IRVING, Texas (AP) — Major League Baseball says negotiators for baseball players and owners have a verbal tentative agreement on a five-year labor contract. The deal is subject to ratification by both sides.

The deal extends the sport's labor peace to 26 years and was reached about 3 1/2 hours before the expiration of the current agreement.

One source said as part of the deal, the luxury tax threshold rises from $189 million to $195 million next year and to $210 million in 2021. There will also be a new draft-pick drop for teams exceeding the threshold by $40 million or more.

Players seem to be onboard. Oakland catcher Stephen Vogt said in a text message: "It's great! Another five years of uninterrupted baseball."