That’s the gist of it. The players and owners are having a pissing contest about money (because, when you’re a multi millionare, a couple hundred thousand dollars is really important, you know?). If they don’t get their sh** together before the season is supposed to start, there won’t be a season. Basically, the same thing that was going on with the NFL.

A lockout is when the owners literally lock the players out of their facilities until their negotiations bear fruit.