What happened: Owners have proposed a salary cap in negotiations over MLB's next labor agreement. The players' union opposes the proposal, and the current agreement expires Dec. 1.

Why it matters: A lockout would halt trades and free-agent signings until a new deal is reached. A prolonged stoppage could also disrupt preparations for the 2027 season.

What to watch: The next test is whether bargaining narrows the gap before the agreement expires.