washingtonpost.com: Agreement Reached, Games to Continue

According to this, the luxtax threshold will be $117 million the first year, $120 the second, and to possibly rise after that. I don't know, however, if that's just player salaries or total compensation, and if the whole 40-man roster or the whole organization is involved, or just major leaguers. I tend to think it's closer to the latter, since the story indicates that the players "held the line" on the luxury tax. As it is, it would appear that the Braves would be able to re-sign both Maddux and Glavine, and offer an extension to Sheffield, without going over the tax level. Lord Knows if AOL will actually shell out the money, but they wouldn't have that excuse.