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2011 NBA Lockout Update: Players Reject Latest Offer, Still Open To Negotiations

NBA Commissioner David Stern warned the players that if they did not accept his latest proposal--the terms of which include a 50-50 split among other things--by 5:00 p.m. ET on Wednesday that they would be given a far less favorable deal. Player representatives from all 30 NBA teams met on Tuesday and rejected the proposal anyway. Union president Derek Fisher says the players are still open to negotiations:

"We're open-minded on potential compromises on the number, but there are things in the system that are not up for negotiation for us to have a season," Fisher said.

Will Stern make good on his threat? Billy Hunter doesn't think so, and said he expects the 50-50 deal to remain on the table. Hunter also said he's going to try to set up a one-on-one meeting with Stern Wednesday, so that's a bit of encouraging news amid the latest developments in this stalemate.

Stay tuned to SB Nation Denver  for more information. Visit SB Nation NBA for more news and notes around the league, and check the SB Nation storystream for the latest news on the NBA lockout.