Negotiations for MLB's next collective bargaining agreement opened just days ago with introductory meetings between the league and MLBPA, well ahead of the Dec. 1 expiration of the current deal. Formal proposals remain weeks away, and major sticking points such as a potential salary cap—long opposed by the players' union—point to an extended process. Historical patterns show these talks often stretch into late fall or beyond, with owners historically favoring lockouts to avoid in-season disruptions. Trader sentiment favoring no agreement by the deadline reflects the early timeline, entrenched positions on revenue sharing and expansion, and the realistic prospect that a deal will require further leverage or a work stoppage to finalize.