The NBA announced today that the entire 114-game preseason schedule has been canceled because a new collective bargaining agreement has not been reached with the National Basketball Players Association. If no deal is done by Monday, the first two weeks of the regular season will be canceled.

Commissioner David Stern and deputy commissioner Adam Silver made the announcement after owners and players met for about four hours today without reaching a deal. Reports suggest that the two sides have not made significant progress, and remain far apart.