closer.

The 28-year-old righty is coming off of an impressive season with the Pirates. His hits allowed per nine innings were WAY down and his WHIP dipped sharply as well, despite the fact that he walked a few more dudes. That was offset by a big spike in his strikeout rate: from 7.3/9IP in 2015 to 10.2 last year. A blemish: he missed the last month of the season after suffering a bout of arm soreness, though no structural problem was ever uncovered, he’ll likely be good to go next month.

Marlins acquire starter Dan Straily from the Reds

CINCINNATI, OH - SEPTEMBER 3: Dan Straily #58 of the Cincinnati Reds throws a pitch during the first inning of the game against the St. Louis Cardinals at Great American Ball Park on September 3, 2016 in Cincinnati, Ohio. (Photo by John Sommers II/Getty Images)
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The Miami Marlins have acquired starting pitcher Dan Straily from the Cincinnati Reds. In exchange, the Reds will receive right-handed pitching prospects Luis Castillo and Austin Brice and outfield prospect Isaiah White.

For the Marlins, they get a solid starter who logged 191.1 innings of 113 ERA+ ball last year. Straily has moved around a lot in his five big league seasons — the Marlins will be his fifth club in six years — but it was something of a breakout year for him in Cincinnati. The only troubling thing: he tied for the league lead in homers allowed. Of course, pitching half of his games in Great American Ballpark didn’t help that, and Miami will be a better place for him.

Castillo is 24. He split last season between high-A and Double-A — far more of it in A-ball — posting a 2.26 ERA over 24 starts. Austin Brice is also 24. He pitched 15 games in relief for the Marlins last year at the big league level with poor results. He seemed to blossom at Triple-A, however, after the Marlins shifted him to the pen. White was a third round pick in the 2015 draft. He played low-A ball as a minor leaguer last year, hitting .214/.306/.301.

A mixed bag of young talent for the Reds, but stockpiling kids and seeing what shakes out is what a team like the Reds should be doing at the moment. For the Marlins: a solid mid-to-back end starter who may just be coming into his own.