Adam Schefter is reporting that the players and owners have agreed upon a new rookie wage scale and are one step closer to reaching a new CBA. According to John Clayton, all first-round picks would receive four-year rookie contracts with fifth-year options which teams would be able to exercise following the players' third and fourth seasons.
Although the two sides were not previously scheduled to meet tomorrow, they are now expected to continue their talks late into the night and reconvene tomorrow. The issues yet to be resolved include workers' comp, settlement of the TV damages suit and the Brady suit, and the extra rights of first refusal owners are seeking to help them retain free agents this year. According to ESPN's report, the owners are (of course) asking that the players recertify their union and omit judicial oversight from future labor disputes.
UPDATE 9:50PM ET - Clayton is now reporting that the two sides have agreed to set the 2011 salary cap at $120 million with a salary floor close to 100 percent of that number, while Sal Paolantonio says an agreement is close at hand