Negotiations between MLB and the MLB Players Association opened in mid-May with initial overview presentations but no formal proposals exchanged, setting a lengthy timeline toward the December 1 expiration of the current collective bargaining agreement. Owners have signaled interest in a salary cap and revenue-sharing adjustments, positions the union has historically rejected outright, echoing the contentious 2021-22 process that required a 99-day lockout before resolution. With serious bargaining still weeks away and both sides preparing for extended discussions on core economic issues, the timeline leaves little margin for a completed deal before the deadline. Trader consensus reflects this early-stage reality, where historical patterns of drawn-out labor talks and the absence of immediate breakthroughs support the view that a new agreement by December 1 remains unlikely.