The National Basketball Players Association feels that only a "small number" of NBA teams are losing money and they will continue their position of being unwilling to put a hard salary cap on the table.
The NBA contends half of its teams are losing money, a rate of more than $300 million per year.
"Our belief," Billy Hunter said, "is that a small number of teams are suffering, and their problems can be addressed through revenue sharing."
Hunter says a hard cap would effectively end guaranteed contracts which he calls "the lifeblood" of professional basketball. "We've had that right for years, and it's not something we're trying to give up."
Hunter added: "If you get a hard cap, owners get a guaranteed profit. And you get franchise values that go through the roof. That's what you get."
Hunter was asked why the owners would threaten a lockout if they were currently profitable.
"Because they want to make more money. The whole idea is to increase the value of the franchises."