NBA owners and players have reportedly come to terms on a labor agreement that will allow for a 66-game regular season. There are still a few hurdles to get over — a few down-the-list sticking points have to be resolved and membership of both sides still have to ratify it through a vote — but it’s expected that the season will be underway by Christmas Day.

Details are scant on the terms of the agreement. It’s likely that ownership got significant concessions on the split of basketball-related income (possibly down to 50-50), and it’s been reported that there will be stiffer luxury tax penalties, and that players will retain certain free agency priviliges that had been under threat.

If the pieces all fall into place, both free agency and training camps will open on December 9th. The agreement was reached as a result of a marathon 15-hour negotiating session on Friday that went into the wee hours of Saturday morning. In a press conference at noon today, Commissioner David Stern and NBAPA executive director Billy Hunter seemed confident that the final details will be cleared and they will have the votes to get the season under way.