The owners made an offer to the NHLPA today (Wednesday) that included profit-sharing and pretty near forensic accounting to guarantee the profit-sharing. The union has rejected the offer.
"The League today presented a written proposal with minor variations of concepts that were presented orally by the NHL last Thursday", Saskin said in a statement released after the meeting. "We told the League last week and again today that their multi-layered salary cap proposals were not the basis for an agreement."
The union asked that they meet again tomorrow (Thursday).
Update: The owners have agreed to meet with the players tomorrow (Thursday). Both Gary Bettman and Bob Goodenow will be present. The above link has continuous updates on the events.
This has to be one of the slowest, most painful, iterative processes I've ever followed (aside from the breakup of my first marriage).