Baseball players and owners reached a tentative agreement on a five-year labor contract Wednesday night, a deal that will extend the sport’s industrial peace to 26 years since the ruinous fights in the first two decades of free agency.

After days of near round-the-clock talks, negotiators reached a verbal agreement about 3 1/2 hours before the expiration of the current pact. Then they worked to draft a memorandum of understanding, which must be ratified by both sides.

“It’s great! Another five years of uninterrupted baseball,” Oakland catcher Stephen Vogt said in a text message.

In announcing the agreement, Major League Baseball and the players’ association said they will make specific terms available when drafting is complete.

“Happy it’s done, and baseball is back on,” Los Angeles Dodgers pitcher Brandon McCarthy said.

As part of the deal, the experiment of having the All-Star Game determine which league gets home-field advantage in the World Series will end after 14 years, a person familiar with the agreement told The Associated Press. The person spoke on condition of anonymity because the deal had not yet been signed.

Instead, the pennant winner with the better regular-season record will open the Series at home.

Another important change: The minimum time for a stint on the disabled list will be reduced from 15 days to 10.

The luxury tax threshold rises from $189 million to $195 million next year, $197 million in 2018, $206 million in 2019, $209 million in 2020 and $210 million in 2021.

Tax rates increase from 17.5 percent to 20 percent for first offenders, remain at 30 percent for second offenders and rise from 40 percent to 50 percent for third offenders.