The roughly 300-page document included several topics the two sides have not yet discussed or barely scratched the surface on.
The most significant move the NHL made was extending the maximum length on player contracts from five-years to six-years, or seven-years for those re-signing with their same team, along with 10 per cent variance, instead of the five per cent that was originally pitched.
While the news has lifted the spirits of many surrounding the sport, a number of NHL players aren't getting their hopes up.
"At this point, I think you'd be an idiot to try to predict or expect anything," Penguins defenseman Brooks Orpik told the Pittsburgh Post-Gazette.
Several players believe the steps the NHL took were minimal, with other areas of concern, such as the percentage of escrow, now the focal point.
"Most of the people I talked to think it's good that the NHL has moved a little closer to us," Vancouver Canucks captain Henrik Sedin told Swedish paper Sport-Expressen.
"We have come a lot closer to each other, but the NHL has moved little in most areas."
Craig Adams, the Penguins' player representative, concurs with Sedin's statement.
"I wouldn't say [those changes are] 'significant,'" he told the Post-Gazette. "I guess that would strike me as the smallest possible moves you could make in those departments.
"But they're moves in our direction, and that's not to be discounted or taken lightly."
San Jose Sharks defenseman and player rep Douglas Murray feels more optimistic than he ever had so far, but feels "it's a joke that we are where we are today."
The NHLPA and NHL will hold a series of conference calls today, starting around 11am ET. The Players have been reviewing the offer since Thursday night and will be addressing their questions and concerns all day, which could lead to a face-to-face meeting in New York on Sunday.
"We're not about to be pressured into a situation and we're not trying to bully people," Canucks center Manny Malhotra told the Vancouver Province. "It's getting a fair deal that both parties can live with."