The players have ratified the new Basic Agreement with baseball owners.
The announcement came at the conclusion of the Major League Baseball Players Association's annual executive board meeting, held this year in Bonita Springs, Fla.
"It's great for the game of baseball," Texas Rangers first baseman Mark Teixeira said. "I think the owners and the players did a great job working together this time around. The fans and the entire baseball community should be excited about this new agreement, which will take us through the next five years."
Executive Director Don Fehr also announced committee election results.
Arizona Diamondbacks first baseman Tony Clark and free-agent second baseman Mark Loretta were re-elected as Association Player Representatives, and Milwaukee Brewers infielder Craig Counsell and free-agent reliever Ray King as alternate reps.
Teixeira was elected to Pension Committee Representative, joining New York Yankees reliever Mike Myers, who was re-elected. Brewers left-hander Chris Capuano was elected to join Giants infielder Rich Aurilia as alternates on the committee.
Each of the committee representatives serves a two-year term.
This story was not subject to the approval of Major League Baseball or its clubs.