Short answers, pulled from the story.
The NBA collective bargaining agreement is a contract between the league (the commissioner and the thirty team owners) and the National Basketball Players Association. It governs player contracts, trades, revenue distribution, the NBA draft, and the salary cap.
Under the 2016 NBA CBA, players receive approximately 49 to 51 percent of league revenue. This is down from the 57 percent they received under the 2005 agreement, and the 2011 CBA reduced the share further before the 2016 deal set the current range.
The 2011 NBA lockout was caused by the expiration of the 2005 collective bargaining agreement after the 2010-11 season, when the league and the players' union could not quickly reach a new deal. A new CBA was ratified in December 2011, ending the lockout.
Two-way contracts were created by the 2016 NBA CBA. They allow players to move between their NBA team and their NBA G League affiliate under a single contract, giving teams flexibility and providing a pathway for developing players.
Under the NBA CBA, a team may have a maximum of 15 players on its active roster, and at least eight must suit up for every game. Teams may also hold a maximum of two players on the Inactive List, and the league guarantees a minimum average of 14 players per team across the association.
The most recent NBA CBA, ratified in 2023, took effect on the 1st of July 2023, and runs through the 2029-30 season. It was reached by the 26th of April 2023, after the two sides agreed to extend the opt-out notice deadline from the 15th of December 2022, to the 8th of February 2023.