The NBA and the National Basketball Players Association have agreed in principle to a seven-year collective bargaining agreement.

The sides announced the deal on Wednesday, pending ratification by players and team owners.

In order to give both parties enough time to review the terms of the agreement and vote to ratify, the parties have agreed to extend the deadline to opt out of the existing CBA until January 13. 

The deadline to reach a new deal between the two sides was due to end on Thursday, so the pact came just in time.

Of note, the new CBA, once ratified, will shorten the NBA's preseason in the interest of beginning the regular season one week earlier beginning 2017-18, according to reports.

Another point of discussion was whether to continue with the league's one-and-done rule for incoming players. The sides decided to table the issue for a later date, the report said, so current rules will remain unchanged for now.