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.

Baseball players seek expanded free agency and salary arbitration rights. They also want to nearly double the major league minimum salary and increase revenue sharing among teams.