Congrats! Getting a run-of-picture deal means you’ve booked a lead or a major supporting role and production needs you from start to finish.
This means they’re going to pay you one lump sum for the entire shoot. This also means they expect you to be completely available for the “run of picture”—taking away your ability to accept other jobs during the shooting dates of the movie.
Per union rules, a run-of-picture deal means you’ll be hired under a Schedule F contract, which guarantees a minimum for the entirety of the shoot. The exact minimum is set by the current SAG-AFTRA contract and changes with each new agreement, so check the current rate sheet. This rate can be negotiated up based on the length of the shoot and studio breakage/counter offer. Keep in mind, this rate does not account for any pre-negotiated “back-end deals/points.”
Smaller films/contracts, will not be able to pay lead/supporting wages Schedule F money. They will likely put you on a SAG scale weekly contract.
It’s a good idea to familiarize yourself with the various TV/film rates so that you have an idea of what type of offer is expected and can properly thank your reps for securing an over-scale deal for you (hint: you should thank them regardless, of course)
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Related reading: What Does Cast-Contingent Mean? Films and Pilots Explained, What Does Offer Only Mean for Actors? A Casting Director Explains and What Does Pay or Play Mean in an Actor’s Deal?.
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