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NBA Update: Training Camp And Free Agent Signings01:54
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NBA Commissioner David Stern smiles during a news conference alongside Deputy Commissioner Adam Silver after the ratification of a new collective bargaining agreement on Thursday. (AP)
NBA Commissioner David Stern smiles during a news conference alongside Deputy Commissioner Adam Silver after the ratification of a new collective bargaining agreement on Thursday. (AP)

NBA players and owners ratified a new collective bargaining agreement on Thursday, officially ending the 161-day lockout that began July 1. The two sides agreed to a 10-year deal with an opt-out clause after six years, which will save the owners around $250 million a season. The 66-game 2011-2012 season will begin on Christmas Day.

Training camp officially opened on Friday, and the free-agency period began that same afternoon.

This segment aired on December 10, 2011.

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