Under the new master agreement, the players have secured a larger slice of the revenue and, as previously reported in the Otago Daily Times, the Plunket Shield has been cut from 10 rounds to eight to make room for an expanded New Zealand A programme and the extension of the one-day tournament from eight to 10 rounds.
The agreement will govern the professional men's game and takes effect on August 1.
It is based on a return to a fixed-revenue share model, through which the players will receive 26.5% of revenue generated from professional cricket.
During the four-year term, the income is forecast to be $65.3million, an increase of about 16% on the past four years of the previous agreement.
The players will also receive 30% of professional revenue generated over and above the forecast amount.
The contracting process has been tweaked with central contracts dropping from 21 players to 20, while each major association will be able to contract 16 rather than 15 players.
That change was introduced for the current round of contracting.
There will also be funds set aside for the health and wellbeing of past players and a forecast investment of $2.85m into the cricketers' retirement fund during the four year term.
For fans, the biggest changes are to the various formats. The purists will be disappointed to learn the Plunket Shield has been cut back.
But the extension of the New Zealand A programme will help bridge the gap to international cricket and the one-day tournament has added two rounds.
Otago Cricket Association chief executive Mike Coggan felt it had been a thorough and fair process. He played a role in the negotiations which he felt were carried out in good faith.
"When you think of what happened over in Australia and the fallout there, we've had nothing like that," Coggan said.
"The three parties here have been pretty much on the same page."
An agreement was eventually thrashed out in Australia but not before a bitter standoff threatened last year's tour of Bangladesh.
Coggan felt the extension of the New Zealand A programme would compensate for the reduction in first-class cricket and the extension of the one-day tournament reflected the worldwide trend in cricket in which there was drift away from the longer formats.
"Cost considerations were part of it," he said, adding first-class cricket did not generate much revenue or get people through the gates in New Zealand.
"From Otago's point of view we are really comfortable and satisfied with the process and the end result."
The memorandum of understanding governing the professional women's game expires on July 31, 2019, and discussions will start shortly on a new agreement.
