A new Master Agreement between New Zealand Cricket, the players' association and the six major associations has been signed off.
It will govern the running of the men's professional game from August 1 to July 31, 2022.
The new agreement is based on a return to a fixed-revenue share model, through which the players will receive 26.5 per cent of revenue generated from professional cricket. Over the four-year term, this is forecast to be $65.3m, an increase of approximately 16 per cent on the past four years of the previous agreement.
In addition, the Player Payment Pool will receive 30 percent of professional revenue over and above the forecasted amount.
The new agreement includes a slight change to the contracting process, with NZC's annual New Zealand central contracts dropping by one, from 21 to 20 and the number of annual domestic contracts for each major association increasing from 15 to 16.
"It was evident throughout that all parties shared a common interest in striking an agreement that was fair, progressive and good for the overall game in New Zealand," NZC chief executive David White said.
"There has been strong and robust discussion throughout the process, as you'd expect with such a significant document – but the overall tone has been one of cooperation."
The agreement includes increased funding for professional development programmes; the establishment of a health and well-being initiative for past players; and a forecast investment of $2.85 million into the cricketers' retirement fund over the four year period.
There will be an expanded New Zealand A programme; establishment of developing contracts for emerging players; an increase in Ford Trophy one-day rounds from eight to 10 plus finals and a reduction of Plunket Shield four-day rounds from 10 to eight.
The Memorandum of Understanding governing the professional women's game expires on July 31 next year and discussions will start shortly on a new agreement. The aim will be having it run concurrently with the new men's agreement.