Carmelo Anthony was "skeptical" that the NBA and the NBA Players Association would agree upon a new collective bargaining agreement before the Thursday deadline, yet his fears proved to be unfounded.

Releasing a joint press release on Wednesday, the NBA and NBPA announced they have tentatively come to terms on a new CBA. The CBA will have to be ratified by players and team owners, but many believe that to be merely a formality.

From the NBA and NBPA:

The NBA and NBPA have reached a tentative agreement on a new Collective Bargaining Agreement, pending ratification by players and team owners.

In order to give both sides enough time to review the terms of the agreement and vote to ratify, the parties have agreed to extend the mutual deadline to opt out of the existing CBA from Dec. 15, 2016, to Jan. 13, 2017.

Specific terms will be made available at a later date.

This is great news, simply because it means that there will be no lockout in 2017 and next season will continue without a work stoppage. Best of all, according to The Vertical's Adrian Wojnarwoski, the new CBA is for seven years, which means there will be a labor accord for a considerable amount of time.

As the press release states, terms of the new CBA haven't been released. There have been reports, though, of D-League salaries increasing and the preseason being shortened, allowing for the regular season to start around Oct. 15 in 2017.

There likely will be more reports about some of the newer aspects of the CBA before the actual terms are released. But as of now, the actual terms don't really matter. What's important is that both the owners and players have come to an agreement quelling any fears about a possible lockout next season.