There is less than 12 hours until the third lockout begins under Commissioner Gary Bettman's watch. The last occurred back in 2004, canceling the 2004-2005 season and resulted in a new salary cap system. However, that system has been failing the smaller market teams, forcing them to keep up with the other clubs who earn more revenue and can afford higher salaries.
The owners and the NHLPA are fine with a salary cap system; they are not trying to reinvent the wheel all over again. But both sides are trying to structure an agreement on how the revenue is shared between the owners and players.
In recent discussions, several different proposals have been thrown on the table but none have come close to settling the disagreement. Bettman has been prepared to lockout his players if a new deal is not reached by the end of today. Although each side is likely to meet with each other before the day is over, it seems very unlikely that an 11th hour deal will be made.