Players, owners agree on labor deal

Baseball’s labor talks are over, according to major league sources.

The new deal is for five years, giving the sport 21 years of consecutive labor peace. Major League Baseball will make an official announcement Monday.

The draft, sources say, likely will be modified, not by hard slotting, but by a tax similar to the luxury tax on payrolls with teams penalized for spending over a certain limit.

Draft-pick compensation for free agents also will change, with fewer restrictions on clubs that want to sign certain premier, or Type A, free agents. Some of those restrictions would ease immediately, sources say. Other adjustments would take effect in 2012.

The biggest obstacle to the agreement was said to have been the owners’ desire to limit the size of bonuses for drafted amateurs.