The PFA are to receive £52.5m over three years as the players' unition and the Premier League resolved their dispute and averted the players' strike.
The parties all resolved that an impasse of this type must not happen in football again with FA Football Association chief executive Adam Crozier saying that "common sense prevailed."
He added that it is an "agreement based on a new level of trust and on mutual respect for the role of players in the game."
For the PFA Gordon Taylor spoke of "a new spirit of mutual respect of trust between players and clubs." and said of the cash the PFA are to receive: "There is a sum of money there which we appreciate very much. It will improve the services we provide for current members, those youngsters who don't make the grade and for those players who will never go on the field again. We are a football family and it's important as well we don't diminish the importance of football supporters or the broadcasting companies who have brought so much money into the game."
Premier League chief executive Richard Scudamore said: "There's been a good deal of movement on both sides, there was a huge gap. You have to remember where the PFA started from. It's history now and we want to concentrate on the fact that a settlement has been reached."