Riddle me this, basketball fans … what’s going on in the NBA?

I was always a baseball fan back in the day, but the 1994 strike pretty much ended my interest in professional sports. I didn’t really pay much attention to the football fiasco just a year or two ago but am now inundated by news reports of the NBA player strike. I finally broke down and read the article from CNN about disbanding some kind of player’s union and this little block caught my attention:

“The owners’ latest offer called for a 50-50 split of revenues between the owners and players … The proposal, which came after more than two years of negotiating, addressed many of the players’ concerns – including the revenue split between players and owners, the hard salary cap, guaranteed contracts and average player salaries, which Stern said would have risen at least $2 million annually with the latest NBA offer.”

Am I reading that correctly such that the players want to have guaranteed exorbitant contracts AND a split of the overall revenue from the team owners?