(CNN) -- Commissioner David Stern's deadline for NBA players to accept a revenue split offer came and went Wednesday afternoon with no indication of its status.
NBA players had until 5 p.m. to accept the terms of the labor offer or face one that will be less palatable.
On Tuesday, the NBA player's union said its members were not going to fold in the face of the owners' ultimatum.
"There isn't any player that wants us to take a bad deal," National Basketball Players Association president Derek Fisher said.
Stern has said the newest proposal gives players between 49% and 51% of revenues. If the players' association does not change its mind by Wednesday, the NBA will offer up another proposal -- one that offers players 47% of basketball revenues and a hard salary cap.
Fisher said Sunday that the offer was not acceptable, and he reiterated Tuesday that the players' association is holding firm.
"That doesn't mean we won't continue to negotiate," Fisher said at a news conference after a meeting of players representing all but one of the NBA's teams.
The current proposal says that if the league exceeds certain revenue forecasts, the players would receive 51%. If it didn't, the share would fall to 49%.
But Fisher said Sunday that "there'd be no way in the world we'd ever get to 51%" under the provisions.
Fisher, during the news conference, said the players are confident an agreement giving players a better deal would still be possible despite the owners' ultimatum.
The NBA season has been canceled through at least November 30, and the two sides are hoping they can reach a resolution before more games are called off.
Stern has said the 2010-2011 season was not profitable for most of the league's 30 owners, who want cost-cutting help from players. The league lost as much as $300 million last season, according to Stern.
One of the battles has focused on the owners' rejection of calls by the players' union for an average $7 million player salary in the sixth year of a new labor deal. The current average salary is about $5 million. Other big issues include a fight over a move by owners to gain the bigger share of revenues and whether the NBA will strengthen its salary cap.
The league's owners began a lockout of players in early July.