NFL Network's Albert Breer is reporting that the economics of the new collective bargaining agreement are "essentially" in place at this point. Thursday's negotiations were a big success, and now the only issues left to be solved are much smaller. They are still important, but Breer says it's unlikely any of them will serve as an obstacle to finalizing the new deal.
The reason so much progress has been made in just the last 24 hours is because the two sides reached an agreement on the rookie wage system. Both sides made concessions to get the issue taken care of.
While the institution of rookie compensation system is a concession in itself, the players side gave a little more in allowing some rules preventing the renegotiation of draft pick's deals until after three years. The owners' concessions came on the price tag for the fifth-year option for first-round picks, which the players want paid at the top of the market.
Adam Schefter reports that the money in contracts for first-round picks will go down about 40 to 50 percent from 2010. The money owners will save with paying rookies will instead go to veterans, which is how the system should have worked all along.