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NBA, NBPA officially sign new 7-year CBA

Jose Mendez/EFE / USA TODAY Sports

The NBA and NBPA have officially signed a new seven-year collective bargaining agreement that will run through the 2023-24 season.

Both parties have the ability to opt out at the conclusion of the 2022-23 season provided they give notice by Dec. 22, 2022.

The new agreement will take effect on July 1, 2017.

The two sides reached a tentative agreement back in December, ratifying the deal later in the month.

Related: 8 noteworthy provisions reportedly going in the NBA's new CBA

While elements of the new agreement will remain the same, changes include a shorter preseason, two-year contracts, longer designated-player extensions, and salary increases across the board.

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