I think claiming the players are the product is a pretty big insult to the other people who are involved in putting the show together. From the coaches, to the basketball operations guys who bring the teams together, to the operations people who make the games happen, and the game presentation people.
The players are certainly the most important piece of the puzzle, but without those other pieces, we would be watching (actually, no, we wouldn't be watching) a glorified pickup game.
Players need to realize that they are crucial to the product, but without the organization, investors, etc., there also would be no product.
And I think if the players are going to continue to get 50% of revenues (or even 45%), that is more than fair, as they are that important to the product. But this is also a business, and they are not the only ones who deserve to make money off it.