Negotiations for MLB's next collective bargaining agreement opened in late May 2026 with sharply divergent initial proposals, as owners introduced a hard salary cap at $245.3 million alongside a payroll floor and 50/50 revenue split while the MLBPA countered with expanded arbitration eligibility, higher minimum salaries, and adjusted revenue sharing without any cap. The sides remain far apart on core economic structures that have defined past labor disputes, with the union reiterating long-standing opposition to caps and owners emphasizing competitive balance reforms. Early bargaining sessions have produced no meaningful convergence, mirroring the extended timeline of the prior agreement that required a lockout before resolution in March 2022. With the current deal set to expire December 1, 2026, the limited window and entrenched positions support traders pricing a new CBA by that date as the underdog outcome.