NHLPA executive director Donald Fehr's unedited letter sent to players on Friday, Oct. 19, 2012:

Here is a brief summary of the three core-economic proposals we made [Thursday]. Each has the players’ share declining over the life of the agreement. Each of the proposals has substantial cost reductions -- lower player salaries -- that would be realized by the owners. However, we maintained our position that given the concessions made by the players in the last agreement, and the 7 years of record revenue which followed, there is no reason for the absolute amount of the players’ share to be reduced.

Under the owners’ most recent proposal -- a 12.3% reduction in the players’ share -- compensation is reduced by about $1.65 Billion over the 6 year agreement they propose, if HRR grows at only 5%. (The owners say that future growth will only average 5%, even though that is well below the 7.2% average since the last lockout, much less the 10.2% and 9.6% of the last two seasons.) At 7.2% growth, the share falls by about nearly $1.80 Billion over that period. We have proposed a 5 year agreement. The NHL proposals over 5 years would reduce the players share by $1.34 Billion at 5% and $1.43 Billion at 7.2%.

We gave them three alternative proposals.

Read the rest right here