MLB’s players and owners reach new labor agreement

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Great news, Major League Baseball fans.

According to FOX Sports’ Ken Rosenthal, MLB’s players and owners have reached agreement on a new labor deal that will be officially implemented on Monday and will last for the next five seasons.

Full details of the agreement have not yet been released, but we’re expecting two major changes: an overall spending cap for teams in the amateur draft and a significant shift in the current free agent compensation system. Rumor has it that Type B statuses could be thrown out and that the requirements for achieving Type A status will be revamped.

Some would argue that capping draft spending is bad for the game in that it limits baseball’s ability to lure amateur athletes away from other sports, but labor peace is what’s most important and Major League Baseball will be able to boast 21 straight years of it when they announce this new five-year deal.

Meanwhile, our friends at ProBasketballTalk are covering lockout day No. 140 in the NBA.