NEW YORK (AP) — Commissioner David Stern said Tuesday that NBA owners have proposed a "flex cap" system, but players still insist it's a hard cap which they won't agree to.

Both sides made new proposals in a 3½-hour meeting on what Stern said was an important day in the league's labor talks. The collective bargaining agreement is set to expire June 30.

Calling the league's offer "virtually the best shot we think we have" to avoid a work stoppage, Stern said the owners' proposal would ensure players' total compensation would never fall below $2 billion per year in a 10-year contract, just slightly less than the league paid out this season.

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