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NFL Lockout: Owners, Players Reached Agreement On New CBA

It took 132 days, but the NFL owners and players have finally reached an agreement on a new Collective Bargaining Agreement, bringing an end to the NFL Lockout.

The lockout, which was the league's longest work stoppage in its storied history, began in early March when the players union decertified and Tom Brady, Peyton Manning and Drew Brees led a group of plaintiffs in an antitrust lawsuit against the NFL.

Under the new CBA, which lasts for 10 years, teams will have a $120 million salary cap for the 2011-12 season (New England Patriots are currently around $7 million under the new cap). In addition, players will receive between 46.5 and 48.5 percent of total league revenue, there will be a rookie wage scale, players can only be slapped with the franchise tag once and retired players will receive $1 billion in benefits and $620 million towards the "Players Legacy" fund. Here's a list of the upcoming post-lockout schedule from CBS Boston.

July 26 - Team facilities will be open for voluntary training, conditioning and classroom instruction.

Teams can sign their drafted players, as well as undrafted free agents.

The trading of players can begin.

Teams can negotiate, but cannot sign or give offers sheets to their own unrestricted free agents, restricted free agents and franchise players.

July 28 - Beginning at 4 p.m. ET, teams can begin to waive or terminate players.

July 29 - Unrestricted free agency begins July 29 at 6 p.m. and clubs can begin signing players - their own or other teams' players. No payment can be made to players until a CBA is signed.

Aug 4 - The league year can begin no later than today.

For more NFL Lockout coverage, visit SB Nation and follow our StoryStream.