This is from: http://sheridanhoops.com/2011/11/26/nba-lockout-agreement-settlement-details/
Here are the essentials
The revenue split will be the old idea from 49% to 51% depending on revenue, but this time, the players can apparently go all the way up to 51%, instead of stopping short at 50.2.
The Carmelo rule is out- the owners didnt want teams to be able to trade players in their last year on a contract because they wouldnt sign with their previous team, only to sign with a new one. This got nixed.
Teams ABOVE the salary cap will be able to sign 4 year MLEs.
Rookie and veteran minimums remain the same- owners wanted 12 percent cuts.
Qualifying offers to RFAs will be "improved". A little unclear on this, but the time to match offer has been reduced from 7 to 3 days.
New 2.5 million dollar exception for those below the salary cap who use all their money to sign free agents. This way, instead of scrounging for minimum deals with veterans, teams can sign one more useful player.
Sign and trades are still in effect, though they can only be done under limited circumstances (who ever does these anyway).
Camps and free agency start on December 9th, and the season is slated to begin on Dec 25 with 3 marquee games, none of which involved the Clippers. I am looking around for word on pre-season games between the 16th and the 25th. Both owners and players need to get over 50% on the voting, and I am still not sure either will get it. While most players have already expressed belief, there is already a movement to stop this deal. Also, some of the hawkish owners (MJ cough cough) might not like all the concessions made.
The NBA season is tentative to start! It is a borderline miracle, but they pushed it through.
Edit: There IS an amnesty clause. I dont know any of the details, but there is one, so now we need to start checking out who other teams might drop. Rashard Lewis anyone?