The owners' first proposal is a salary cap of $245.3 million for 2027 and a floor of $171.2 million with a 50-50 split of revenues.

A lot of new money has come into baseball, including from private equity firms. For owners hoping to sell, a cap could boost team value.

The MLB Players Association made its initial pitch on a labor deal; the owners will make their first proposal Thursday.

This is the first salary cap put forward since 1994, which led to strike action