Major League Baseball made an updated proposal to the MLB Players Association on Monday, moving to have a 76-game season with players getting 75% of their prorated salaries, a source familiar with the negotiations told ESPN's Karl Ravech.

The proposal includes eliminating draft pick compensation for free agents for a year. Teams would not lose a pick for signing a free agent; the team losing the player would get a compensatory pick during the draft.

The proposal also includes a $200 million postseason pool for the players.

The proposal would end the season no later than Oct. 31, the source said. The playoff schedule, which would involve 10 teams, is still to be finalized.