Less than half an hour after Fehr's presser ended, the NHL responded to the Players and notified them that they've not only rejected their offer, but they've also pulled several items off the table.
"This has been a week that has been nothing else an emotional rollercoaster," NHL Commissioner Gary Bettman said.
"We have moved dramatically... But we have to have a system that works right. It's all part of the package.
"I'm disappointed beyond belief."
Fehr relayed the Players' offer to reporters, which included the NHLPA accepting the NHL's offer of a $300 million make-whole provision and on player pensions.
"We think there is a complete agreement on dollars," he said, prior to the NHL's rejection.
The NHL's offer was based on a 10-year agreement, with an opt-out clause after eight years. The NHLPA proposed an eight-year deal, with a six-year opt-out.
The NHLPA also proposed an eight-year max on player contracts (the NHL offered a five-year max, with seven years to re-signing your own free agents).
The Players' offer also addressed the variability of a player's contract (the annual amount a salary can increase). The NHLPA proposed that the last year of deal cannot be 25 per cent less than the highest year of the deal. The NHL offered to have a five per cent variant.
The two sides did not agree on transition rules, nor have they discussed it, that apply to how the $300 million gets paid back to the players.
"It looks like this is not going to be resolved in the immediate future," said Fehr.
Negotiations are now at a standstill, as the NHL indicated that there is no reason to meet later today or tomorrow.
"I don't know when discussions will resume," Fehr said.
Said Bettman: "We thought we were on to something good (on Tuesday). The six owners in the room all felt good."
The NHL was adamant that their offer revolved around a package deal, which was increased late Wednesday after several heated exchanges between the owners and the players.
"This whole week has been about a package deal, a package process," said NHL Deputy Commissioner Bill Daly.
Bettman also indicated that the NHL is not interested in pursuing mediation, and said "if they want to meet, we'll meet."
Bettman pointed out that the NHL has not yet thought of a drop-dead date to cancel the season outright, and mentioned that they could wipe out more games closer to Dec. 14.
TFP has learned that the NHL could cancel its next round of games as early as tomorrow evening through the rest of month.
The shortest season the NHL seems willing to play is a 48-game campaign.
Fehr indicated that he expects to speak with the NHL, presumably Bettman and/or Daly, later tonight. It's unclear where talks now go from here.
The NHL is currently losing between $18 million to $20 million per day during the lockout, while the Players are roughly $8 million to $10 million per day.