IRVING, Texas -- Major League Baseball's players and owners have agreed on a new collective bargaining agreement, sources tell MLB.com's Richard Justice. The new agreement calls for a five-year deal, according to multiple reports. Neither side has confirmed a new agreement is formally in place, but representatives from both camps emerged visibly pleased and shook hands in public view nearly four hours before Wednesday night's deadline.
Players and owners had until 11:59 p.m. ET to reach a deal. After that, both sides would have had to agree to an extension or the owners could have imposed a lockout.