Well, the league's deadline to accept its revenue offer has come and gone, and both sides are still talking. Actually, the players have signaled a willingness to consider the proposed 50-50 revenue split, which is what got both parties back to the table - for how long no one knows. From the NYT:
The union's offer to accept the 50-50 split was conditional on the owners compromising on some proposed free-agency restrictions. The league wants to ban luxury tax-paying teams from executing sign-and-trade deals and from using the full midlevel exception, worth $5 million. The union fears that those rules, combined with a more punitive tax, would strangle the free-agent market.
You never know in labor talks, but they could be reaching a critical stage. If the players and the owners are unable to reach a deal soon - or at the least have the framework of a deal - a good chunk of the season might be in jeopardy.