Adam Schefter of espn.com is reporting (in an update posted at 10:05 am EST) that sources from both sides are saying that a labor deal has finally been agreed to by the players and owners.

The NFL Players Association and the league's owners have reached agreement on the remaining points needed in their 10-year labor deal, sources from both sides said.

Despite the fact the new agreement will require a majority vote from the players, that part of the deal between the two sides is considered a formality, according to sources.

The NFLPA is making plans for a major press conference Monday. But first the player reps' executive committee is scheduled to fly to Washington, D.C., on Sunday so they can vote Monday.

Make the jump for more...

Why should we not just think of this as more BS (given that the only "real" news we want to hear is when it's signed?)? Schefter tells us exactly why:

Just as the NFL would not have called a vote Thursday in Atlanta without knowing it would pass in the way it did -- 31-0 with one abstention -- the NFLPA would also not be going forward without that assurance.

NFLPA executive director DeMaurice Smith knows his executive committee, his players reps and the rest of his constituents well enough to know how they will vote.

Plus, no collective bargaining agreement has ever been turned down by the players when approved by leadership.

I certainly have to agree with this:

Once the players ratify the deal, training camps and free agency are likely to begin the same day, in what would be the equivalent of merging Thanksgiving and Christmas into one holiday.

Loosen up your belts and the top button on your pants, fans. We're going to be gorging on player signings very soon, I tells ya!!!

The rest of the story reviews the week's developments and discusses the mechanics of the start of the NFL League Year.

Keep checking back during the day...I'll be keeping up with the story as best I can.