The Denver Nuggets are in negotiations with NBA players to reach a collective bargaining agreement.
The team and players reached a tentative agreement Wednesday in a meeting at the league office in New York.
“We’re happy to be able to get this done,” said general manager Tim Connelly.
“There is no other way we could do this.”
Connelly and Nuggets owner Joe Lacob have worked on a deal for nearly a year.
NBA teams are expected to formally announce their teams in February.
Nuggets players are expected at the NBA owners meetings in Las Vegas, where they will meet with representatives of the league’s 29 owners and NBA owners’ committees.
NBA Commissioner Adam Silver said the league will meet this week to discuss the agreement, and he expects to make a decision by mid-April.
Connelly said the deal includes a new salary cap and salary cap-friendly measures that are expected in the next couple of weeks.
NBA players and coaches agreed to a two-year extension that will pay them $12.5 million next season and $17 million in 2020-21.
The players will get an extra $1.5 billion in guaranteed money.
Connherty said the Nuggets also agreed to new salary-cap measures, which are expected next month.
The new measures include the team and coaches agreeing to a $5 million salary cap, the NBA Players Association agreeing to an annual $1 million cap for players, and the NBA agreeing to the “cap-friendly” rules that will allow teams to have a cap-space advantage.
Conn, who was hired by the Nuggets in January, has said the team is in the process of evaluating the new salary caps and cap-like measures.
The Nuggets have been in negotiations to re-sign veteran players such as Chris Bosh, Danilo Gallinari and Danilo Galleani, who have been on long-term deals.
Conn was a candidate to be the team’s president.
He will not be on the Nuggets’ board of directors.
NBA commissioner Adam Silver says the league is in talks with teams on a collective-bargaining agreement.
Here are some highlights of the latest on NBA free agency: NBA commissioner Adam L. Silver says NBA teams will meet next week to decide their compensation for free agents.
Here’s a rundown: The NBA will allow all teams to retain 10 players at $2.7 million and give them bonuses for reaching the minimum salary of $1,500 per game, league sources said.
The maximum salary is $5.6 million.
The minimum salary is set to rise to $6 million, with an exception for players who earn $1 in a year or $1 per month.
For players with a maximum salary, the league has allowed teams to keep 10 players in exchange for an additional $500,000.
The league’s current maximum salary of about $5 billion is $2 billion.
The NBA has a new $50 million per-year television contract, which will be announced this week.
The total is set at $200 million for next season, $275 million for the 2018-19 season, and $300 million for 2020-22.
The average salary is expected to increase to $15 million in 2018-2019 and $18 million in 2019-20.
The cap-happy rule is expected in mid-May.
The owners’ committee is expected next week.
Here is the full list of players, teams and league officials who have agreed to contract extensions.