Major League Baseball and the MLB Players Association struck a deal on Thursday night, finalizing critical salary and service-time issues, according to ESPN's Jeff Passan. According to the report, it will allow sides to prepare together for a season that has been delayed indefinitely by the coronavirus pandemic.

Sides were in talks for nearly two weeks trying to hammer out a deal, finally coming to one on Thursday with both parties making concessions.

The MLB Draft, which will be moved to sometime in July, could go for as little as five rounds this season, to the discretion of commissioner Rob Manfred. The international signing period could also be delayed due to it.

The MLB Players Association and the league worked to a compromise that would give signing bonuses with a small upfront payment (10%) and larger amounts due in July 2021 (45%) and July 2022 (45%) to even out compensation, according to ESPN's Kiley McDaniel.

All undrafted players would receive a maximum signing bonus of $10,000. That alone could push plenty of high school talent to choose another route like a four-year university, a community college, or to return to school.

Talks also included a framework for paying active players for their service time amid other considerations deemed vital before the start of the season, which was delayed due to the pandemic.

Players pushed to receive a full year of service time, which would count the days toward free agency, arbitration, and pension if the season were to be canceled. That was the final stone to turn to get this deal done.

The MLBPA agreed not to sue the league for full salaries if the 2020 season never takes place, and MLB will advance players $170 million over the next two months. Those with guaranteed major league contracts will get priority.

MLB owners had discussed shortening the draft even prior to postponing the season, and some expected it to be a point of discussion before the labor agreement between the league and the union expires in the winter of 2021.

This year's changes could pave the way for how the draft works in future seasons, as owners look to have less rounds than the whopping 40 it's had in the past decade. In 2011, the MLB Draft consisted of 50 rounds. Back in 1988, it was 75 rounds.

MLB also holds the right to shorten the 2021 draft to as few as 20 rounds and push back the following international signing period as well.