CSA president Norman Arendse and SACA chief executive Tony Irish made the announcement at a media conference in Johannesburg on Tuesday.
The agreement, for which administrators have signed a three-year deal, will see players share in the profits if things go well but also suffer financially if unsuccessful.
"The original initiative for the MOU (Memorandum of Understanding) came from SACA and the players themselves," Irish said.
"We had a good look at what we believed was best practice relating to professional cricketers around the world."
"We presented this to CSA and since then we have shared a common vision which has resulted in the MOU."
"The MOU provides for Cricket to take a four-year view on its financial position. It projects and averages its revenues over this period and then links what players will earn to the financial position of the game."
"For players this really means stake-holding in the game like being a shareholder in a company. What players will receive in the future will depend on how successful the game actually is, and as players we will obviously work with the other stakeholders to make it as healthy as possible into the future."