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NBA Lockout: Owners, Players Planning Meeting Before Wednesday Deadline, According To Reports

With David Stern's self-imposed Wednesday deadline for the owners' current proposal to end the NBA lockout approaching, the owners and NBA Players Association are closing in on scheduling an afternoon meeting, according to reports from ESPN's Chris Broussard and the New York Times' Howard Beck.

The meeting comes one day after the NBA players rejected the proposal Stern set forth, but said they would be willing to compromise on the Basketball-Related Income split in return for some concessions on the system. Those concessions include a larger mid-level exception even for luxury-tax paying teams, a less-stingy luxury tax penalty for teams who exceed the threshold consistently and the return of sign-and-trades for tax teams.

In an interview on SportsCenter on Tuesday, Stern said there was no more wiggle room left in the owners' proposal.

"As of Sunday morning at 3 in the morning there was none left," Stern said then.

It remains to be seen if Stern and the owners follow through on that. If the 5 p.m. deadline passes, Stern has threatened that the league would pull its current offer and put forth a worse one.