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MIAMI (AP) – The NBA and its players have agreed in principle on a new collective bargaining agreement, one that still needs to be formally ratified by players and owners in the coming weeks.

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The league announced the tentative agreement Wednesday night, one day before the sides faced a deadline for opting out of the current deal.

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That deadline for opting out has now been extended to Jan. 13, with the NBA saying that’s “In order to give both sides enough time to review the terms of the agreement and vote to ratify.”

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