NHLPA Executive Direction Donald Fehr acknowledged that the two sides are still $182 million apart, but indicated that today's offer is "about as good as we can do."
"We've moved far past halfway," he added.
As part of their offer, the NHLPA moved off of its position on guaranteed players share related to HRR and shifted towards a percentage base.
They are also asking for an additional $180 million above the $211 million originally offered by the NHL, to make up for the amount of time already lost due to the lockout.
The NHLPA has also agreed, to an extent, to limit backdiving contracts. The NHL originally wanted to limit the length of a player's contract to five years, and restricted annual salary growth to five per cent, per year, on each deal. Instead, the Players have suggested to penalize teams if a player retires well before the end of his front-loaded contract.
Also addressed in the Players' proposal was AHL contracts and which deals would affect a team's salary cap.
The NHL is currently reviewing the proposal and is expected to response early this afternoon.