From Jason La Canfora with the NFL Network:

The NFL and NFL Players Association agreed Thursday to a 24-hour extension of the negotiating window for a new collective bargaining agreement, sources told NFL Network's Kara Henderson.

Momentum to approve the idea of "stopping the clock" built throughout Thursday as the sides met for over eight hours in front of federal mediator George Cohen.

The original expiration date for the current CBA had been 11:59 p.m. ET Thursday. Now the union's deadline to possibly decertify is 4 p.m. ET Friday, according to NFL Network's Albert Breer.

The 24-hour extension could very well lead to a longer extension, according to a league source.

U.S. District Judge David Doty was in his chambers in Minnesota, prepared to review whatever was put his way. However, Todd Winter, one of Doty's law clerks, said the office wouldn't comment on anything regarding CBA

And from the NFLPA, keeping with their stated goal of not commenting on the mediation policy, kept things short:

The parties have agreed to a one-day extension.

The last time the two sides negotiated an extension of the collective bargaining agreement they agreed to one, then another 24 hour extension before finally settling on the deal they are currently haggling over. Word is that this initial extension will most likely lead to a longer extension which should hopefully produce and actuall agreement on a new collective bargaining agreement.