What happened: MLB has put forward its initial proposals in collective bargaining negotiations with the players' association, with a salary cap as the centerpiece. The package also includes an overhaul of the domestic amateur-entry system, including making high school players ineligible for the draft and college players eligible after their sophomore year.

Why it matters: A salary cap would mark the most consequential structural change to the sport's economics in a generation and sets up a contentious negotiation, as the union has historically rejected any cap. The proposed draft changes would reshape how amateur talent enters the league and how college programs are valued.

What to watch: Watch for the players' association's formal response and whether the cap proposal hardens the timeline toward a potential work stoppage when the current agreement expires.