New York, New York - The NBA and the NBPA, the players association, announced a deal on a new collective bargaining agreement (CBA), which is set to include a new in-season tournament.

The two parties made the announcement early on Saturday, although details of the CBA's contents were not officially released.

"The NBA and National Basketball Players Association have reached a tentative agreement on a new collective bargaining agreement, pending ratification by players and team governors," a statement read.

"Specific details will be made available once a term sheet is finalized."

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ESPN reported the terms of a seven-year agreement that is set to come into place from next season.

The most notable addition is that of an in-season tournament, which would see eight teams advance to a single-elimination bracket ahead of a "Final Four" at a neutral site.

Those games would count towards the regular season standings, meaning the two finalists would play 83 games.

The agreement is also reported to include changes to eligibility rules for end-of-season awards, requiring MVP candidates to appear in 65 games in order to qualify – an attempt to curb load management.

Further tweaks relate to team spending and contracts, with the upper limit for player extensions set to increase.