Today, Warner Bros. Home Entertainment announced a multi-year distribution agreement with Redbox that will require Warner new-release DVD and Blu-Ray titles to only become available 28 days after official release. (Netflix has agreed to the same terms.)

What does that mean for you, the eager DVD renter-to-be?

Well, as far as Redbox goes, you’re going to need to be a lot faster when attempting to obtain Warner titles on the first day of availability (well, as long as your local Redbox has fairly heavy traffic). Netflix users need to decide what to rent and put it on their list a lot earlier — the first two releases to fall under the new rule, The Invention of Lying and Whiteout, currently have a longer-than-usual wait list. (Netflix did actually get something out of the deal — the ability to stream more Warner titles.)

It also means that piracy of Warner titles is about to run rampant. Renting for a dollar a day was enough to appease many would-be pirates, but the lack of immediate access via the usual channels will make some turn to the ‘net for illegal copies.

If you’re willing to try other pay-per-view online streaming services (such as iTunes movie rentals), those haven’t been hampered by this policy – yet. Warner wants to sell as many physical discs as possible, and it looks like they’re doing as many things as possible to accomplish that.