After the 2004–05 season was cancelled, a new collective bargaining agreement (CBA) was agreed upon between the NHL and the NHL Players' Association. This CBA included a salary cap for team salaries (formally defined in the CBA as the "Upper Limit"), which would potentially increase from one season to the next depending on league revenues, and a cap for player salaries, set at 20 percent of the team salary cap. The teams also have a minimum payroll requirement (formally defined as the "Lower Limit"), which was $21.5 million in 2005–06, but fixed from 2006–07 onward at $16 million below the salary cap.