What happened: ESPN broke down the initial proposals exchanged in MLB's collective bargaining talks, headlined by a salary cap. Owners have proposed a hard cap-and-floor structure, while the Players' Union has countered with a soft cap-and-floor framework. Additional proposals reportedly include trimming the amateur draft from 20 rounds to 12 and removing high school players from draft eligibility.

Why it matters: A salary cap has long been the sport's central labor flashpoint, and a hard-cap proposal sets up a contentious negotiation ahead of the next agreement. The gap between the owners' hard structure and the union's soft counter signals how far apart the two sides remain. Draft changes would reshape how teams acquire and develop young talent.

What to watch: Watch for the union's formal response and whether the cap structure becomes the defining issue of the negotiations.