Owners and players met for four hours in Manhattan on Tuesday to discuss parameters of a new collective bargaining agreement.

The league offered more details about their proposal, which would set a $62 million salary limit for all teams that could be exceeded by teams re-signing their own players to contracts (Larry Bird Rule) and mid-level exception contracts.

This plan would set a median for salaries for all 30 teams at $62 million, and if the total aggregrate salaries exceeds that amount, the players would financially be obligated to make up the difference. The plan is similar to what is currently used by the NHL.

The players did not respond to the owners' proposal and requested another meeting for Friday in New York. The current collective bargaining agreement expires June 30 and the owners have threatened to lockout the players, similar to the current NFL situation.

"The owners believe that the system modifications that we have requested make a lot of sense to make sure that our teams are both competitive and profitable," David Stern said. "We have modified our proposal to a 'flex cap' where there is a targeted salary but teams can go above it and a minimum below, which is more flexible than our last offer. The (owners) committee met for a long time alone and decided to make what we think is a very significant offer to the players in order to avoid a work stoppage."