New Zealand Cricket's chief executive Justin Vaughan says a new eight-year agreement with the Players Association is groundbreaking because it provides long-term stability for the game and players.
There's also a clear window for top players to participate in the Indian Premier League, if they secure contracts.
Another big change is a risk and reward provision in which professionals receive a far greater share of any revenue greater than forecast in return for providing certainly for amateur funding and absorbing any shortfall.
Vaughan says the IPL window will give players more incentive to stay in New Zealand and shouldn't cause problems for tours, other than perhaps the early stages of a tour of England.
Heath Mills of Players' Association says an eight year term is revolutionary while the IPL agreeement recognises that the Indian Twenty20 tournament is here to stay.
The agreement guarantees $65 million to fund grassroots cricket and ring-fences a further $25 million for New Zealand Cricket from of the 2015 World Cup.
It is now with the Boards of the six Major Associations for ratification and players will complete the process in October.