The league's board of governors accepted the five-year deal during a conference call Friday.
The move comes after the CFLPA voted to accept the contract Thursday night.
Under terms of the agreement, the salary cap in the first year will increase to $5 million. The CFL operated with a $4.4-million cap in 2013.
The salary cap will increase $50,000 annually over the term of the deal.
With both sides having signed off on the agreement, the '14 regular season will kick off June 26 as originally scheduled.