With the clock ticking toward the end of the current Collective Bargaining Agreement, the NBA has come up with a modified proposal for the player’s union. The current agreement ends at midnight on June 30 and it is expected that the owners will lockout the players if there is no agreement.

The two sides met in New York on Tuesday. Here are the initial details of the owner’s proposal via Adrian Wojnarowksi’s Twitter feed ^[3]:

• The league would guarantee no less than $2 billion in player salaries, which would represent a cut under the current agreement, but not as drastic as earlier projections.
• The proposed salary cap would be set as $62 million, an increase from last year’s $58 million number with some flexibility built in, including retaining Bird rights and the mid-level free agent exception.
• The league is also looking for a 10-year agreement.

The league is calling it a flex cap, similar to the NHL model. The player’s association has been adamant that they won’t accept a hard cap. This somewhere in between. The union is set to meet on Thursday with another meeting between the owners and players set for Friday in New York.