Report: NBA, players' union want new CBA by next year

The shared goal of both the NBA and the National Basketball Players' Association is an entirely new labor deal, according to CBS Sports' Ken Berger.

Tuesday marks one year until the deadline that both sides have to notify the other of their intention to opt out of the current collective bargaining agreement. The 10-year deal was signed in 2011 and ended a lockout that wiped out 480 regular-season games and cost both sides approximately $700 million in lost revenue.

The five-year opt-out provision has become a point of interest over the past few seasons, and at this stage it should be considered a virtual certainty that the contract won't last beyond 2017.

"The goal is to make that opt-out obsolete," an NBA source said. "The goal is reaching a new long-term CBA."

When the current agreement was signed, overall annual revenues stood at $3.8 billion. Today, the number is $5 billion, and the NBA's new $24-billion television contract hasn't even kicked in yet.

Under the existing terms, owners and players split basketball-related income 50-50. However, all is not perfectly harmonious between the sides. NBA commissioner Adam Silver has made no secret about his desire to have a harder salary cap, while NBPA executive director Michele Roberts - renowned as a tough-as-nails negotiator - has shot down contentions that some teams aren't making money.

Given the enormous financials involved once the new eight-year television deal kicks in next season, neither side wants another work stoppage. It's part of the reason why the league and the union met last week to jump-start negotiations.

"All I know is, we've got a great game going right now," players' union president Chris Paul told CBS. "There's always a few things that we can discuss and improve, and that's what all the talks will be about."