There is a first time for everything. Just ask Phil Jackson and Derek Fisher, the newly formed president-head coach combination of the New York Knicks.

Fisher, 39, was still an active NBA player in the postseason last month but was courted heavily by the Knicks when Steve Kerr reneged on his agreement with Jackson. The New York Times first reported the two sides agreed to a deal Monday afternoon.

The two sides are in the process of finalizing a five-year, $25 million deal, according to Yahoo Sports.

The Knicks have scheduled a news conference at 11:30 a.m. ET Tuesday to "make a major announcement."

Jackson, hired in April as team president of the Knicks, said in his introductory press conference he is looking for a coach who can put the team game on the floor at Madison Square Garden. Jackson's top reported options were all proteges with a past that traces to the triangle offense, including Fisher. As of Memorial Day, Fisher said he wasn't even sure he wanted to be a head coach. After meeting with Jackson, he was apparently persuaded that now is the time to take over a franchise that was mediocre under Mike Woodson last season and might not possess the immediate financial means for a rapid turnaround.

It is likely Fisher received reassurances from Jackson, who signed a five-year, $60 million deal to take over the team, that patience will be practiced as the Knicks go about rebuilding the roster.

---An age limit could be coming to the NBA that requires players to be two years out of high school before joining the league. However, commissioner Adam Silver said there is no gain in discussing a change until a director of the NBA Players Association is in place.

The NBPA last had a director in 2013 when Billy Hunter was forced out.

Currently NCAA players are eligible to enter the draft after their freshman season. All of the top four prospects for The Sports Xchange -- Andrew Wiggins, Joel Embiid, Jabari Parker and Julius Randle -- played just one season after high school.

---Kentucky coach John Calipari and the Cleveland Cavaliers discussed a seven-year, $60 million-plus contract, according to Yahoo Sports.

The proposed deal would have made Calipari the president and coach, giving him having final say over roster moves over general manager David Griffin.

Calipari ended up returning to Kentucky after receiving a new seven-year, $52.5 million contract loaded with annual retention bonuses to reward his loyalty to the program.

---Miami Heat guard Dwyane Wade was fined $5,000 for violating the anti-flopping rules during Game 2 of the NBA Finals.

The incident occurred with 4:09 remaining in the second quarter of Miami's 98-96 win over the San Antonio Spurs on Sunday night at AT&T Center.