Storm forward Nneka Ogwumike, left, is fouled by Phoenix Mercury guard Kahleah Copper on Aug. 17 in Seattle. (AP file photo)

NEW YORK — The WNBA will have its first million dollar players after the league and its players’ union reached a deal 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 landmark deal is expected to greatly increase player salaries, with top stars potentially making a supermax of $1.4 million in the first year, according to a person familiar with the negotiations.

The person spoke on condition of anonymity because of the sensitive nature of the discussions.

The salary cap for the 2026 season is expected to be $7 million with average salaries more than $585,000, according to the person. The minimum salary would be around $300,000 as the league enters its 30th season. This 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 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. Wednesday after spending more than 10 hours of discussions on Tuesday.

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AP WNBA: https://apnews.com/hub/wnba-basketball