08-30-2002, 09:48 PM
Quote:Some Deal Specifics
The settlement includes a number changes to the collective bargaining agreement. The Associated Press obtained a detailed list of the settlement specifics. Here are some of the highlights:
The agreement calls for $258 million to be transferred annually from richer clubs to poorer clubs. The deal will be phased in, with 60 percent being transferred in the first year, 80 percent in the second and full implementation of the $258 million in the third and fourth years.
The luxury tax threshold starts at $117 million next year and rises to $120.5 million in 2004, $128 million in 2005 and $136.5 million in 2006. The rate will be 17.5-40 percent, depending on the season and the number of times a team goes over the threshold.
In an effort to avoid the chaos of this year, when the sides were working without a contract, this deal calls for a rollover of the terms on revenue sharing and the luxury tax to rollover into 2007 if a new CBA still is being negotiated.
Players agreed not to challenge any contraction moves in 2007.
The worldwide draft has been set aside for further study.
The minimum salary climbs from $200,000 to $300,000.
Players accepted a policy that authorizes random testing for steroid use.
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