Chris Broussard of ESPN reports several particulars of the owners' new proposal.

There will be an annual mini-midlevel for luxury tax teams at $3 million. The previous offer included an offer at $2.5 million every other year.

Luxury tax teams will also be able to execute a sign-and-trade during the first two years of the new deal. This two-year grace period clearly makes a huge impact on the NBA landscape because of the impending 2012 free agencies of Dwight Howard, Chris Paul and Deron Williams.

The union contends that the problem is that the owners changed the definition of tax payer in such a way where Bird Rights would be destroyed.