According to Ken Rosenthal, MLB players and owners are closing in on a new labor deal after reaching a "near-agreement on draft-related issues." The deal could be finalized within the next couple days, though there are still important issues that are being negotiated -- meaning the talks could last throughout the week.
Rosenthal says that the new deal is expected to include "significant restraints on the amount of money teams spend on draft picks, and significant changes in draft-pick compensation for free agents." This would obviously drastically alter the way the league currently operates.
Anyway, the old deal expires on December 11th, at which point a new deal will likely be in place.