Locked-out NBA players won\'t accept Commissioner David Stern\'s \"take-it-or-leave-it\" offer to resolve the work stoppage, union officials said Tuesday. Stern issued what amounted to an ultimatum Sunday, saying if the National Basketball Players Association didn\'t accept the league\'s current proposal for a settlement by Wednesday, it would be pulled and a much harsher proposal substituted. NBPA President Derek Fisher and Executive Director Billy Hunter told reporters they wouldn\'t accept the deal, which calls for a 50-50 split of league revenue and a \"flexible\" salary cap. \"The players are clearly of the mind that it\'s an unacceptable proposal,\" Hunter said after concluding a meeting of players representatives in New York. Hunter added his reports indicate the league plans to cancel all games through Christmas if an agreement isn\'t reached by Wednesday. The NBA has already canceled November\'s scheduled games as the lockout reached in its 130th day. Fisher said there was little talk of decertifying the union during the meeting -- a step that must be taken as a prelude to an antitrust court action.