LOCKOUT

LOS ANGELES -- Determined to end a labor dispute that has locked the league for 112 days and counting, NBA owners and their representatives met with the players' union on Tuesday with federal mediator George Cohen overseeing the intense negotiations.

But despite having spent 24 of the last 32 hours wheeling-and-dealing, both parties couldn't come to terms on a new Collective Bargaining Agreement (CBA).

Last October 10, NBA Commissioner David Stern scrapped the first two weeks of the 2011-12 regular season, a total of 100 games that cost the players some $170 million in salaries. Without labor peace in sight, more games, if not the entire season altogether, will irretrivably be lost.

The good news is that the owners and players agreed to meet again on Thursday afternoon in New York to continue negotiations that mediator Cohen describes as "direct and constructive."

Cohen advised both the NBA owners and the players union to refrain from talking to the media about the ongoing mediation. But according to an ESPN.com report, the owners are willing to offer the players between 49 to 51 percent of the Basketball Related Income or BRI.

Previously, both sides wanted a 53-47 split of the BRI, which totalled $4.3 billion last season. Under the old CBA, the players were guaranteed a 57 percent share of the revenue, a percentage that the owners contend is just too high under the present economic climate where 26 teams lost some $300 million last season.

In the same ESPN article, the owners were reportedly "open to accepting a $5 million mid-level exception. Down from $5.8 million under the old agreement but up from the $3.4 million the owners had been offering."

Will the players, who are earning an annual average of $5.1 million, accept a smaller slice of the BRI pie?

Will the players agree to a lesser mid-level exception? An will they consent to a hard salary cap?

Hopefully, some positive answers will yield on Thursday. If not, this NBA lockout is here to stay. (NRR)