Major League Baseball lockout ends after players, owners reach tentative deal

• The Major League Baseball lockout ended Thursday after players and owners reached a tentative deal.
• ESPN reported that the season is now set to begin on April 7, after it was delayed due to the lockout.

After more than three months of an owner-imposed player lockout, Major League Baseball is back, according to reports.

Major League Baseball and the sport's players union reached a tentative labor deal on Thursday that would allow Opening Day of the season to take place in early April, CNBC reported.

The season was originally set to begin on March 31, but the first two weeks were canceled after owners failed to reach a deal with players by a pair of league deadlines.

Thursday's deal came nearly 100 days into the player lockout implemented by owners, which led to the cancellation of spring training.

According to ESPN, the new collective-bargaining agreement means fans will get a full, 162-game season to 2022, with the new Opening Day slated for April 7.

Games previously canceled by the league during negotiations will be rescheduled.

Some of the biggest changes in the new CBA, per ESPN and other reports, include:

• Increase to competitive-balance tax to $230 million, growing to $244 million over time
• Increase in the minimum salary for players with less than three years of service from $570,500 to $700,000, growing to $780,000
• A bonus pool of $50 million distributed amongst younger players who do not yet qualify for arbitration
• Playoffs expanded to 12 teams
• Universal designated hitter
• A draft lottery akin to that in the NBA with the goal of discouraging teams from tanking
• Limits to the number of times a player can be optioned to the minor leagues
• A 45-day window on rule changes that opens the door for a pitch clock, shift ban, and larger bases all to be implemented in 2023
• Advertisements on uniforms, including patches on jerseys and helmet decals

With the new deal in place, spring training could begin as soon as Sunday, and new contracts and blockbuster trades could begin with a flurry.

Movement on the deal came after the league and players union agreed to table talks on one of the most contentious issues of the negotiations — the potential establishment of an international draft. Both sides decided to ultimately push the issue to a later date, agreeing to a July 25 deadline to establish an international draft that could go into effect in 2024. With that hurdle cleared, negotiations on the rest of the CBA were able to move forward. Hours later, baseball was officially back.

A source familiar with the agreement told CNBC that the deal is still subject to ratification and twenty-three of the MLB's 30 owners have to approve the arrangement. ESPN reported that the player association's executive committee and player representatives voted in favor of the deal.

MLB and the players association did not immediately respond to Insider's request for comment.