What happened: The players' union's initial reaction to MLB's latest proposal is that the 2027 season would still be unfavorable to players, per Bob Nightengale. The union's objection centers on no increase in competitive balance tax thresholds, among other items.

Why it matters: MLB's current labor agreement expires Dec. 1 with the salary cap issue unresolved. A phase-in that pushes the cap to 2028 does not address the union's concern about luxury-tax thresholds in the first year.

What to watch: Watch for a formal union response and any revised offer ahead of the Dec. 1 expiration.