A Hill source passes along a summary of “the deal” between Waxman and the Blue Dogs that is circulating to relevant offices:

language that the public plan is optional
Negotiated rates
Adjusted the small business exception to $500K payroll, with tax penalty phased
up to $750K
New delivery reforms include value based purchasing for hospitals and the payment innovation center
Additional level playing field requirements for the public plan
Bill has to be under $1 trillion (not counting SGR) and less than bill as introduced.
Independent insurance agents
Grandfathered existing state exchanges
Clarified that states have the option for state exchanges
There shall be state based co-ops in addition to public option
Cut the inflation indexing on the subsidy and increased the premium cap from 11% to 12% of income.

As noted, part of the deal is that there will be no vote on the House floor on the legislation until September to give everyone time to review the five bills, presuming the Finance Committee approves their own version.