The U.S. men's and women's soccer teams will be paid equally under a new deal

Players on the U.S Women's National Team celebrate their victory in the penalty shootout over the Netherlands in the Women's Quarter Final match of the Tokyo 2020 Olympics. (Laurence Griffiths/Getty Images)

The U.S. Soccer Federation announced Wednesday that it has reached a deal to pay the U.S. Men's National Team and the U.S. Women's National Team equally, eliminating a contentious pay gap that saw female players earning less.

The new collective bargaining agreements will run through 2028 and include the "equalization" of World Cup prize money, the organization announced.