WNBA players have opted out of their current collective bargaining agreement and face the prospect of a work stoppage if they don't negotiate a new deal with the league by the end of the 2025 season.

The elected members of the Women's National Basketball Players Association (WNBPA) announced Monday that players are seeking "a business model that reflects their true value, encompassing higher salaries, enhanced professional working conditions, expanded health benefits, and crucial investments needed for long-term growth."

Players had until Nov. 1 to opt out of the current deal, which was set to expire in 2027 and will still be in effect until Oct. 31, 2025. The two sides have a year to come to an agreement.

Citing higher television ratings, attendance figures and franchise values, the union said the time is right for renegotiating with the league and owners. The league also recently entered into a historic 11-year media rights deal with Disney, Amazon Prime and NBC for $200 million a year.

"This is a defining moment, not just for the WNBA, but for all of us who believe in progress," WNBPA president Nneka Ogwumike of the Seattle Storm said in a statement. "The world has evolved since 2020, and we cannot afford to stand still. If we stay in the current agreement, we fall behind.

"Opting out isn't just about bigger paychecks -- it's about claiming our rightful share of the business we've built, improving working conditions, and securing a future where the success we create benefits today's players and the generations to come. We're not just asking for a CBA that reflects our value; we're demanding it, because we've earned it."

The WNBA moved to all charter travel for the first time this season and is expanding to 13 teams next season, with Golden State joining the league. In 2026, Toronto and Portland also will launch WNBA franchises.

"The players made the decision to opt out of the last CBA to realign the business and save the league from its own limitations," WNBPA executive director Terri Carmichael Jackson said. "Today, with a stronger foundation and new investments flowing in, they're opting out again -- this time to fully professionalize the league, secure proper wages, improve working conditions, and lock in meaningful benefits.

"As a union, we serve at the behest of the players, and for them, this is all about business -- their business."

Players are prepared to negotiate for as long as it takes, union sources told ESPN's Chiney Ogwumike, even if it means a work stoppage.

"With the historic 2024 WNBA season now in the books, we look forward to working together with the players and the WNBPA on a new CBA that is fair for all and lays the foundation for growth and success for years to come," WNBA commissioner Cathy Engelbert said in a statement.

The union said it was hoping for a new economic model that transforms the current system, which imposes arbitrary and restrictive caps on the value and benefits of players. The players want an equity-based model that grows and evolves with the league's increased business success.

Other areas that the union would like to see improved include salaries, retirement benefits, and child care and family planning benefits.

"This isn't some sudden wake-up call. It's the culmination of what we've been driving for over the last several seasons," WNBPA first vice president Kelsey Plum said. "We've played a key role in the league's historic growth and now we're breaking free from the current system to demand full transparency and an equitable stake in the business we've helped build."

New York Liberty star and players union vice president Breanna Stewart characterized communication with league as good earlier this month.

Engelbert said at her state-of-the-league address before Game 1 of the Finals that she has engaged with union leadership through the year.

"I suspect that given the transformation of the league that we've been working so hard on, building this long-term economic model, we've already returned to the players through charter, through increasing playoff bonuses a couple years ago by over 50%," she said. "So we'll continue to do that, and when we get to the bargaining table we'll continue to talk about the issues that are most important to the players."

ESPN's Alexa Philippou and The Associated Press contributed to this report.