Labor peace is assured in the NBA into the next decade after the league and the players' association ratified the new collective bargaining agreement (CBA).

The league announced Friday that the CBA was ratified this week by both sides.

The new deal kicks in July 1 and runs through the 2023-24 season, though reports have said there is an opt-out provision after 2022-23.

Several new wrinkles are set to take effect under the new agreement.

Among the most notable is a change in the "over-36" rule, which prohibited teams from offering five-year maximum contracts to players who would reach that age at any point during the deal.

The age limit is now 38, opening the door for players like LeBron James to earn millions more than they would have under the existing CBA.

The new CBA will also usher in a reduced preseason schedule and an earlier start to the regular campaign, reducing the number of back-to-backs teams will have to endure.