The NHLPA isn't going to get anything better than 50/50 from the owners at this point. Their best bet is to take that and fight in other areas: 5-year limits on contracts, 4-year ELC's, and such. Moving UFA to 28 isn't the worst thing in the world, they may want to put up a token fight there to get the other stuff.
If they try to fight the 50/50 split, it's not unthinkable that the owners pull the latest offer entirely and tell the players "when you're dead broke and really, really need the money, let us know - we'll tell you what you'll get at that point."
- Irish Blues
The NHLPA wont reject the deal, they know that if they did, they'd look like the biggest idiots...The NHL has really put the screws to them on this one and almost forced them to work with this deal just to save face, because now the onus is 100% on the players.
They will work with the parameters of the deal, but wont accept it until some things are either made clear OR altered. The NHL knows that this isnt there final offer, but its close. The small things like 5 year caps are meant to be negotiated. If the NHL really wanted 5 year caps, they would've started with 4 year caps in the proposal. Instead, they will likely settle on 6 or 7 year caps....other things as well will be negotiated.
The real sticking point is how the players are guaranteed the money they will lose this year...
I've said it all along, there will be hockey this year. The NHL knows the damage will be catastrophic if they miss another season, especially in markets that are already struggling...and when push comes to shove, the players will take the deal because I can guarantee you behind closed doors, there are more guys then you think are chopping at the bit to play.