Major League Baseball owners approved a plan Tuesday that will be sent to the Major League Baseball Players Association in the afternoon, formally opening negotiations on the key economic issues for the season to start by the weekend of July 4.

The plan, three persons with knowledge of the proposal told USA TODAY Sports, does not include the same 50-50 revenue-sharing split the owners agreed on two weeks ago that was never submitted to the union. The three people spoke to USA TODAY Sports on the condition of anonymity since they were not authorized to speak publicly due to ongoing negotiations.

The proposal instead includes a sliding scale of compensation, with players earning the most taking the biggest cuts and those earning the least receiving most of their guaranteed salaries.