In fact, when the new CBA was presented to the team owners, they unanimously ratified it. The ratification process was regarded as a mere formality after negotiations came to an end earlier this month.
But the official document has yet to be fully drafted out. Although the NBA has until the end of the current NBA season to do so, details the Sports Illustrated.
Incidentally, the new CBA can run through the 2023-24 NBA season but it has a mutual opt-out in the 2022-23 season, which seems to have been patterned on player contracts for purpose of allowing for a renegotiation for a better and more satisfactory deal for the parties concerned.
The CBA of the NBA is the contract between the NBA represented by Commissioner Adam Silver and the 30 team owners and the NBA Players Association or the union.
The CBA dictates the rules of player contracts, trades, revenue distribution, the NBA draft, and the salary cap, among other important things related to operating and managing an NBA ballclub.
The last time that the NBA had a lockout was after the 2010-11 season when no new CBA was ratified. Subsequently, a new CBA was ratified in December 2011 that ended the lockout but it already shortened the regular season from an average of 82 games per team to 66 games per team.