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2011 NBA Lockout Update: David Stern's Ultimatum

In a letter sent to union executive director Billy Hunter, David Stern outlined a proposal and gave the players until Wednesday evening agree to it or face the prospect of a significantly less friendly offer.

"Rather than simply proceeding, as we could have, to offer a less favorable proposal at this time, the N.B.A. is providing an additional period of time for the players association to consider our 50/50 proposal," Stern wrote. "We are hopeful that the prospect of a less favorable outcome for the players will prompt the players association to realize that the best deal that can be reached is the one the N.B.A. is prepared to make right now."

(Via.)

Stern threatens several consequences, including a salary "rollback" that would cut the players' share to 47% should they fail to agree to the 50-50 proposal. Stern appeared on ESPN Monday and said he feels there's a "great offer on the table" and that "the only rational thing to do is for us to make that deal."

Stay tuned to SB Nation Chicago for more information, and for in-depth analysis on the Chicago Bulls be sure to visit Blog a Bull. Check out the SB Nation storystream for the latest news on the NBA lockout.