NBA Lockout 2011: Bargaining Agreement Not Reached

Watch: Union chief Billy Hunter says NBA owners are planning to lock out the players after failing to reach a new collective bargaining agreement on Thursday, potentially putting the 2011-12 season in jeopardy.

ESPN reported:

Players, who previously offered to reduce their salaries by $500 million over five years, considered the owners’ proposal for a “flex” cap, where each team would be targeted to spend $62 million, a hard cap. Although the league said total player compensation would never dip below $2 billion over the life of its proposed 10-year deal, that would amount to a pay cut for the players, who were paid more than $2.1 billion this season in salaries and benefits.