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2011 NBA Lockout Update: Players Reject Stern's Proposal

NBA Commissioner David Stern laid out his most recent proposal--a 50-50 split, or something very close to it--with a warning to the players' union: take the deal by Wednesday evening or it would be replaced by something far less agreeable. Well, the players huddled and on Tuesday decided to reject the deal.

Following a meeting with players representing all 30 NBA teams, here is what union president Derek Fisher had to say:

"Our orders are clear, the current offer that is on the table is not one we are able to accept," union president Derek Fisher said.

So much for that. Now we'll have to see if David Stern makes good on his threats, and if this dooms what remains of the 2011-2012 NBA season.

Stay tuned to SB Nation Chicago for more information, and be sure to check out the SB Nation storystream for the latest news on the NBA lockout.