The NBA lockout has received far less attention than the NFL lockout, which is rather understandable. The NBA, while popular, cannot rival the following of the NFL as well as the fact that most sports fans are simply sick of lockouts. However, while the NFL lockout did no real damage as it was more of a move to make even more money, the NBA's situation is much more dire. There are a number of NBA that are actually losing money and would continue to do so under the old agreement. The NBA will likely miss a number of games this year as they did in 1999 when the season was shortened from 82 down to 50. It's unlikely yet conceivable that the entire season could be cancelled a la the NHL a few years ago.
Another very interesting wrinkle in the whole situation is the ability of NBA players to take their talents to European teams while the NBA is still locked-out. The vast growth and success of international basketball over the past 15-20 years has made the prospect of playing overseas much more appealing than in the past. European teams have already brought over NBA talents like Josh Childress and Brandon Jennings in the past few years as well as older stars like Allen Iverson. FIBA, International Basketball's governing body, recently decreed that any NBA player would be allowed to play for another team at their own risk of injury, provided they return to their team when the lockout ends.
New Jersey Nets All-Star PG Deron Williams has already reached a deal with a Turkish team that has also extended an offer to Kobe Bryant. With FIBA's recent sanctioning one would likely expect more NBA players to consider making the jump to earn a paycheck during the lockout. This adds an entirely new level to the debacle and will give the players more leverage during negotiations if they can make money elsewhere. It is also like to help augment the continued growth of international basketball in the future.