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NBA Commissioner Adam Silver. Photo: Stacy Revere/Getty Images

As the coronavirus pandemic keeps the sports world in limbo, the NBA announced it reached a deal to cut players' paychecks with their union, the National Basketball Players Association.

Why it matters: The athletes will see their checks reduced by 25% starting May 15, ESPN reports. The pay cut is a "clear sign" that at least some of the 259 remaining regular-season games canceled due to the coronavirus will not be rescheduled, AP writes.

  • The withheld money could be returned to players if the season restarts, but team owners have the ability to retain some of the withheld wages if the games remain canceled, The Washington Post notes.

The state of play: The average NBA team was able to play 65 of 82 games this season, WaPo reports.

  • The league's salary cap was set at a record $109.1 million per team for the season, the Post adds.

What's next: NBA Commissioner Adam Silver didn't specify when the league would start playing games.

  • “There’s too much unknown to set a timeline. There is no appetite [among owners] to compromise the well-being of our players. In terms of priorities, you begin with safety. We’re not at a point yet where we have a clear protocol and a path forward where we feel like we can sit down with the players and say we can resume the season. Human life trumps anything else you could possibly be talking about,” Silver said on a conference call after the NBA's annual Board of Governors meeting, per the Post.

Go deeper: Anthony Fauci envisions sports without fans amid coronavirus crisis

Go deeper

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. (Photo: Alex Wong via Getty Images)

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Trump gives farewell address: "We did what we came here to do"

Photo: Mandel Ngan/AFP via Getty Images

President Trump gave a farewell video address on Tuesday, saying that his administration "did what we came here to do — and so much more."

Why it matters, via Axios' Alayna Treene: The address is very different from the Trump we've seen in his final weeks as president — one who has refused to accept his loss, who peddled conspiracy theories that fueled the attack on the Capitol, and who is boycotting his successor's inauguration. 

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