NEW YORK — The WNBA and its players’ union reached an agreement in principle on a transformational new collective bargaining agreement early Wednesday morning.

Specifics still need to be finalized over the next few weeks as lawyers on both sides work on the new CBA. A term sheet should be done in the next day or two. It will then need to be ratified by the players and then approved by the league’s Board of Governors.

“I just want to say we have aligned on key elements of a new collective bargaining agreement together. We still need to finalize a formal term sheet, but the progress made in these discussions marks a transformative step forward for players and the league,” WNBA commissioner Cathy Engelbert said. “It underscores a shared commitment to the continued growth of the game. So, we’ll share additional details as they become available.”

The deal is expected to greatly increase player salaries with million dollar players — a first for the league entering its 30th season that will start on time. That would increase salaries fourfold from last season.

“For the first time player salaries are tied to a truly meaningful share of league revenue, driving exponential growth in the salary cap, increasing average compensation beyond half a million dollars and raising the standard across facilities, staffing and support,” union president Nneka Ogwumike said.

The agreement is set to reflect the league’s skyrocketing growth and popularity. Attendance, viewership and investment from stakeholders has increased to historic levels over the past few years.

“The deal is going to be transformational,” union vice president Breanna Stewart said. “It’s going to build and help create a system where everybody is getting exactly what they deserve and more from on the court and off the court aspects.”

The deal came after the two sides spent the past eight days in intense in-person negotiations that lasted for more than 100 hours. They came to the agreement at about 2:20 a.m. ET Wednesday after spending more than 10 hours of discussions on Tuesday.

“This is historical for women’s sports. I told Cathy it’s not just for the players that are entering the league or the players that aren’t already here,” Ogwumike added. “We’re just really grateful to be able to come to a deal. We’re proud of ourselves.”

WNBA leadership and the union met with reporters together in the lobby of a New York hotel shortly before 3 a.m. ET

The deal comes 17 months after the players opted out of their previous agreement and five months after the previous deal was initially set to expire, with talks often becoming contentious.

“We opted out because what we were giving to this league and what we were getting back didn’t match,” union executive committee member Alysha Clark said. “You could feel the growth everywhere, but it wasn’t showing up for the players the way it should. So we stayed with it until it did.”

Revenue sharing has been the biggest hurdle over the course of the negotiations. Other key issues that were slowing down getting a deal done included housing and franchise tags on players.

“I hope young girls and women see this and feel it, to know their voice matters, their value matters, and they don’t have to settle for less than that,” said executive committee member Brianna Turner. “Now, we get back to the game. Back to competing, back to that feeling, and back to being out there with our fans.”

Now, the league will have a sprint over the next two months to get to opening day on May 8. An expansion draft for new teams in Toronto and Portland needs to take place. Also, teams will need to negotiate with the more than 80 per cent of players who are free agents this offseason. Training camps are set to open on April 19 — six days after the college draft.