The Welsh Rugby Union (WRU) and the four professional sides have signed a new six-year financial agreement.
The Professional Rugby Board (PRB) announced on March 31 that it had signed a new long-form Professional Rugby Agreement (PRA), with all parties – the WRU, Cardiff Rugby, the Dragons, the Ospreys and the Scarlets - until 2029.
It's hoped that the new funding will help create a "sustainable platform for progress".
The key features of the agreement include:
Salary caps to be introduced from season 2023/24
Two types of contracts to be offered - fixed (100% guaranteed) and variable (percentage of salary based on appearances and performances)
All contracts will be held by a "central clearing house" to monitor spend, ensure contract compliance and effect a new player-loan system across clubs
Contracts for players of national interest will be agreed by the club and the WRU Performance Director
Clubs are committed to a minimum spend on player academies
All clubs are subject to regular audits of squad expenditures, contracts, business plans and academy performance
The clubs are committed to centralising aspects of their commercial operations, with work already in process in this area
In a statement, the WRU CEO Walker explained: "Our objective has been to achieve a sustainable future for our four professional sides and for Wales and credit must go to all involved now this has been achieved.
"The cooperation between the WRU, our professional clubs and the WRPA has been a vitally important part of this process and we will continue to work together for the future benefit of Welsh rugby.
"We now have a structure which will provide a backdrop of stability from which we can build."