According to Katie Strang, the NHLPA is planning to send their counter proposal to the owners Tuesday when the two sides meet in Toronto.

She adds that the NHLPA made a presentation to the owners about the owners proposed revenue sharing system. On revenue sharing, Strang tweets “NHLPA’s concern is that players will bear brunt of revenue-sharing system with salary reductions”

#CBA Asked about how far apart two sides are on revenue-sharing, Fehr said "there is a meaningful gulf"—
Katie Strang (@KatieStrangESPN) August 09, 2012

The owners sent their first offer to the players on July 13th.

The key points in that proposal were

• Reduce players hockey related revenues to 57% from 46%. (Each % point is a loss of $30 million for players)
• 10 seasons in NHL before being UFA
• Contract limits of FIVE YEARS.
• no more salary arbitration
• FIVE-YEAR entry level contracts instead of Three-Years.

The CBA expires on September 15th.