The loss of 16 regular-season games and the preseason cost the owners and players an estimated $400 million each. The parties had already resolved the biggest issues, including the $300 million salary reduction, weeks ago, but were hung up on fairly minor details — mostly rules restricting the top-spending teams from adding players. With a 66-game schedule in reach, everyone finally resolved that those items were not worth sacrificing a season and alienating fans and sponsors. The normal N.B.A. regular season is 82 games.

“For myself, it’s great to be a part of this particular moment, in terms of giving our fans what it is that they so badly wanted and want to see,” said Derek Fisher, the president of the players union.

Mr. Fisher did not smile as he said it, appearing more relieved than happy.

Billy Hunter, the longtime head of the players union, sat stoically next to him. No one on the players’ side praised the agreement.

League officials achieved their two broadest goals: reduced costs and a system that evens the playing field between the richest and poorest teams. The reduction in player salaries should offset the N.B.A.’s reported $300 million in annual losses, and provide a savings of about $3 billion over the 10-year agreement. Each side has an option to terminate the deal after six years. In addition to the significant pay cut for players, the deal includes shorter contracts, smaller raises and a more punitive tax system to rein in the top-spending teams.

“I think it will largely prevent the high-spending teams from competing in the free-agency market in a way that they have been able to in the past,” Mr. Silver said, adding, “We feel ultimately it will give fans in every community hope that their team can compete for championships.”

The Knicks generated an estimated $226 million in revenue last season, while the Milwaukee Bucks earned $92 million, according to Forbes. The payroll gap is also striking, with the Mavericks spending nearly $90 million on their roster and the Sacramento Kings $45 million. The league is developing a new revenue-sharing plan to help boost the small-market teams.

The average N.B.A. salary is $5 million, with a minimum salary around $500,000 and with stars making $15 million or more. Kobe Bryant of the Los Angeles Lakers earns a league-high $25 million.