With the nation's leading federal mediator George Cohen presiding, the NBA and the players union met for approximately 16 hours in a marathon session that began Tuesday morning and ended in the early hours of Wednesday.

The parties will resume talks at 10 a.m. EDT on Wednesday with Cohen again mediating. Neither side commented to the media officially, in compliance with a request by Cohen.

Perhaps the largest remaining sticking point is the league's proposal to implement an escalating luxury tax that would penalize payroll over a certain amount. The union believes the proposed tax would result in the establishment of a de facto hard cap that no team would exceed. 

Both the league and the union have made previous public statements indicating that a compromise agreement on sharing revenues, known as basketball-related income, is within reach.