The NBA and its players have reportedly agreed to a new CBA that will guarantee no lockouts until at least 2023

There will be no lockout in the NBA next season as the owners and players have agreed to a new seven-year collective bargaining agreement, according to Adrian Wojnarowski of The Vertical.

The new deal runs through the 2023-24 season. However, there both sides can choose to opt out after the 2022-23 season.

The two sides have until December 15 to decide to opt in or out of the current CBA.

There had been a fear that one or both sides would want significant changes to the distribution of revenue which has skyrocketed in recent years thanks to new television contracts.

The NBA experience two significant lockouts during the negotiations for two of the most recent CBAs. In 1998 and 2011, lockouts canceled part of the those seasons with the 1998-99 season shortened to 50 games and the 2011-12 season had just 66 games for each team.

NOW WATCH: Sports agents reveal the biggest threat to an NFL player's financial success

Please enable Javascript to watch this video