If writers respond favorably, the walkout that has devastated the entertainment industry could end as soon as Monday. Writers were wavering between hope and skepticism as they prepared to learn details of the deal for the first time.
"The feeling is relief and optimism and excitement," said Hilary Winston, a writer for the NBC sitcom "My Name Is Earl."
Still, she couldn't shake her lingering anxiety.
"I hope this deal made this three months worth it," she said.
Writer Erik Oleson, who watched a deal for a TV pilot fall apart during the strike, was reserving judgment.
"I'm not going to drink the Kool-Aid and accept a bad deal. I'd rather continue the strike," Oleson said. "We saw a press release but what matters is the fine print."
If members show strong support for the deal, the union could quickly lift its strike order, allowing dozens of TV shows to return to production and putting thousands of actors, crew members and others back to work.
An end to the strike might also salvage the Feb. 24 Academy Awards show, which is now facing a possible boycott by writers and sympathetic actors. The writers union has given a picket-free pass to Sunday's Grammy Awards.
The Writers Guild of America and the Alliance of Motion Picture and Television Producers, which represents studios, have not publicly commented on the proposed contract because of a joint media blackout.
Michael Eisner, a former Walt Disney Co. chief executive, told CNBC the proposed deal was good enough to end the strike.
"It's impossible the writers will turn it down," said Eisner, whose successor at Disney, Robert Iger, was among the studio chiefs who helped shape the proposal with leaders of the writers guild.
The most contentious issue in the talks was residual payments for TV programs and movies distributed on the Internet.
"Within the next five years, most American televisions will be connected to the Internet. The shows and movies you watch on your TV will be downloaded or streamed," the union said in its strike fact sheet.
Some accounts suggest the proposed deal involving the 12,000-member union and the world's largest media companies improves on a contract agreement reached last month by studios and the Directors Guild of America.
Directors won several key concessions on new media, including payments for downloaded TV programs and movies based on a percentage of the distributor's gross.
The writers guild, however, has been seeking 2.5 percent of distributor grosses from Internet-delivered projects
- about three times what the directors guild got in its deal.
Writers also balked at the maximum $1,200 flat fee that studios agreed to pay directors for streamed, ad-supported programs.