The NHL dispute between the players and the owners that has canceled nearly half the season ended early Sunday morning after a 16-hour round of negotiations.

The NHL and the NHLPA reached a verbal agreement for a tentative new College Bargaining Agreement.

The agreement is reported to be a 10-year deal, with an opt-out after 8 years. It stipulates 7-year contract limit and a $64.3 million cap for the 2013-14 season.

The NHL and NHLPA had been negotiating since June 29, 2012, and the lockout was in effect beginning Sept. 16, 2012.

Further, the entire NHL season was going to be lost if a deal was not reached by Jan. 11.

The season will begin as early at Jan. 15 and as late as Jan. 19.