CBA approved; teams can negotiate with undrafted rookies

9:14pm ET - According to John Clayton, teams have been granted the right to sign negotiate but not sign undrafted rookies tonight. (Thanks, underdog)

9:10pm ET - The Baltimore Ravens have told RB Willis McGahee they intend to cut him, and Mike Klis says the Broncos figure to be a possible destination for the 29-year-old back who played for Broncos RB coach and former interim coach Eric Studesville for three years in Buffalo. McGahee has compiled 7,214 yards from scrimmage and 59 touchdowns in seven seasons and was due to make $6 million this season with the Ravens.

3:34pm ET - Via Jim Trotter of SI, here is a summary of the new CBA in PDF form

3:12pm ET - Pat Bowlen has issued a statement thanking the fans for their patience throughout the lockout

2:03pm ET - Albert Breer reports that the 32 player reps voted unanimously to approve the new CBA, while the 10 named plaintiffs in the Brady suit have signed off on the agreement as well.

12:07pm ET - Mark Ozanian of Forbes says that following the end of the lockout, he expects rumors of three NFL franchises as being up for sale. My guesses are Buffalo, Jacksonville and perhaps Cincinnati?

11:56am ET - Adam Schefter says teams can reach agreements with draftees and undrafted rookies starting at 10am ET tomorrow and negotiate with UFAs. Then, teams would be able to cut players starting at 4pm ET Thursday and start filing transactions with the league office on Friday at 6pm ET.

11:44am ET - Andrew Mason says the Broncos' players will report on Wednesday and practices will start on Thursday.

11:38am ET - Albert Breer has just tweeted that the new CBA will NOT include an early opt-out

11:12am ET - Jason La Canfora is reporting the following via Twitter (my edits for clarity):

Under agreed to timeline, trades and rookie signings start Tuesday, facilities open Wednesday. Unrestricted free agents (would be) free to negotiate with any team starting Tuesday (but) cannot sign with teams officially til Friday. Camps would open over weekend. Told there are some wrinkles that may surprise people as well. NFLPA execs still arriving in DC, a vote is expected this afternoon. All of this is pending recertification of NFLPA as well, but this is the plan for the week for now.

Original Entry - Adam Schefter is reporting that free agency may begin as soon as today, with teams able to begin re-signing their own free agents (ie. RFAs Matt Prater, Wesley Woodyard and UFA Marcus Thomas) and negotiate with other team's free agents this afternoon. Under this timeline, teams could also discuss trades today that would take effect as of this Saturday, July 30, and teams could sign UFAs starting at noon tomorrow, although those deals would not take effect until Aug. 2, on which day the new league year would commence.

Doug is IAOFM’s resident newsman and spelling czar. Follow him on Twitter @IAOFM