I'm just finally starting to dive into all of this - so forgive my ignorance:
But what exactly is the players point? The owners have presented their side of the story, I'm not sure if I understand the players' side.
They basically believe the system is working, and they don't want anything to change. While they are willing to make some small concessions to help the league stop from losing money, they don't think it is their place to give up salary, in order to make the business profitable for the owners.
At least this is the stance of union as a whole. I get the impression that many of the individual players who are not in all the meetings have a very different and more militant view, based more on half truths and propaganda.
This is not an accurate characterization of the players stance at all.
This players stance is more, "We recognize we will need to make certain concessions to allow the league to become more profitable, however, the owners demands go far beyond that, and therefore are unacceptable".
As shown in the chart Roy references, the owners want to completely decouple player salaries from revenue, as well as any future revenue growth.
There is also a very good chart provided by Tom Ziller of SBNation

I have a very hard time seeing how the owners can honestly think their demands are fair at all. They don't just want to reach a deal that allows both sides to share in the financial success of the league, they want to break the union and then force a terrible deal down their thoats.
I will give Stern credit on one fron though. He has done a really marvelous PR job to this point, and has seemingly been able to brainwash a good portion of the media and fans to somehow find the owners to be in the right.