On Monday, the NBA Players Association met to discuss the latest proposal (the second final proposal, as it happens) from the league owners in regards to a potential deal to end the lockout. Such a deal could not be agreed upon, though, and the players have officially rejected the deal, and will file anti-trust action against the league. Derek Fisher told the media, "This is where it stops for us as a union."
Said union will disband immediately, and the NBA is likely to be sued for anti-trust violations in the next couple of days. The players association will be transformed into a trade association, in the same way that the NFL players association had done during their lockout earlier in 2011. It's a critical comparison, seeing as the NFL, at this point in the proceedings, had only lost one game - a preseason Hall of Fame game, and the NBA has already lost a two weeks of games.
Before this meeting and this "final final" deal, Commissioner David Stern commented that this deal would be the last one that included figured like the 50% split - saying that the league would soon be talking about the 47% figure if this deal is rejected.
As Adrian Wojnarowski says on Twitter:
The chances of losing the entire 2011-12 season has suddenly become the likelyhood.