There is still time for National Basketball Association players to form a team and compete for the United States in Athens, Greece, this summer, just as there is still time for the players and owners to agree on a deal that would insure labor peace before the current collective bargaining agreement expires July 1.

But given the stubborn climate of recent negotiations, neither appears likely. Even with a meeting scheduled for Monday in Manhattan, both sides appear headed toward a long, tense summer of bargaining. With major monetary issues on the table, the league faces the growing possibility of losing games to labor strife for the first time."Eventually, you have to make a deal," said Russ Granik, the league's deputy commissioner, who is heading the negotiations on behalf of the owners.

"The only question is when and how much damage you do before you get to that point."

Billy Hunter, the executive director of the players' association, proposed last Wednesday that both sides agree to a moratorium rather than the owners' locking out the players. A lockout would prohibit any NBA business between players and teams, meaning the free-agent signing period, set to begin July 1, would be postponed indefinitely.

But the owners will not accept any deal that allows more contracts or trades to be signed and consummated under the current rules. Barring major concessions, two league officials confirmed Friday, a lockout is imminent.

Using the world championships in Athens as a platform, the 12 NBA players selected to the team have decided to boycott the games until a labor agreement is reached. USA Basketball, the organization that selects teams for international play, stoked the fires last week, saying it would send another team to Athens.

There is hope for Grant Hill, Gary Payton and friends to play overseas. FIBA, which oversees international competition, has privately intimated to USA Basketball that it would accommodate last-minute replacements in order to field the best team possible. It is a move that would clear the way for NBA players to decide to compete shortly before the games begin on July 29.

But while rosters and dates are negotiable, apparently the players are not budging.

"In all probability, if there is a lockout, the players will be inclined to vote not to go," Hunter said. "Our guys are taking the position that they'll keep an open mind. We're looking to see what action the league will take July 1.

"I hope it doesn't get ugly," he added. "I will continue to exercise whatever restraint and professionalism necessary."

According to a lawyer familiar with the negotiations, the owners want to install a hard salary cap, essentially a fixed amount each team can spend in a season, without exceptions. Over the next two or three seasons, teams would also like to phase out the Larry Bird exception, in which teams can pay their own free agents whatever they want, regardless of the salary cap.

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For the owners, the ultimate goal is to reduce player salaries over a three-year period so that they do not exceed 48 to 50 percent of total revenues. They also would not mind limiting individual salaries so that one or two players do not gobble up all the money on a roster.

Whereas the owners see their proposals as finally bringing some economic balance to a league of $100 million-or-bust contracts, the players view the approach as taking back what it is already theirs.

"They're not even on the same planet right now," said a union official who requested anonymity.

The perception among players is that commissioner David Stern is wed to the idea that they will give in if they have to miss paychecks. The players' resolve may indeed be tested.

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