Today's five.

The text of the U.S.-Iran memorandum of understanding is still secret, so everyone is publishing their own version of what it means. Washington says one thing. Tehran says another. Jerusalem and Beirut have their own readings. G7 leaders issued a unified statement of support, and Canadian PM Mark Carney called it "a game changer." Meanwhile, senators from both parties are calling it a cash payment to Iran — a claim Reason pushes back on hard, arguing hawks are deliberately misreading how sanctions relief works. The 14-point plan has allies, critics, and apparently no agreed-upon text.

The U.S. and Iran officially signed a ceasefire — and then Trump spent his remarks listing the concessions. Iran keeps its uranium enrichment program. The ballistic missile pressure is off. Billions in frozen assets are going back. The Strait of Hormuz reopens, which was the whole point. Semafor and CBS covered the mechanics; The Guardian led with what Trump said out loud about Iran's "basic rights" to enrich. The deal was supposed to be signed in Switzerland on Friday and got moved up, apparently because nobody wanted to wait. Hezbollah's leadership called it a great victory, which is the kind of endorsement that tends to complicate a press release.

Trump signed a war-ending framework with Iran at the Palace of Versailles, which is a sentence that would have sounded like satire six months ago.

The 14-point Memorandum of Understanding was announced Sunday and held under wraps for three days before officials finally read it aloud to reporters — anonymously — at the G7. Iran hasn't released any details yet. The framework is short and, per multiple accounts, light on specifics, with a 60-day negotiation window to sort out the actual nuclear terms. Fox led with the oil export waivers and the $300 billion reconstruction framework. Everyone else led with the ceremony.

The signing happened at dinner. Macron was there.

James Dolan has known Donald Trump for 30 years, and now he gets to bring a championship team to the White House — which, for Dolan, seems to be the real trophy. The Knicks accepted a White House invitation, making them the first NBA champions to visit during Trump's presidency. No other NBA team has done it in his two terms. Dolan invited Trump to Game 3 at MSG last week; Trump showed up; the crowd booed. The Guardian led with the boos. Everyone else led with the visit. Whether players will actually attend is, conspicuously, still being figured out.

The U.S. read a 14-point ceasefire agreement to reporters out loud — but didn't release the actual text, which is a diplomatic way of controlling the story. The deal gives both sides 60 days to negotiate something more permanent, reopens the Strait of Hormuz, and includes sanctions relief for Iran contingent on good behavior. Iran also promises, again, not to build a nuclear weapon. Time focused on the document's terms. The Hill noted VP Vance is signing it in Switzerland on Friday, with Trump apparently elsewhere. Sixty days is a short runway for a very long problem.