The biggest gulf exists in profit sharing and the type and level of salary cap—another ominous sign that the League will undergo a labor stoppage come June 30. From the NYT: “Stern made that declaration Friday after a five-hour bargaining session that produced agreement on one key item — the preservation of guaranteed contracts. But the talks did not bridge the huge gulf on financial issues that divide players and owners. The process now comes down to a single meeting and whether the parties can make enough progress to justify further sessions. If a new labor deal is not adopted by June 30, the owners will impose a lockout that is expected to be lengthy and costly. ‘It’s just important because of the substance of our conversations today,’ Stern said of Tuesday’s meeting, ‘and because time is running out, and because both parties still remain, at least to me, intent on doing the best they can to make a deal before June 30.’”