NBA owners and players reached a tentative agreement early Saturday to end the 149-day lockout and hope to begin the delayed season on Christmas Day.
Neither side provided many specifics, but said the only words players and fans wanted to hear.
"We want to play basketball," Commissioner David Stern said.
After a secret meeting earlier this week, the sides met for more than 15 hours Friday, working to try to save the season. This handshake deal, however, still must be ratified by both owners and players.
Stern said it was "subject to a variety of approvals and very complex machinations, but we're optimistic that will all come to pass and that the NBA season will begin Dec. 25."
Barring a change in scheduling, the 2011-12 season will open with the Boston Celtics at New York Knicks, followed by Miami at Dallas in an NBA finals rematch before MVP Derrick Rose and Chicago close the tripleheader against Kobe Bryant and the Lakers.
The league plans a 66-game season and aims to open training camps Dec. 9.
Just 12 days after talks broke down and Stern declared the NBA could be headed to a "nuclear winter," he sat next to union executive director Billy Hunter to announce the deal.
"We thought it was in both of our best interests to try to reach a resolution and save the game," Hunter said.
A majority on each side is needed to approve the agreement. The NBA needs votes from 15 of 29 owners. (The league owns the New Orleans Hornets.) Stern said the labor committee plans to discuss the agreement later Saturday and expects them to endorse it and recommend to the full board.
The union needs a simple majority of its 430-plus members. That process is a bit more complicated after the players dissolved the union Nov. 14. Now, they must drop their antitrust lawsuit in Minnesota and reform the union before voting on the deal.
Because the union disbanded, a new collective bargaining agreement can only be completed once the union has reformed. Drug testing and other issues still must be negotiated between the league and the players.
"We're very pleased we've come this far," Stern said. "There's still a lot of work to be done."
The settlement first was reported by CBSSports.com.
Participating in the talks for the league were Stern, deputy commissioner Adam Silver, Spurs owner Peter Holt, the chairman of the labor relations committee, and attorneys Rick Buchanan and Dan Rube. The players were represented by executive director Billy Hunter, president Derek Fisher, vice president Maurice Evans, attorney Ron Klempner and economist Kevin Murphy.
"This was not an easy agreement for anyone. The owners came in having suffered substantial losses and feeling the system wasn't working fairly across all teams," Silver said. "I certainly know the players had strong views about expectations in terms of what they should be getting from the system. It required a lot of compromise from both parties' part, and I think that's what we saw today."
This program aired on November 26, 2011. The audio for this program is not available.