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According to the Washington Post, the proposal called for a 50-50 division of players' income and a 72-game season that would begin on Dec. 15. Since the NBA and the union failed to reach an agreement, NBA players will now begin to lose out on enormous paychecks.
In an ESPN interview, Commissioner David Stern warned of a "nuclear winter of the NBA" and promised "years of litigation" for the players.
The story is now so popular that Twitter users created the hashtag #XBA. Check out the gallery to see how some Twitter users are poking fun at the situation.
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