Christian Petersen/Getty Images(NEW YORK) -- The NBA is back in business.  

Owners and players have ratified a new collective bargaining agreement, paving the way for training camps and free agency to begin Friday. The 10-year deal includes a 50-50 split of basketball-related income, a higher luxury tax with progressive tax rates while keeping the soft salary cap system in place. Either side will be able to opt out of the agreement after six years.

“We think it’s a very good deal and it’s going to withstand the test of time,” NBA Commissioner David Stern said.

The NBA will tip off their 66th season on Christmas Day with five games including the defending champion Dallas Mavericks taking on the Miami Heat.

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