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NRL players will enjoy a significant pay increase across the next five seasons with the average player salary set to more than double over the next five years.

As a result of record broadcasting revenues coming into the game, the Rugby League Players Association (RLPA) has been able to negotiate the biggest pay rise in the 109-year history of the game.

The deal will see the 2018 salary cap increased to $9.4 million, as the NRL, similar to the AFL and Cricket Australia, gives players a greater share of the game's revenue as part of a new collective bargaining agreement.

The average player salary will increase to $313,000 next season and rise to $330,000 over five years.

The deal, which is awaiting approval from the RLPA, will end a longstanding disagreement over pay between the league and the players' representatives.

Melbourne Storm premiership captain and RLPA President Cameron Smith told the ABC "I think it's quite a balanced deal for everyone."

The AFL finalised its pay deal earlier in the year. The average player salary is $371,000 and will rise to $389,000 in 2022.

Its salary cap is higher than the NRL but it has to be divided between more players.

The NRL has also agreed to throw open its financial records as part of the agreement, giving the RLPA access to jow the game's finances are managed.

Meanwhile the league will be allowed to request a player's personal records if there is suspicion its rules have been breached or the integrity of the game is at risk.

Smith concluded "I think the discussions the players' association team and the NRL have had are quite healthy and I think we've got a good deal in place that should be finalised soon."

The NRL will also invest close to $4 million in women's rugby league, meaning up to 40 players can be contracted for the first time.

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