According to ESPN's Adam Schefter via his twitter feed:
More at ESPN: If and when agreement is reached, all players with 4, 5 and 6 years of service are expected to be unrestricted free agents.
This is exceedingly good news for a team like the Jacksonville Jaguars because it significantly opens up the potential free agent pool. Jaguars owner Wayne Weaver has said he plans to spend in free agency and general manager Gene Smith has said he plans to pluck a couple starters from the pool. This means players like safety Eric Weddle will be unrestricted free agents, free to go wherever they chose.
There was no word on franchise tags, but I would assume they would maintain. Other reports also indicate there is not a sense of much dissention among the ranks of the owners on a potential agreement to a CBA deal and the meeting today originally planned to spill into two could be finished early this afternoon.