If there is no agreement by September 15, 2012 there will be a lockout.
Our friends over at The PensBlog breaks it all down, but know that if there isn't a deal by the 15th (or close to that date), it's lockout city.
Some people believe that the NHL will play hockey this season, but I'm such a fucking pessimist that I don't see it happening and I think that'll kill the league. Two lockouts in a short amount of time will destroy the NHL. Out of the 4 major sports, the NHL is the one thaat suffers the most.
Hopefully a deal is reached because another winter without hockey will drive my family crazy.
UPDATE: The NHLPA will more than likely send a counter offer on the NHL's joke of an offer that they sent the PA a month or so ago.