Major issues they disagree on

Salaries: In their initial proposal in 2010, owners wanted to reduce player salary costs by about $750 million annually. In their most recent proposal, the league offered a 10-year deal in which total player compensation would never dip below $2 billion annually over the life of the deal, but players said that would be a pay cut because they were paid more than $2.1 billion this season in salaries and benefits. Players had proposed reducing their salaries by $500 million over five years, which commissioner David Stern called a "modest" offer.

Salary cap: In their initial proposal in 2010, the owners called for a hard salary cap system. They switched to a "flex" cap, where each team would be targeted to spend $62 million, but could exceed that through the use of various exceptions. But players considered that a hard cap because there is an eventual unspecified ceiling that can't be exceeded.

Division of revenues: Owners wanted a reduction in the players' guarantee of 57 percent of basketball revenues. Players proposed 54.3 percent but said the league's offer would have them down to about 40 percent.