Here are some frequently asked questions regarding the collective bargaining agreement now that both the NFL owners and players have approved the deal.

Q: How long would the new collective bargaining agreement run?

Unlike with other major North American sports leagues, this agreement is unique in that it's a lengthy 10-year deal and would run through the 2020 season.

Q: How will the salary cap be determined?

The salary cap will be set at $120.375 million US for the 2011 season, and at least the same amount for 2012 and 2013. As long as the league spends 99 per cent of the cap, individual teams are required to spend 89 per cent ($106.8 million). It will be interesting to see how teams like the Buffalo Bills and Cincinnati Bengals, who are notoriously stingy with their finances, cope with the new system.

For the 2013-2016 seasons, and again for the 2017-2020 campaigns, the clubs have committed to spending up to 95 per cent of the cap. Each team will also spend 89 per cent of the cap during that time.

Q: What percentage of all revenue would the players receive?

Players would receive 55 per cent of national media revenue, 45 per cent of NFL Ventures revenue, and 40 per cent of local team revenue.

Q: Salaries for rookies were getting way out of hand. How does this affect the new players coming into the league?

There will be a cap on spending for rookies. No more will you see contracts like the one St. Louis quarterback Sam Bradford received last year, one where the Rams guaranteed their quarterback $50 million. One of the side benefits that should come from the new cap on rookie contracts is teams will now be more inclined to trade up to the No. 1 spot in the NFL draft more often because they won't have to shell out so much money to an unproven player. Rookies will now sign a four-year entry level contact with a team option for a fifth.

Q: What are some other notable parts to this deal?

Veterans will earn free agency after four seasons. In addition, there will be later training camps and no more full-contact, two-a-day practices (Somewhere, Bill Parcells is choking on his muffin). Off-season team activities (OTAs) will also be reduced from 14 to 10.

With files from NFL.com