The NFL Players Union will meet with the union’s leadership and executives Tuesday morning to discuss a new agreement that could bring in $1.5 billion in new revenue.
The union is expected to present the proposal to its membership at its national convention in Orlando, Fla., on Tuesday.
The proposal, which was submitted to the union on Monday, is expected be approved by the players association’s board of directors on Thursday.
The players are negotiating to end the lockout, which has been in place since Nov. 7.
The players’ deal includes a $25 million increase to the players’ base pay and a $20 million increase for each of the next four years.
It includes a guarantee that the new revenue would not exceed 10% of the current revenues for the union.
Players will also be eligible to take up to an additional 10% in raises over the next five years.
In an interview with ESPN, NFLPA President DeMaurice Smith said the new deal will give players a shot at making up some of the lost revenue they’ve lost as a result of the lockout.
The plan also calls for the creation of an independent, outside commission to oversee the union as it seeks to negotiate a new contract, Smith said.
“The plan we are going to be presenting today is the first step toward the next step in negotiations,” Smith said, “which is the creation and approval of an agreement that will allow the players to keep their jobs, which they have been working towards for the past three years.”
The union’s first-year plan includes a new $2 billion cap on the salaries of players who have been in the league for more than two years.
Players also will receive a pay raise for every additional year they are in the NFL, to be paid in accordance with the current collective bargaining agreement.
The proposal calls for $25 billion in total revenue to be added to the salary cap.
This includes $5 billion to fund the retirement of players, the increase to players’ salaries for the next three years, and a guaranteed increase of $15 million per year in base pay for the following five years to keep the union financially stable.
Players also will be eligible for an additional $15 billion in raises in 2018.
The proposals comes as the union is still in negotiations with the NFLPA.
Smith said that the union will seek to have the new proposal approved by league executives before the new contract can go into effect.